WEBVTT - An Unhinged AMA with Financial Adviser, Daisy from Everest Wealth 0:00:00.200 --> 0:00:04.400 She's on the Money. She's on the Money. 0:00:10.520 --> 0:00:11.800 My name's Satasha Bamblet. 0:00:11.840 --> 0:00:14.040 I'm a proud First Nations woman and I'm here to 0:00:14.120 --> 0:00:17.160 acknowledge country. Hello, beautiful friends, we gather on the lands 0:00:17.160 --> 0:00:19.959 of the Aboriginal people. We thank acknowledge and respect the 0:00:20.000 --> 0:00:22.680 Aboriginal people's land that we're gathering on today. Take pleasure 0:00:22.680 --> 0:00:25.079 in all the land and respect all that you see. 0:00:25.120 --> 0:00:29.520 She's on the Money podcast acknowledges culture, country, community and connections, 0:00:29.600 --> 0:00:32.680 bringing you the tools, knowledge and resources for you to thrive. 0:00:32.760 --> 0:00:35.200 Hello, and welcome to She's on the Money, the podcast 0:00:35.240 --> 0:00:37.720 where we discuss all of the issues concerning your personal 0:00:37.800 --> 0:00:40.519 wealth goals and yes, even the stuff that you have 0:00:40.640 --> 0:00:41.360 been way. 0:00:41.159 --> 0:00:43.160 Too embarrassed to bring up with your accountant. 0:00:43.520 --> 0:00:46.120 I'm Victoria Devine and joining me on their deep dive 0:00:46.240 --> 0:00:49.320 couch today is none other than friend of the show, 0:00:49.640 --> 0:00:53.320 Daisy Egan, who is also a financial advisor at Everest Wealth. 0:00:53.360 --> 0:00:55.160 My friend, welcome back to the show. 0:00:55.200 --> 0:00:56.480 Thanks so much for having me back. 0:00:56.560 --> 0:00:59.320 I'm also very aware of how anxious you are, because 0:00:59.320 --> 0:01:02.480 I said my Instagram stories I'm having Daisy, what are 0:01:02.520 --> 0:01:05.480 unhinged questions that you guys have for a financial advisor, 0:01:05.520 --> 0:01:07.959 and you were like, Victoria Devine, do not put me 0:01:08.000 --> 0:01:08.680 in this position. 0:01:08.760 --> 0:01:11.520 And I was like, big dog, this is exactly where 0:01:11.560 --> 0:01:12.200 we need to go. 0:01:12.760 --> 0:01:16.720 So usually Daisy and I have these really beautiful, deep 0:01:16.760 --> 0:01:19.840 dive discussions on the couch of how and when and 0:01:19.880 --> 0:01:23.080 where booking your first consultation with a financial advisor, and 0:01:23.120 --> 0:01:25.319 the ins and outs of the really important stuff when 0:01:25.319 --> 0:01:28.360 it comes to financial advice. But like this time, I 0:01:28.480 --> 0:01:31.280 just thought, let's do something a little bit different, and 0:01:31.400 --> 0:01:36.440 let's ask Daisy some of the slightly unhinged and maybe 0:01:36.600 --> 0:01:40.120 morally gray questions that you've been asked in your career 0:01:40.160 --> 0:01:43.280 as a financial advisor. And not only have I gathered 0:01:43.360 --> 0:01:46.679 our own questions since you've already been acquainted, we have 0:01:46.760 --> 0:01:50.440 asked our community to come forward ask me anything style 0:01:50.720 --> 0:01:53.800 to ask Daisy about the financial advice you've been asked for, 0:01:53.840 --> 0:01:58.040 maybe the financial advice you've given or even had to deliver. Daisy, 0:01:58.080 --> 0:02:02.840 my community arguably have not made this easy. I'm really sorry. 0:02:03.840 --> 0:02:06.480 They have made it fun, though, So like that's a 0:02:06.480 --> 0:02:08.840 step in the right direction, because not only do the 0:02:08.919 --> 0:02:12.320 questions range from really normal and honestly fine and reasonable 0:02:12.400 --> 0:02:15.240 to oh my god, are actually people doing this with 0:02:15.320 --> 0:02:17.880 their cash? Like why did this come into your brain? 