1 00:00:07,133 --> 00:00:10,453 Speaker 1: You're listening to the Saturday Morning with Jack Teams podcast 2 00:00:10,613 --> 00:00:11,773 Speaker 1: from News Talks, they'd be. 3 00:00:12,693 --> 00:00:15,733 Speaker 2: It's's time to talk personal finance. Lisa Dudson's here killed 4 00:00:16,253 --> 00:00:19,253 Speaker 2: morning Jack. Well, we're calling this a problem, but really, 5 00:00:19,653 --> 00:00:22,093 Speaker 2: is it such a problem if you have a sudden 6 00:00:22,173 --> 00:00:24,733 Speaker 2: win fall, if you come into sudden money. It's put 7 00:00:24,733 --> 00:00:26,493 Speaker 2: it this way, It's the kind of problem I would 8 00:00:26,533 --> 00:00:29,053 Speaker 2: like to have, Lisa, Yes, but you're. 9 00:00:29,173 --> 00:00:32,853 Speaker 3: Reason receptible with money, Jack. So it's really interesting because 10 00:00:32,853 --> 00:00:36,253 Speaker 3: when you look at the stats around the people that 11 00:00:36,333 --> 00:00:38,493 Speaker 3: win Loto, for instance, and how many have still got 12 00:00:38,533 --> 00:00:41,293 Speaker 3: their money years later, it's actually quite standing. A lot 13 00:00:41,293 --> 00:00:43,373 Speaker 3: of people lose it because they don't they can't really 14 00:00:43,493 --> 00:00:45,733 Speaker 3: understand what to do with it in the relationship between 15 00:00:46,293 --> 00:00:48,213 Speaker 3: how much money they've got and what the speed then 16 00:00:48,293 --> 00:00:51,333 Speaker 3: actually means. So, you know, I think that is your 17 00:00:51,333 --> 00:00:55,293 Speaker 3: best advice is to subversally take a brief celebrate, don't 18 00:00:55,653 --> 00:00:57,453 Speaker 3: carried away, and then you know the next step is 19 00:00:57,453 --> 00:00:58,733 Speaker 3: going to get some professional invice. 20 00:00:59,053 --> 00:01:02,493 Speaker 2: Yeah, okay, And what would you advise someone who had 21 00:01:02,533 --> 00:01:04,933 Speaker 2: come into a significant whinfoll come into sudden money? What 22 00:01:04,973 --> 00:01:07,293 Speaker 2: would you advise them to do? Unts said, had a 23 00:01:07,333 --> 00:01:09,933 Speaker 2: little bit of a moment, how should they assess what 24 00:01:10,053 --> 00:01:11,413 Speaker 2: decisions to make going forward? 25 00:01:11,973 --> 00:01:14,413 Speaker 3: Yeah, so I think you know, absolutely, go and to 26 00:01:14,413 --> 00:01:17,133 Speaker 3: a suitably qualify financial advisors can give you some guidance 27 00:01:17,213 --> 00:01:20,333 Speaker 3: and some of you can respect and connect with. Otherwise 28 00:01:20,333 --> 00:01:22,013 Speaker 3: you might kind of not listen to them and dismiss 29 00:01:22,053 --> 00:01:24,533 Speaker 3: the guide if forgive you. And then it's about thinking 30 00:01:24,573 --> 00:01:27,693 Speaker 3: about your current financial position and your current life and 31 00:01:27,693 --> 00:01:30,733 Speaker 3: then go what would you actually like to achieve and 32 00:01:30,893 --> 00:01:33,173 Speaker 3: what do you think would be the best useful you 33 00:01:33,253 --> 00:01:35,293 Speaker 3: win for And then you can go to you know, 34 00:01:35,533 --> 00:01:37,813 Speaker 3: to a professional and go, Okay, this is what I think. 35 00:01:38,173 --> 00:01:40,573 Speaker 3: What are the best options that are available to me? 36 00:01:40,693 --> 00:01:42,373 Speaker 3: Because we don't know what we don't know, right, And 37 00:01:42,373 --> 00:01:45,493 Speaker 3: there's often lots of options, and some of them have fishials, 38 00:01:45,493 --> 00:01:49,333 Speaker 3: and some of them relate better to your person's circumstances 39 00:01:49,333 --> 00:01:51,133 Speaker 3: and bottles than what they would to someone else's. 40 00:01:51,293 --> 00:01:54,093 Speaker 2: Yeah, because I can imagine, I can imagine there is 41 00:01:54,133 --> 00:01:55,813 Speaker 2: a bit of a risk in going two ways. Right, 42 00:01:55,853 --> 00:01:58,253 Speaker 2: So you hear about those