WEBVTT - Amanda Morrall: What makes someone good with money? 0:00:05.721 --> 0:00:09.721 You're listening to the Weekend Collective podcast from News Talk Sedby. 0:00:23.641 --> 0:00:37.241 You like to gamble, I tell you so, I know 0:00:37.401 --> 0:00:42.401 it is to blame you say, ah. 0:00:42.201 --> 0:00:46.801 Yes, welcome back to the Weekend Collective. By the way, 0:00:46.841 --> 0:00:48.921 we often let our guests choose the music, and I 0:00:49.401 --> 0:00:52.001 was looking at my guest thinking, is this one of 0:00:52.001 --> 0:00:54.921 your choices? But no, it's not that it's my produced 0:00:54.961 --> 0:00:57.401 it's the choice my producer, Tira, because it's her last 0:00:57.481 --> 0:00:59.641 day for a few weeks, I think, because she's off 0:00:59.681 --> 0:01:02.961 to get married, uh, and that's going to be lovely. 0:01:03.121 --> 0:01:05.041 And if Sean does Shawn have listen to the show. 0:01:05.201 --> 0:01:07.841 By the way, Tyra, Sean, if you're listening to the show, 0:01:08.361 --> 0:01:12.001 trust me, if you're not an emotional guy, you need 0:01:12.081 --> 0:01:16.401 to practice faking it, because she is going to judge 0:01:16.441 --> 0:01:19.081 your wedding, your wedding, and I think you'll probably lose 0:01:19.121 --> 0:01:21.721 it anyway, most grooms always lose it. She's going to 0:01:21.801 --> 0:01:24.801 judge the success of the wedding as to whether when 0:01:24.841 --> 0:01:27.441 you see her arrive and walk down the aisle and 0:01:27.521 --> 0:01:30.681 you first see the lay eyes on her, that you 0:01:30.841 --> 0:01:33.961 have to burst into tears. Basically, she's expecting tears and 0:01:34.561 --> 0:01:37.641 large emotions from you and just a quick heads up. 0:01:37.921 --> 0:01:40.121 I mean, we've told a lot of the country now, 0:01:40.441 --> 0:01:44.241 but no pressure. But if that's not within you, then 0:01:44.281 --> 0:01:46.641 you need to start. Go and have a chat with 0:01:46.681 --> 0:01:48.441 an actor and just say, how do I look like? 0:01:48.801 --> 0:01:50.361 How do I make it look like I'm chaking back 0:01:50.401 --> 0:01:54.161 the tears and you'll be onto a winner because Tyra 0:01:54.281 --> 0:01:57.241 is judging her the success of your nuptials on that 0:01:57.281 --> 0:01:57.881 one moment. 0:01:58.041 --> 0:02:03.561 Okay, marriage advice from Jim Bubbish, maybe should change subjects 0:02:03.561 --> 0:02:04.321 for the next hour. 0:02:05.801 --> 0:02:09.241 Well, it's not it's wedding advice. It's the actual occasion 0:02:09.281 --> 0:02:12.361 of advice. I do have good I actually have really 0:02:12.361 --> 0:02:16.161 good advice on weddings because actually, and I haven't even 0:02:16.161 --> 0:02:19.121 introduced you and Manda Morrele. Good afternoon. 0:02:19.121 --> 0:02:20.121 How are you to see you again? 0:02:21.241 --> 0:02:26.401 No, because marriages weddings are show bars. And if you're 0:02:26.441 --> 0:02:28.881 not used to show bars, people plan the biggest day 0:02:28.881 --> 0:02:31.321 of their lives. They spend all this money and they 0:02:31.521 --> 0:02:33.641 have all these expectations. And the one thing, because I've 0:02:33.641 --> 0:02:37.001 sung it a few weddings as well, I just say, look, 0:02:37.641 --> 0:02:40.161 take all your expectations and just roll with every punch 0:02:40.201 --> 0:02:42.441 that is thrown. Your away. Just don't have any expectations 0:02:42.441 --> 0:02:45.121 and enjoy yourself because otherwise you'll be like, ah, I 0:02:45.201 --> 0:02:46.641 wish we could do it again so I could actually 0:02:46.681 --> 0:02:49.201 enjoy myself. That's that's my advice to Tyra. Would that 0:02:49.281 --> 0:02:50.121 be your advice to Tyra? 0:02:50.721 --> 0:02:52.881 Yeah, I think that's wise advice. And one day we 0:02:52.881 --> 0:02:55.961 should tackle the personal finance of weddings because it is 0:02:56.041 --> 0:02:58.761 really a performance, not to take away from your special day. 0:02:59.081 --> 0:03:01.761 But Tyro says it's too late to tackle the personal 0:03:01.841 --> 0:03:04.201 finances of weddings because she's spent a fortune. Have you 0:03:04.201 --> 0:03:05.041 spent a fortune on it? 0:03:05.121 --> 0:03:05.361 Tyra? 0:03:07.281 --> 0:03:09.521 Smart with money? 