0:02:17.919 --> 0:02:19.920 Why do you think someone has been asked that? And 0:02:20.000 --> 0:02:22.799 while this is all good fun, there might be some 0:02:23.000 --> 0:02:27.000 I guess, really substantial things in this for our listeners 0:02:27.040 --> 0:02:31.240 who maybe are just too shy to ask particularly niche questions. Now, 0:02:31.280 --> 0:02:33.240 I'll give you some time to mull over these questions, 0:02:33.240 --> 0:02:35.680 and when we get back, we're diving straight into things. 0:02:40.000 --> 0:02:42.160 Welcome back, guys. That was just an ad break. I 0:02:42.200 --> 0:02:45.320 didn't actually give Daisy any time to prepare for these questions. 0:02:45.720 --> 0:02:48.280 We are doing a deep dive with Daisy from Everest 0:02:48.320 --> 0:02:51.280 to Health, where she's answering questions from our community about 0:02:51.320 --> 0:02:54.320 the most unhinged advice you've ever been prompted from? 0:02:54.560 --> 0:02:56.240 Daisy? Where do you want me to begin with this? 0:02:56.440 --> 0:02:58.679 Let's start with a boring one maybe, or a more 0:02:58.720 --> 0:03:00.840 sensible one to keep things I think. 0:03:00.680 --> 0:03:03.280 All right, fine, maybe we can kick it off with 0:03:03.600 --> 0:03:08.440 I guess some pedestrian questions about finance. What are some 0:03:08.480 --> 0:03:11.280 of the more stock standard questions you get in your 0:03:11.280 --> 0:03:15.120 line of work, like people coming in the door initial consultation. 0:03:15.720 --> 0:03:18.320 You know not how much your advice fees, but like, 0:03:18.400 --> 0:03:21.160 what are some questions that people usually ask you. 0:03:21.320 --> 0:03:23.440 Yeah, this is a really good question actually, so a 0:03:23.480 --> 0:03:26.440 lot of people don't fully understand what a financial advisor 0:03:26.520 --> 0:03:30.120 does and where we fretilt it is. Yeah, so I think, 0:03:30.480 --> 0:03:34.120 like understanding the difference between an accountant, a mortgage broker, 0:03:34.680 --> 0:03:38.160 a lawyer. So like, I think kind of understanding what 0:03:38.280 --> 0:03:41.840 actually do you do is a very stock standing question 0:03:41.920 --> 0:03:45.400 that we get a lot of people also that come 0:03:45.440 --> 0:03:46.840 to see us and maybe like, I don't know if 0:03:46.840 --> 0:03:48.880 I'm ready for financial advice, and am I ready for 0:03:49.000 --> 0:03:52.440 financial advice? A lot of people are somewhat surprised at 0:03:52.440 --> 0:03:55.200 the scope of work we can do as well, so 0:03:55.560 --> 0:03:57.320 it made us think that, oh, can you just help 0:03:57.320 --> 0:04:00.560 me with my superin insurances? Not understanding the other kind 0:04:00.600 --> 0:04:04.360 of goals and lifestyle discussions that we have as well. Yeah, 0:04:04.440 --> 0:04:06.720 so yeah, I think it's more around the main questions 0:04:06.840 --> 0:04:09.400 I seem to get is kind of what we actually 0:04:09.440 --> 0:04:10.440 do as a profession. 0:04:10.560 --> 0:04:13.480 Yeah, and I know I've asked my community for unhinged questions, 0:04:14.240 --> 0:04:16.120 but one of the reasons I wanted to do that 0:04:16.600 --> 0:04:18.680 is when you're a financial advisor, and for those of 0:04:18.720 --> 0:04:20.680 you who maybe haven't met me, and this might be 0:04:20.720 --> 0:04:23.520 a first episode for you. I am an ex financial advisor, 0:04:23.600 --> 0:04:25.200 so Daisy and I are probably going to have some 0:04:25.320 --> 0:04:29.880 very shared experiences here. Our questions can be quite unhinged. 0:04:30.240 --> 0:04:33.200 Like one of the coolest parts of when I was 0:04:33.240 --> 0:04:35.400 a financial advisor is how. 0:04:35.240 --> 0:04:37.960 Deep the relationship goes with a client. 0:04:38.120 --> 0:04:38.320 Right. 