horror stories you hear about 43 00:01:58,533 --> 00:02:01,173 Speaker 2: someone who won millions of dollars or the classic ones 44 00:02:01,173 --> 00:02:03,493 Speaker 2: a professional athlete, right who gets heaving and heads of 45 00:02:03,573 --> 00:02:06,333 Speaker 2: money and then years later is somehow you know, borrow 46 00:02:06,453 --> 00:02:10,333 Speaker 2: spe or something is in some dire financial situation. But 47 00:02:10,413 --> 00:02:13,333 Speaker 2: then I suppose there's also a risk that people who 48 00:02:13,333 --> 00:02:17,173 Speaker 2: aren't used to having money are so conservative that actually 49 00:02:17,213 --> 00:02:20,213 Speaker 2: they miss out on some of the opportunities that having 50 00:02:20,293 --> 00:02:21,973 Speaker 2: that windfall might provide them. 51 00:02:22,773 --> 00:02:25,853 Speaker 3: Yes, absolutely, I mean that's a huge risk, and you 52 00:02:25,893 --> 00:02:28,453 Speaker 3: know you do see there's a clasic example about professional 53 00:02:28,493 --> 00:02:30,813 Speaker 3: skills and also to a lot of professional supports of 54 00:02:30,853 --> 00:02:33,413 Speaker 3: it as an example, are quite young, so they they 55 00:02:33,413 --> 00:02:35,453 Speaker 3: don't really have a lot of life experience. But this 56 00:02:35,573 --> 00:02:38,213 Speaker 3: comes back to having a financial advisor that you can 57 00:02:38,253 --> 00:02:41,533 Speaker 3: actually that you like and respect because they can actually 58 00:02:41,573 --> 00:02:44,213 Speaker 3: be your guide through this journey and how you manage 59 00:02:44,253 --> 00:02:48,053 Speaker 3: your money effectively and hopefully stop you from doing dumb things, 60 00:02:48,093 --> 00:02:49,453 Speaker 3: which is what a lot of people do when they 61 00:02:49,493 --> 00:02:52,333 Speaker 3: get some wins. And I think the other challenge too 62 00:02:52,373 --> 00:02:53,773 Speaker 3: is a lot of people who come knocking on the 63 00:02:53,773 --> 00:02:56,093 Speaker 3: door your friends and family suddenly become your best friends 64 00:02:57,253 --> 00:03:00,213 Speaker 3: and either want payouts or try to give you advice 65 00:03:00,453 --> 00:03:04,253 Speaker 3: on their very limited knowledge as they actually have, and 66 00:03:04,293 --> 00:03:05,413 Speaker 3: they continue down the garden. 67 00:03:05,453 --> 00:03:07,533 Speaker 2: So what would you tell to do then if someone. 68 00:03:07,693 --> 00:03:11,133 Speaker 2: If someone secretly came into or it wasn't publicized, came 69 00:03:11,173 --> 00:03:13,893 Speaker 2: into a large sum of money, would you tell them 70 00:03:14,013 --> 00:03:14,813 Speaker 2: not to tell anyone? 71 00:03:16,853 --> 00:03:19,733 Speaker 3: I think I would tell them to be careful about 72 00:03:20,053 --> 00:03:25,333 Speaker 3: who they told and about how they displayed their wealth. Yes, right, 73 00:03:25,493 --> 00:03:27,693 Speaker 3: because auditioning it out and having been parties and all 74 00:03:27,733 --> 00:03:29,093 Speaker 3: the rest of it comes might go on which they're 75 00:03:29,133 --> 00:03:31,573 Speaker 3: pretty free with it and come knocking. So I think 76 00:03:31,573 --> 00:03:34,653 Speaker 3: it comes back to being sensible. It's such an amazing 77 00:03:34,693 --> 00:03:37,493 Speaker 3: opportunity when you do get the sun windful that you 78 00:03:37,573 --> 00:03:39,693 Speaker 3: want to be smart with how you use it, and 79 00:03:39,733 --> 00:03:42,413 Speaker 3: like if you invest it, why wisely you might pay 80 00:03:42,413 --> 00:03:44,933 Speaker 3: off a mortgage, you might have a great overseas holiday. 