0:03:09.681 --> 0:03:12.881 Anyway, we're not talking about weddings. But actually, I don't mind. 0:03:13.201 --> 0:03:15.441 I can always pivot on the back of a trivial 0:03:15.481 --> 0:03:17.201 topic that I've thrown in there for the sake of it, 0:03:17.241 --> 0:03:19.081 just because it's Tire's last day for a few weeks. 0:03:22.081 --> 0:03:23.361 I We'll do it another time. 0:03:26.721 --> 0:03:27.761 On another occasion. 0:03:28.161 --> 0:03:30.161 Okay, of course, what we're going to talk about, well, 0:03:30.201 --> 0:03:35.241 it's it's it's it's kind of personality related and I 0:03:35.281 --> 0:03:39.561 won't bring it back to weddings any longer. But personality 0:03:39.601 --> 0:03:42.321 type and there are people who are good with money 0:03:42.761 --> 0:03:45.041 and there are people who are lousy with money, and 0:03:45.481 --> 0:03:49.601 I sometimes wonder if that's a lot of the time 0:03:49.641 --> 0:03:54.801 it boils down to personality or how much do environmental 0:03:54.801 --> 0:03:56.761 factors if you're born into a Because I know people 0:03:56.841 --> 0:03:59.241 are very good with money because they had none when 0:03:59.241 --> 0:04:01.681 they were growing up, and the opposite, people who had 0:04:01.801 --> 0:04:04.121 never even thought about money are the worst. Spend thrifts, 0:04:04.281 --> 0:04:07.761 never learned how to right. And I mean, some kids 0:04:07.881 --> 0:04:10.161 have a knack for saving. One of my daughters, I'm 0:04:10.201 --> 0:04:11.801 not sure about the other one, so I can't I'm 0:04:11.801 --> 0:04:13.561 not sort of narrowing it down, and they wouldn't want 0:04:13.601 --> 0:04:16.321 me to discuss them. But one of them is absolutely 0:04:17.881 --> 0:04:19.841 going to be good with money because she's careful with it, 0:04:19.881 --> 0:04:22.801 for start, and she's aware of how it can work, 0:04:22.841 --> 0:04:24.841 and you know, it's better in the bank and all 0:04:24.841 --> 0:04:27.641 that sort of thing. But I mean, have you always 0:04:27.721 --> 0:04:31.041 been good with money or is this something you learned? 0:04:31.121 --> 0:04:35.201 Yeah? I think I'm well. What it comes down to, 0:04:35.201 --> 0:04:39.361 to my mind is sort of the psychology and habits 0:04:39.601 --> 0:04:43.881 so behavior. So genetically, are you inclined to be better 0:04:43.921 --> 0:04:47.721 with money than not? I would disagree with that, but 0:04:47.841 --> 0:04:51.721 it is a multifaceted sort of thing like environmentally, you're 0:04:51.761 --> 0:04:54.361 influenced by your parents. Some people, you know, they grow 0:04:54.401 --> 0:04:56.481 up in a family home where they're horrible with money, 0:04:56.481 --> 0:04:59.681 and is it, you know, a backlash to that they 0:04:59.801 --> 0:05:02.161 become very frugal and sensible with their money. So it's 0:05:02.281 --> 0:05:05.961 you know, it's it's sort of it depends really. But 0:05:06.841 --> 0:05:09.281 I wrote about this actually in my latest blog called 0:05:09.801 --> 0:05:12.281 I said perfect pers of finance is an inside job. 0:05:12.761 --> 0:05:15.321 So I think it really does start with sort of 0:05:15.641 --> 0:05:19.601 the motivators and a mindset to want to do things better, 0:05:19.641 --> 0:05:22.481 and we all kind of arrive at that point differently 0:05:22.521 --> 0:05:22.921 in life. 0:05:23.361 --> 0:05:25.721 That's possibly the better way to frame it. What is 0:05:25.761 --> 0:05:28.561 the best motivation to be better with money? Because I 0:05:28.601 --> 0:05:31.321 think that if it's a put, I don't know that 0:05:31.401 --> 0:05:33.801 there's some sort of mindset. If you're worried that if 0:05:33.801 --> 0:05:35.681 you think of saving money and being good with money 0:05:35.681 --> 0:05:37.841 as meaning you can't enjoy yourself with life, then you're 0:05:37.841 --> 0:05:40.401 never going to address it because you think, oh, it's 0:05:40.441 --> 0:05:41.881 about finding that motivation. 