0:04:38.440 --> 0:04:40.400 I don't know if you feel the exact same way, 0:04:40.400 --> 0:04:42.640 but for me, it was like, honestly a bit of 0:04:42.680 --> 0:04:45.880 an honor for people to be so open with me, 0:04:45.960 --> 0:04:48.600 because it's not like your doctor where you just share 0:04:48.640 --> 0:04:51.800 some medical information. It's not like your accountant where you're like, well, 0:04:51.839 --> 0:04:55.400 here's my taxes. Like with a financial advisor, go I 0:04:55.440 --> 0:04:58.080 need your medical history. I actually need to know your 0:04:58.080 --> 0:05:00.960 goals and aspirations and what you want achieve in life. 0:05:01.000 --> 0:05:04.320 I also need your finances, So like, I'm in everything, 0:05:04.640 --> 0:05:09.160 and if you're not comfortable with me, I can't be strategic, 0:05:09.240 --> 0:05:12.480 I can't be powerful, I can't have the impact. So like, 0:05:12.760 --> 0:05:14.520 I want to be your bestie, and if you're not 0:05:14.520 --> 0:05:17.960 comfortable asking me questions, go find a new advisor. 0:05:18.120 --> 0:05:20.760 Yeah, that's my biggest thing, is like, name another profession 0:05:20.800 --> 0:05:23.720 where you have that much in depth knowledge around a 0:05:23.760 --> 0:05:26.200 client's circumstances because you know, there are state planning, so 0:05:26.240 --> 0:05:28.960 you know their family situation. Like yeah, as you said, 0:05:29.000 --> 0:05:31.440 you know all their health history from doing insurances, you 0:05:31.440 --> 0:05:34.560 know their finances. And the biggest thing for me is 0:05:34.600 --> 0:05:36.560 like there is no such thing as a silly question, 0:05:36.760 --> 0:05:38.760 and like I know that everyone says that, but like 0:05:38.920 --> 0:05:40.880 this is your life and this is your finances, and 0:05:40.920 --> 0:05:43.320 like we really want you to understand that. Yeah. I 0:05:43.360 --> 0:05:46.400 hate kind of hearing that, oh, my financial advisors did 0:05:46.400 --> 0:05:47.680 this for me and I don't really. 0:05:47.480 --> 0:05:49.159 Get it, Like I, oh, no, that I'm. 0:05:49.040 --> 0:05:51.560 Not going to walk away going cool. I've chosen this 0:05:51.720 --> 0:05:55.839 route because I want this goal or X y Z 0:05:56.080 --> 0:05:58.320 kind of thing, Like I really that education piece is 0:05:58.360 --> 0:05:59.320 so important to us. 0:05:59.520 --> 0:06:01.120 Yeah, and that's kind of why I wanted to do 0:06:01.160 --> 0:06:04.960 the unhinged question Vibes, because we're just people who want 0:06:05.000 --> 0:06:07.279 better for you, Like I want you to ask me 0:06:07.320 --> 0:06:09.960 the dumb questions. And I have noticed over the last 0:06:09.960 --> 0:06:13.159 few months a really big influx into my inbox, not 0:06:13.200 --> 0:06:16.159 from your clients, just to be very clear of people 0:06:16.160 --> 0:06:19.560 who have sought financial advice, gotten it and then be like, hey, 0:06:19.680 --> 0:06:21.760 v I didn't want to ask my advisor this, but 0:06:21.839 --> 0:06:24.560 what does this mean? And I'm like, girl, go back 0:06:24.600 --> 0:06:27.760 to your advisor, like they're the ones that should be, 0:06:28.040 --> 0:06:30.240 you know, going above and beyond. Like if you're not 0:06:30.279 --> 0:06:33.719 comfortable asking to me, that's a bit of a red flag. 0:06:34.200 --> 0:06:37.400 So I guess that's a really great place to kind 0:06:37.400 --> 0:06:41.159 of frame this conversation. But we're going to go to 0:06:41.600 --> 0:06:43.760 the top of the questions that I have because I 0:06:44.120 --> 0:06:46.600 don't know, I feel like we want to break down 0:06:46.600 --> 0:06:49.320 the fact that financial advisors we're just people who want 0:06:49.320 --> 0:06:52.200 the best for you, and we're actually really fun too, 0:06:52.240 --> 