81 00:03:45,133 --> 00:03:47,053 Speaker 3: And then if you invest at Wisley, then you've got 82 00:03:47,093 --> 00:03:49,893 Speaker 3: money for the rest of your life and the potentially 83 00:03:49,973 --> 00:03:52,453 Speaker 3: can grow and help more people rather than just giving 84 00:03:52,493 --> 00:03:53,533 Speaker 3: it away straight away. 85 00:03:53,613 --> 00:03:55,613 Speaker 2: Yeah, this is exact. Yeah, sorry you go. 86 00:03:56,293 --> 00:03:57,973 Speaker 3: I was just going to say, you know, often the 87 00:03:58,173 --> 00:04:01,013 Speaker 3: challenges is that when you haven't earned it and done 88 00:04:01,013 --> 00:04:04,053 Speaker 3: the hard yards, often people can be quite free with. 89 00:04:04,053 --> 00:04:07,973 Speaker 2: Money, right Okay, Yeah, And there'd be much more loosey 90 00:04:08,013 --> 00:04:11,333 Speaker 2: goosey than they would have been if that'd been paying 91 00:04:11,373 --> 00:04:13,253 Speaker 2: tax on their earnings for forty years to get to 92 00:04:13,293 --> 00:04:13,813 Speaker 2: that position. 93 00:04:14,253 --> 00:04:16,813 Speaker 3: Yeah, and grasping it out because then they know the 94 00:04:16,933 --> 00:04:18,973 Speaker 3: value of that, whereas when you could get this Logel 95 00:04:19,213 --> 00:04:21,253 Speaker 3: sum of money. But again when you're young and you 96 00:04:21,333 --> 00:04:25,893 Speaker 3: go great, you know, yeah, first class travel around the world. 97 00:04:25,933 --> 00:04:29,093 Speaker 3: And it also is around the context of how much 98 00:04:29,133 --> 00:04:32,253 Speaker 3: you were the wines All right, it's five hundred thousand, 99 00:04:32,293 --> 00:04:33,773 Speaker 3: that's one because that might be enough to play off 100 00:04:33,773 --> 00:04:35,173 Speaker 3: you more, which if you live in all pluts, right, 101 00:04:36,013 --> 00:04:40,013 Speaker 3: where if it's five millions, that's different. There's different context 102 00:04:40,093 --> 00:04:42,293 Speaker 3: around it. So it all comes down to the amount 103 00:04:42,893 --> 00:04:44,853 Speaker 3: where you are now what you want to do, and 104 00:04:44,973 --> 00:04:48,093 Speaker 3: you've just been taking a breath and getting some good 105 00:04:48,093 --> 00:04:49,693 Speaker 3: advice and not doing dumb stuff. 106 00:04:49,893 --> 00:04:52,053 Speaker 2: That's really really good advice, Lee. So I think what 107 00:04:52,093 --> 00:04:54,133 Speaker 2: we will do is just because I know listeners will 108 00:04:54,173 --> 00:04:56,253 Speaker 2: be really interested in this, if there's anyone out there 109 00:04:56,333 --> 00:04:59,133 Speaker 2: right now who would like to invest in me, so 110 00:04:59,173 --> 00:05:01,333 Speaker 2: that we can get a real life kind of example 111 00:05:01,373 --> 00:05:03,213 Speaker 2: of how this might work. I think Lisa and I 112 00:05:03,213 --> 00:05:05,093 Speaker 2: are both willing to say that we're open to that. 113 00:05:05,293 --> 00:05:06,893 Speaker 2: You know, we we can follow of us through the 114 00:05:06,893 --> 00:05:09,653 Speaker 2: different stages, I can share my progress. Perhaps there could 115 00:05:09,653 --> 00:05:11,373 Speaker 2: be a little option for anyone listening right now. 116 00:05:11,853 --> 00:05:15,133 Speaker 3: Yeah, it's a great idea because you know, it's tough 117 00:05:15,133 --> 00:05:18,133 Speaker 3: for people sometimes, you know, they don't know where to go. Yeah, 118 00:05:18,213 --> 00:05:21,053 Speaker 3: you to talk to right, very good, it's super important. 119 00:05:21,613 --> 00:05:23,533 Speaker 2: Thanks Lisa. That is Lisa does. And yeah, if you 120 00:05:23,533 --> 00:05:25,213 Speaker 2: have five million dollars that you want to give me, 121 00:05:25,773 --> 00:05:27,733 Speaker 2: ninety two ninety two is the best place to start. 122 00:05:27,933 --> 00:05:31,333 Speaker 2: Send us a text. I can assure you that my 123 00:05:31,413 --> 00:05:33,773 Speaker 2: wonderful producer, Levy will immediately get in touch. 124 00:05:34,813 --> 00:05:37,893 Speaker 1: For more From Saturday Morning with Jack Tame, Listen live 125 00:05:38,013 --> 00:05:40,853 Speaker 1: to news talks that'd be from nine am Saturday, or 126 00:05:40,933 --> 00:05:42,813 Speaker 1: follow the podcast on iHeartRadio.