0:05:42.441 --> 0:05:44.881 It's the psychology, right, So it's like going on a diet. 0:05:45.041 --> 0:05:47.321 Sometimes the second you think you're on a diet, then 0:05:47.641 --> 0:05:50.761 because you know subconsciously you're like, oh, I need to 0:05:50.921 --> 0:05:52.721 go out and need a whole bucket of you know, 0:05:53.161 --> 0:05:55.121 Jerry's ice cream or whatever. So you kind of you 0:05:55.161 --> 0:05:58.041 sabotage yourself or whatever it is, Hogen does you know, 0:05:58.641 --> 0:06:01.001 or you go up for your big mcdaughey. So there's 0:06:01.001 --> 0:06:03.681 something in the deprivation that you end up doing something 0:06:03.721 --> 0:06:06.961 stupid to trip yourself up. So you have to find 0:06:07.761 --> 0:06:11.001 a strategy mentally that works for you, which is going 0:06:11.041 --> 0:06:14.921 to be long term successful. But you know, the moment, 0:06:15.881 --> 0:06:18.761 the light the light bulb moment is kind of different 0:06:18.761 --> 0:06:20.841 for most folks. I would suggest that I could have 0:06:20.921 --> 0:06:23.081 seen it with people and my kids and everything that 0:06:23.681 --> 0:06:26.921 there's quite often it is event driven. For example, a wedding, 0:06:27.281 --> 0:06:28.601 you know you've got to big a went, you know, 0:06:28.601 --> 0:06:30.961 event coming up you need to save. So then you've 0:06:31.001 --> 0:06:33.921 got a very specific event to save for. Or likewise, 0:06:33.961 --> 0:06:36.081 you're buying your first car. You need to save for 0:06:36.161 --> 0:06:40.041 the car and the ensurance. So those milestones quite often 0:06:40.081 --> 0:06:44.721 trigger behavioral changes in people. Yeah, and so you're forced 0:06:44.761 --> 0:06:48.961 to change if you want that particular object or whatever 0:06:49.001 --> 0:06:53.361 it is, that goal. So there's that riding underneath that. 0:06:53.441 --> 0:06:55.601 I guess if you wanted to generalize, you could say 0:06:55.601 --> 0:06:59.601 some people are just naturally better. Why probably because they're 0:06:59.601 --> 0:07:02.881 more mindful with money. You know, they're seeing, you know, 0:07:02.921 --> 0:07:05.601 what they can do with money short, medium term, and 0:07:05.641 --> 0:07:08.521 other people are just but you know whatever in living 0:07:08.521 --> 0:07:10.641 for the moment, which has described one of my kids, 0:07:11.281 --> 0:07:14.321 you know, go hard, go fast, you know LIFs for 0:07:14.401 --> 0:07:15.801 Living today kind of thing. 0:07:15.881 --> 0:07:17.921 And that checks a lot of numbers on Saturday. 0:07:18.321 --> 0:07:21.401 Yeah. So so but you know, again, like certain events 0:07:21.441 --> 0:07:23.841 will change, start to reform your behaviors because they have 0:07:23.881 --> 0:07:27.801 to change. But ideally you want to just have sort 0:07:27.841 --> 0:07:32.081 of an overarching view of your finances being an extension 0:07:32.121 --> 0:07:34.681 of you and just managing them in a really healthy way. 0:07:34.801 --> 0:07:36.721 And that's again what I wrote about this week. 0:07:36.961 --> 0:07:39.361 Cool. Well, look, we'd love your participation on this as well. 0:07:39.561 --> 0:07:41.401 One hundred and eight, ten and eighty. Are you good 0:07:41.441 --> 0:07:43.081 with money? And actually what made you good with money? 