0:06:54.480 all right, We're fun and we're hip and we're funky 0:06:54.520 --> 0:06:57.320 and fresh. Like I promise, I'm not just a regular mom, 0:06:57.520 --> 0:07:01.960 I'm a cool mom. But really quick disclaimer because like 0:07:02.160 --> 0:07:05.040 both Daisy and I, we have financial services licenses, So 0:07:05.600 --> 0:07:09.120 quick disclaimer. We are sharing stories and questions from the community, 0:07:09.200 --> 0:07:12.080 right and while Daisy is a financial advisor and is 0:07:12.240 --> 0:07:15.440 licensed to provide financial advice, in this situation and in 0:07:15.440 --> 0:07:18.120 our chats, the advice that is shared is general in 0:07:18.240 --> 0:07:21.600 nature only and does not consider your personal circumstances and 0:07:21.640 --> 0:07:25.240 cannot and should not ever be considered financial advice for you. 0:07:26.200 --> 0:07:29.000 With that said, Daisy, are you happy to move forward absolutely, 0:07:29.040 --> 0:07:32.200 all right, Daisy, What is one of the first questions 0:07:32.240 --> 0:07:34.480 that you ask a client. So they come in, they're 0:07:34.480 --> 0:07:37.120 filled in your full fact find You've got like all 0:07:37.200 --> 0:07:38.440 their data on the table. 0:07:39.200 --> 0:07:40.160 What are you asking them? 0:07:40.320 --> 0:07:43.480 My biggest thing is around goals and what I call 0:07:43.560 --> 0:07:46.560 lifestyle design. So to me, that's so important because I 0:07:46.600 --> 0:07:50.760 can write a financial plan that is the best numbers wise, 0:07:51.240 --> 0:07:53.240 but it may not take into consideration that they want 0:07:53.280 --> 0:07:54.800 to start a family in a few years, or may 0:07:54.840 --> 0:07:56.760 not take it into consideration that they want to go 0:07:56.800 --> 0:07:59.440 to Europe next year and take three months off. So 0:07:59.760 --> 0:08:02.200 I think I think really having that goals discussion and 0:08:02.240 --> 0:08:04.440 kind of where you want to be, what you want 0:08:04.440 --> 0:08:07.240 to be doing, is really important before we actually get 0:08:07.280 --> 0:08:09.800 into the numbers side of things, because to me, that 0:08:09.880 --> 0:08:12.760 really underpins then the financial plan that we would create 0:08:12.880 --> 0:08:13.640 for our clients. 0:08:13.800 --> 0:08:16.560 I've seen a lot of single girls and my dms 0:08:16.680 --> 0:08:18.480 replying to this and they're like, what are you asking 0:08:18.560 --> 0:08:19.360 single girls? 0:08:19.800 --> 0:08:19.920 Like? 0:08:20.240 --> 0:08:25.080 Is that a specific situation? Like you asking different questions 0:08:25.400 --> 0:08:27.880 to the single ladies than people coming in as a couple. 0:08:28.000 --> 0:08:31.000 Not necessarily, but usually having those goals discussion may open 0:08:31.120 --> 0:08:34.839 up some things for single women. So a few single 0:08:34.840 --> 0:08:37.199 women that I've seen lately kind of either want to 0:08:37.240 --> 0:08:40.840 freeze their eggs or want to become a mother by 0:08:40.920 --> 0:08:43.800 themselves with like a sperm donor. So that's obviously quite 0:08:43.880 --> 0:08:47.520 a costly thing that we have to take into considerations. 0:08:47.600 --> 0:08:50.600 I think having that goal discussion really opens up for 0:08:50.679 --> 0:08:53.280 the single girls to then give me a bit of 0:08:53.320 --> 0:08:56.760 a kind of two sentence answer on what they want 0:08:56.800 --> 0:08:58.040 to do over the next few years. 