0:07:43.121 --> 0:07:45.761 If you are? Was it the fact that you, I 0:07:45.801 --> 0:07:49.281 don't know, played around with saving and could see the 0:07:49.641 --> 0:07:51.841 positive effects and you set yourself up with good habits 0:07:52.241 --> 0:07:54.081 or was it because you actually realize, oh my god, 0:07:54.081 --> 0:07:56.481 I'm an absolutely tragedy with money. If something doesn't change, 0:07:56.641 --> 0:07:58.561 it's like any bad habit, whether it be. You know, 0:07:58.561 --> 0:08:02.001 we were talking about alcoholism in the in the last hour, 0:08:02.561 --> 0:08:05.001 but I mean the consequences of having bad money habits 0:08:05.121 --> 0:08:08.161 can be pretty catastrophic as well, if you blow everything 0:08:08.161 --> 0:08:12.761 you ever spend. But what have you ever changed your 0:08:12.801 --> 0:08:15.561 money habits and what actually motivated you do it to 0:08:15.601 --> 0:08:18.441 do it? I was actually just reflecting as you were 0:08:18.761 --> 0:08:21.441 talking there, Amanda, that I probably changed a little bit. 0:08:21.521 --> 0:08:27.081 I was deeply traumatized recently on mortgage, on paying off 0:08:27.081 --> 0:08:31.721 the mortgage, because I realized, how in a minute, again 0:08:31.881 --> 0:08:35.281 an incentive and we've got you know, life costs with 0:08:35.321 --> 0:08:37.121 having kids and all that sort of thing. Life is 0:08:37.161 --> 0:08:39.681 expensive or it's expensive, easily let it be, I guess. 0:08:40.081 --> 0:08:41.881 But I suddenly went, hang on a minute, if we 0:08:42.241 --> 0:08:45.321 pay off the mortgage at this rate, I just did 0:08:45.321 --> 0:08:48.281 the maths and I thought, okay, then we could pay 0:08:48.281 --> 0:08:50.561 off for the mortgage by X date, and oh my goodness, 0:08:50.841 --> 0:08:54.041 every dollar that we earn after that we can save. 0:08:54.681 --> 0:08:57.721 And so I just realized, oh, man, if I hosted 0:08:57.721 --> 0:09:00.281 a money after long enough, I should know better. But 0:09:00.321 --> 0:09:03.121 it's one thing to talk about and nothing to do it. 0:09:03.121 --> 0:09:06.561 But I just worked out that, you know, the accelerated 0:09:06.641 --> 0:09:08.841 rate of payment if you can afford it saves you 0:09:08.921 --> 0:09:13.641 an absolute fortune and for me, I probably needed that 0:09:13.681 --> 0:09:14.401 little carrot. 0:09:15.481 --> 0:09:17.361 It's funny though, because you know, I mean, I can 0:09:17.401 --> 0:09:19.961 have these conversations with people, you know, till the cows 0:09:20.001 --> 0:09:23.281 come home, and it's really you know, the penny will 0:09:23.361 --> 0:09:27.001 drop for somebody at a certain point and until such 0:09:27.041 --> 0:09:27.921 time as they kind of. 0:09:27.881 --> 0:09:30.881 Get it famous last words by the way, then you know. 0:09:31.561 --> 0:09:35.401 Then the behavior will change. But again, I think an 0:09:35.441 --> 0:09:39.001 earlier education so people kind of get grasp the effect 0:09:39.041 --> 0:09:42.121 of compound interest over time, whether it's working against you 0:09:42.241 --> 0:09:45.241 or for you. People really need to gether has wrapped 0:09:45.241 --> 0:09:49.401 around that, and that'll change longer, you know, change outcomes. 0:09:49.561 --> 0:09:53.321 In fact for people. Education ultimately, whether you have been 0:09:53.361 --> 0:09:56.481 taught by someone or whether you have educated yourself on 0:09:56.601 --> 0:10:00.081 how money works, must be a prime motivator, isn't it. 0:10:00.081 --> 0:10:04.681 Because again I've got a visual, a visual coming up 0:10:04.721 --> 0:10:06.961 in my mind because I am seen an event for 0:10:07.241 --> 0:10:09.041 a company who we've had them on the show a 0:10:09.041 --> 0:10:10.961 couple of times, Concillium. They've got a new key we 0:10:11.001 --> 0:10:13.761 saber product out. But there were some graphs that were 0:10:13.761 --> 0:10:16.121 put up in the course of them stating their case 0:10:16.161 --> 0:10:20.881 to the investment advisors who were there, and the power 0:10:20.881 --> 0:10:23.441 of compounding interest. And I looked at that and one 0:10:23.481 --> 0:10:27.241 I did feel a massive amount of regret not having 0:10:27.321 --> 0:10:30.161 put more money into things in my twenties. But to 0:10:30.241 --> 0:10:34.241 see the power of compounding interest, even at just the 0:10:34.361 --> 0:10:39.441 change choosing the right fund for you know, better growth 0:10:39.481 --> 0:10:41.161 and all that sort of thing, the power of making 0:10:41.161 --> 0:10:45.601 a good decision earlier was with not tens, but even 0:10:45.681 --> 0:10:47.721 hundreds of thousands of dollars in some cases. 0:10:47.921 --> 0:10:51.281 Yeah, it has a huge effect. But again, you know, 0:10:51.321 --> 0:10:53.881 if you're preaching to maybe a fifteen year old and 0:10:53.881 --> 0:10:57.161 showing them charts and graphs and stuff, I suspect very 0:10:57.201 --> 0:11:00.281 few of those kids those messages are going to stack. 0:11:01.241 --> 0:11:04.841 But other kids, you know, they'll just be like, oh whatever, 0:11:04.881 --> 0:11:07.881 I've got a party next week, so you know what 0:11:07.921 --> 0:11:09.801 I mean. So but if you can drive home, and 0:11:09.881 --> 0:11:13.041 I think it does take you know, continual repeated messages 0:11:13.121 --> 0:11:15.921 to get it through. And now you know, thanks to 0:11:16.161 --> 0:11:20.081 AI and technology and apps, I hope that those behaviors 0:11:20.121 --> 0:11:24.561 can be reformed a lot earlier to greater effect. And 0:11:24.641 --> 0:11:26.441 you know, this is what they're partly doing with Kiwi. 0:11:26.521 --> 0:11:29.561 Sever contributions are being increased to try to drive that. 0:11:30.241 --> 0:11:32.601 Well, actually, that's funny one that little I mean, this 0:11:32.721 --> 0:11:34.481 is not quite what we're here to talk about. How 0:11:34.481 --> 0:11:37.601 they've reduced the government's contribution on that. At least they've 0:11:37.641 --> 0:11:39.601 still got something in. But it used to be what 0:11:39.681 --> 0:11:41.281 was it one thousand bucks a year or something that 0:11:41.321 --> 0:11:41.601 you go. 0:11:41.721 --> 0:11:43.921 Yeah, well for those of us with long memories, so 0:11:44.201 --> 0:11:47.401 two thousand and seven, yeah, you got one thousand dollars kickstart, 0:11:47.441 --> 0:11:49.961 which is sweet. That was sort of the kicker together. 0:11:50.121 --> 0:11:52.321 You put in twenty bucks a week, you got an 0:11:52.321 --> 0:11:53.721 extra thousand from the government that. 0:11:53.681 --> 0:11:56.281 Was there was that in addition to the kickstart, So 0:11:56.321 --> 0:11:58.681 you got one thousand dollars just to open an account, 0:11:58.841 --> 0:12:01.521 and then if you had contributed a thousand, you got 0:12:01.561 --> 0:12:04.201 an extra thousand, and then that got whittled away to 0:12:04.241 --> 0:12:06.241 five hundred and twenty one and then just recently with 0:12:06.401 --> 0:12:08.321 all the way So don't get me started on KIMSIC, 0:12:08.401 --> 0:12:10.321 as I think they've done a bunch of damaged to that. 0:12:10.441 --> 0:12:14.361 But what they did occurrent to that, well, let's go 0:12:14.921 --> 0:12:19.241 to the list after the personal finance of weddings, So 0:12:19.241 --> 0:12:21.681 so what what they've cut it back, But I mean 0:12:21.881 --> 0:12:26.841 they've also uh, decided to increase contribution rates, which will 0:12:26.881 --> 0:12:30.681 help to lift again that nice line over time if 0:12:30.721 --> 0:12:34.201 you're going from three to four, which is plus four 0:12:34.241 --> 0:12:37.161 times you know from your employer and yourself. So that 0:12:37.161 --> 0:12:39.681 that will help to kind of increase that gradual line 0:12:39.841 --> 0:12:42.161 in the positive direction for a lot of people when 0:12:42.161 --> 0:12:45.601 they start younger, and maybe one day we'll get in 0:12:45.641 --> 0:12:48.761 line with what Australians and other people are doing internationally, 0:12:48.761 --> 0:12:52.401 because they're still well behind in that regard. So that's 0:12:52.401 --> 0:12:55.921 a forced way. That's that's a big, you know, compulsory 0:12:55.961 --> 0:12:58.521 bump for people. But you want it. You want people 0:12:58.521 --> 0:13:00.881 to come to these conclusions on their own, ideally, because 0:13:00.921 --> 0:13:04.001 then it's going to reform behaviors across the whole range 0:13:04.041 --> 0:13:04.961 of their personal finance. 0:13:05.161 --> 0:13:08.281 It's I don't know what drag family into it, with 0:13:08.321 --> 0:13:11.041 your your kids with it. Did you make a point 0:13:11.041 --> 0:13:14.041 of trying to teach some certain financial lessons regardless of 0:13:14.041 --> 0:13:15.001 the choices they've made. 0:13:15.161 --> 0:13:15.321 Oh? 0:13:15.321 --> 0:13:16.121 God, yeah, you do. 0:13:16.201 --> 0:13:16.321 They? 0:13:16.481 --> 0:13:18.881 I mean, I mean they've been beaten around with my 0:13:19.001 --> 0:13:22.521 book right times and various lectures whether they'll stick, But 0:13:22.641 --> 0:13:24.921 I do test them occasionally and like what are the 0:13:26.161 --> 0:13:28.161 what are the things if I get hit by a bus, 0:13:28.201 --> 0:13:30.881 you're going to remember. So for me, and I know 0:13:30.881 --> 0:13:32.641 there's a lot of people that are really pro credit 0:13:32.641 --> 0:13:34.321 card use. But for people who are not going to 0:13:34.321 --> 0:13:36.001 pay off their credit card and end up racking up 0:13:36.041 --> 0:13:38.361 all that debt, which include my two kids sadly because 0:13:38.361 --> 0:13:41.961 they're still you know, consumed with partying. Is you know, 0:13:42.041 --> 0:13:44.241 don't get a credit card when you can get one 0:13:44.241 --> 0:13:46.721 of those debit credit cards, so you're only spending money 0:13:46.801 --> 0:13:51.321 that you've got, right, Because for many people, all that 0:13:51.441 --> 0:13:53.361 debt that they own, then the interest on the debt, 0:13:53.401 --> 0:13:56.201 and then the car breaks down, it's just it's going 0:13:56.281 --> 0:13:58.721 to be a noose around their neck and will always 0:13:58.761 --> 0:14:02.161 hold them back from achieving better. It comes. The other 0:14:02.201 --> 0:14:05.281 thing that doesn't get talked a lot about, but you 0:14:05.281 --> 0:14:08.001 know it is out there is choose your partner carefully. 0:14:08.561 --> 0:14:11.321 Who you partner with as your life partner. If you 0:14:11.361 --> 0:14:14.681 go down that route will make a huge impact to 0:14:14.761 --> 0:14:17.561 your overall financial well being and your well being in general. 0:14:18.241 --> 0:14:20.761 Massive impact as you mean about their attitude to money. 0:14:20.841 --> 0:14:23.641 Rather than just make sure you marry someone who's if 0:14:23.641 --> 0:14:25.801 you're not going to earn money that they do well, it's. 0:14:26.241 --> 0:14:30.001 Well, it's compatibility fundamentally, and that you're supporting each other 0:14:30.241 --> 0:14:32.761 to achieve your goals. And you know, really if you've 0:14:32.761 --> 0:14:35.041 got that solid base of a relationship and there's not 0:14:35.161 --> 0:14:39.281 many but together, you know the compounded effect of having 0:14:39.361 --> 0:14:42.441 a really strong partnership and really good communication when it 0:14:42.481 --> 0:14:45.441 comes to money and people who are supporting one another career. 0:14:45.521 --> 0:14:49.121 So you're on track. I mean, things change obviously, but 0:14:49.281 --> 0:14:52.241 that and there's been lots of research to show can 0:14:52.321 --> 0:14:56.881 have a huge impact on long term outcomes for a 0:14:56.881 --> 0:14:59.601 whole range of positive things in your life, including find. 0:14:59.481 --> 0:15:01.801 Actually, so just getting back that, as you said, if 0:15:01.841 --> 0:15:03.521 you got hit by a bus, you would want your 0:15:03.601 --> 0:15:05.361 kids to stand up if you'neral in say, I tell 0:15:05.361 --> 0:15:07.521 you what you know A mom taught us don't get 0:15:07.521 --> 0:15:08.161 a credit cad. 0:15:08.721 --> 0:15:11.441 Well that but okay fine, And also I really do hope. 0:15:11.481 --> 0:15:14.321 I mean I've made mistakes, my mistakes with relationships too, 0:15:14.401 --> 0:15:16.281 but you know, I you know, I think a lot 0:15:16.281 --> 0:15:18.801 of people kind of waltz into those things and thinks, oh, 0:15:19.001 --> 0:15:22.521 but you know, financial strain is the is a bigger 0:15:22.561 --> 0:15:27.081 cause of discussed this before of marriage breakdowns than infidelity. 0:15:27.441 --> 0:15:29.601 It causes a lot of financial and fidelity in a 0:15:29.641 --> 0:15:30.081 way more. 0:15:30.121 --> 0:15:33.721 Well, you've just said it, like it's expensive living out 0:15:33.761 --> 0:15:36.161 there if you've got one partner who is not paying 0:15:36.161 --> 0:15:39.161 attention to the finances, continually spending, frittering the way the 0:15:39.161 --> 0:15:42.641 money you know, you're gambling whatever it is. Addictions is 0:15:42.681 --> 0:15:44.601 that you know the other person is going to get 0:15:44.721 --> 0:15:48.281 really resentful that they're you know that they're having. 0:15:48.041 --> 0:15:50.641 To well stressed to the max level. 0:15:50.721 --> 0:15:53.201 Right, it could really be toxic in a relationship. So 0:15:53.481 --> 0:15:56.921 getting that right, like getting the partnership. But anyhow, there'd 0:15:56.961 --> 0:15:59.001 be there's lots of wise heads out there say they 0:15:59.041 --> 0:16:01.841 should actually offer university courses on how to choose the 0:16:01.921 --> 0:16:02.761 right partner for. 0:16:02.761 --> 0:16:07.361 You really using your right partner one oh, one, well. 0:16:07.481 --> 0:16:10.401 Think about it. It's it's a huge surge and it 0:16:10.441 --> 0:16:14.081 will impact your finances as well. So and then the 0:16:14.121 --> 0:16:21.561 third I'm trying to remember anyhow, but so that you know, 0:16:21.641 --> 0:16:25.881 choosing the right right relationship. And oh the third thing 0:16:25.921 --> 0:16:27.881 I said, Look, if you've got a win fall tomorrow, 0:16:28.201 --> 0:16:31.321 like you know, lottery or whatever, and you've got your 0:16:31.361 --> 0:16:34.041 mortgage to pay off, I'm a big one for repaying 0:16:34.041 --> 0:16:36.001 the mortgage to deb and like what you're doing is like, 0:16:36.481 --> 0:16:37.921 how much better off we're going to be when I 0:16:37.961 --> 0:16:40.601 get rid of that Yeah noo, surround my neck and 0:16:40.641 --> 0:16:43.321 then you know, you can start investing that money. 0:16:43.761 --> 0:16:45.121 We'd love you to join us as well. At one 0:16:45.721 --> 0:16:49.641 ten eighty one, we're talking about, you know, money habits, 0:16:49.881 --> 0:16:52.241 but is it possible to fix bad money habits as 0:16:52.241 --> 0:16:55.001 an adult? But more specifically we've we've touched on it 0:16:55.041 --> 0:16:58.001 just now with Amanda Morale is what are the what 0:16:58.041 --> 0:16:59.961 are the early lessons that you can that you can 0:16:59.961 --> 0:17:06.161 teach kids to give them a shot it actually respecting 0:17:06.201 --> 0:17:08.641 themselves in a way or having having faith in their 0:17:08.681 --> 0:17:12.321 own abilities that they can actually manage their finances, because 0:17:12.481 --> 0:17:14.521 I mean, I can imagine if you come from a 0:17:14.521 --> 0:17:17.481 family where mum and dad don't seem to be great 0:17:17.481 --> 0:17:19.561 at their finances, kids might think, oh, well, you know, 0:17:20.001 --> 0:17:22.081 we're they're poor. I'm going to be poor for the 0:17:22.081 --> 0:17:24.441 rest of my life. But are they lessons that you 0:17:24.481 --> 0:17:27.161 can pass on? What would they be to kids? I 0:17:27.281 --> 0:17:29.041 totally agree with you, by the way, on the credit card. 0:17:29.041 --> 0:17:30.921 If you can't pay your credit card off every month, 0:17:31.361 --> 0:17:34.321 don't get it. Do love the airpoints though, seeing that 0:17:34.361 --> 0:17:35.361 sucks men doesn't matter. 0:17:35.681 --> 0:17:38.321 Tell me that no, no, no, I'm here. I'm with 0:17:38.361 --> 0:17:41.441 you on that one. But most people are not prompt 0:17:41.481 --> 0:17:44.441 pairs and then they overspan and then they count and 0:17:44.441 --> 0:17:48.001 then they make the minimum contribution on the credit, the minimum. 0:17:48.041 --> 0:17:50.161 If you only pay the minimum, if you also do 0:17:50.201 --> 0:17:52.001 the mouth on that, you'll be paying, like you know, 0:17:52.081 --> 0:17:54.881 quite often like double triple the amount of the original 0:17:54.881 --> 0:17:55.521 purchase price. 0:17:55.641 --> 0:17:58.241 So right, we'll take your calls eight hundred eighty ten 0:17:58.321 --> 0:18:01.281 eighty what the best way to teach you kids financial habits? 0:18:01.281 --> 0:18:03.601 But also is it something where you've just found with 0:18:03.641 --> 0:18:07.121 your own children or yourself that there's an element of 0:18:07.161 --> 0:18:09.201 your own personality on that stuff? Of course, there is 0:18:09.201 --> 0:18:11.481 an element of personality. We all were driven to make 0:18:11.601 --> 0:18:14.441 good and bad decisions depending on our whims, aren't we? 0:18:14.721 --> 0:18:17.281 Are we? Maybe I'm wrong? One hundred eight and eight 0:18:17.361 --> 0:18:19.241 will be back in just a moment. Is twenty five 0:18:19.281 --> 0:18:21.721 past five news talks? You'd be yes, welcome back. Let's 0:18:21.961 --> 0:18:25.601 take your calls on basically learning good habits? Is it 0:18:25.681 --> 0:18:27.841 personality or are there what lessons you can pass on 0:18:27.881 --> 0:18:29.401 to your kids to give them the best chance of 0:18:29.441 --> 0:18:33.161 making good decisions with money? And let's kick it off 0:18:33.161 --> 0:18:33.721 with Mark. 0:18:35.041 --> 0:18:35.441 Good day. 0:18:35.481 --> 0:18:36.281 How are you doing good? 0:18:36.281 --> 0:18:38.281 Thanks? 0:18:38.721 --> 0:18:42.401 I just wanted to talk about savings accounts, just because 0:18:42.401 --> 0:18:45.761 I don't think people quite realize I suppose a few 0:18:45.801 --> 0:18:49.961 pitfalls of them I've had recently, something happened to me 0:18:50.081 --> 0:18:54.681 with west Bank, where I've had a online savor account, 0:18:54.721 --> 0:18:58.161 which I've had for over ten years, which I think 0:18:58.201 --> 0:19:00.561 most people have savings accounts and sort of set and 0:19:00.601 --> 0:19:05.041 forget them. I put my money in getting three points 0:19:05.681 --> 0:19:09.441 five five percent interest, and I've recently found out that 0:19:09.521 --> 0:19:11.801 bank has dropped it down to zero port four or 0:19:11.841 --> 0:19:15.681 five percent and never told me, so I've effectively lost 0:19:16.321 --> 0:19:20.241 almost fifteen years of interest slowly dropping over those years 0:19:20.241 --> 0:19:23.761 that have ever been told. And when I've queried the 0:19:23.761 --> 0:19:27.761 bank about this, they've said the only way to see 0:19:27.761 --> 0:19:29.761 it is on your statement, And of course nobody really 0:19:29.801 --> 0:19:32.961 gets statements anymore because they're born's online. You can't see 0:19:32.961 --> 0:19:35.681 it on your account. You have to go through various 0:19:35.721 --> 0:19:38.841 batons to actually ever see the percentage. And I think 0:19:38.841 --> 0:19:40.961 it's a bit dis ingenuous of the banks how they 0:19:41.001 --> 0:19:44.721 do that when they can put your mortgage on their 0:19:44.881 --> 0:19:47.601 mortgage rate on there, but when you're giving them money, 0:19:47.601 --> 0:19:50.681 but they're not happy to give you the same access 0:19:50.681 --> 0:19:52.641 to the rate when they're taking your money. 0:19:52.961 --> 0:19:55.161