0:08:58.679 --> 0:09:01.640 And that's really important, kind of like putting those questions 0:09:01.640 --> 0:09:03.439 on the table to them, because like I feel like 0:09:03.480 --> 0:09:05.840 when you come in, I just I go back in time. 0:09:06.120 --> 0:09:08.000 Single meet I think would have been like a deer 0:09:08.040 --> 0:09:10.840 in headlights going into a financial advice meeting being like, 0:09:10.960 --> 0:09:13.439 oh my god, Like Daisy is so smart, she's probably 0:09:13.440 --> 0:09:14.120 gonna judge meet. 0:09:14.160 --> 0:09:17.400 She's not. But are you then going, oh, hey, a 0:09:17.400 --> 0:09:19.240 few of my other clients are thinking of this. What 0:09:19.280 --> 0:09:22.240 are you thinking? Like, how do we open this conversation? 0:09:22.440 --> 0:09:25.200 Yeah? Absolutely, So some people come in they just will 0:09:25.280 --> 0:09:28.040 kind of tell me everything, which is really awesome. Otherwise 0:09:28.320 --> 0:09:30.840 people may be a little bit kind of guarded. So 0:09:30.920 --> 0:09:32.960 that's really then when you start asking a few more 0:09:33.040 --> 0:09:35.720 questions around cool like I've had clients that are maybe 0:09:35.760 --> 0:09:38.400 similar situation to yourself. They're looking at X y Z. 0:09:38.640 --> 0:09:41.440 Are you like something that you're looking at. The holidays 0:09:41.440 --> 0:09:43.200 thing is a big one for me as well, especially 0:09:43.320 --> 0:09:45.360 for like young single people. It's like, cool, do you 0:09:45.400 --> 0:09:48.040 have any holidays book? Is this something that's important to you? 0:09:49.040 --> 0:09:51.080 Because again, like people want to live their life now 0:09:51.080 --> 0:09:53.560 and it's not necessarily all about kind of scrolling and 0:09:53.600 --> 0:09:54.679 saving all their money away. 0:09:54.840 --> 0:09:56.760 Yeah, And like I don't know about you, but when 0:09:56.800 --> 0:09:58.560 I was an advisor, I really wanted to get to 0:09:58.559 --> 0:10:01.400 know the clients a little bit deeper, like not just 0:10:01.440 --> 0:10:03.800 like holidays, but like what type of holidays? 0:10:04.080 --> 0:10:05.640 Like it's a big thing as well. So yeah, how 0:10:05.720 --> 0:10:08.080 do you holiday? Like as a holiday? To you just 0:10:08.280 --> 0:10:11.120 holiday within your state? Is it going business? Classic Europe? 0:10:11.160 --> 0:10:13.559 Like what does that look like? Because everyone does holidays 0:10:13.600 --> 0:10:14.200 so differently. 0:10:14.360 --> 0:10:14.680 Yeah. 0:10:14.679 --> 0:10:17.400 One of the questions that we got was what happens 0:10:17.400 --> 0:10:20.280 when you see that a client's budget and cash flow 0:10:20.360 --> 0:10:22.760 is actually different from what they're telling you they do. 0:10:22.920 --> 0:10:26.160 That is so many of our clients. Yes, So like 0:10:26.200 --> 0:10:28.400 we really do a deep dive on people's cash flow, 0:10:28.440 --> 0:10:30.280 and I say it's not to be the money police. 0:10:30.280 --> 0:10:32.840 It's just to give you an accurate representation of where 0:10:32.840 --> 0:10:36.480 you're actually at. So I think doing that deep dive 0:10:36.600 --> 0:10:38.800 and then kind of seeing where they think they are 0:10:38.840 --> 0:10:41.839 and where they actually are is a really important discussion 0:10:41.880 --> 0:10:44.880 to have and people shouldn't be ashamed of that because 0:10:44.920 --> 0:10:47.280 that is probably the majority of our clients kind of 0:10:47.280 --> 0:10:49.800 think they're in a different position to what they're in. Yeah. 0:10:49.880 --> 0:10:51.920 I remember a client came in and they're like, I'm 0:10:52.000 --> 0:10:54.000 so good at saving, and I was like, great, norries 0:10:54.040 --> 0:10:57.040 like and I will believe. Like still anything you tell me, 0:10:57.080 --> 0:10:58.520 I'll be like, yeah, must be true. Why would you 0:10:58.559 --> 0:11:01.840 tell me otherwise? Going through their statements and I'm like 0:11:02.480 --> 0:11:06.200 these savings, where are they and then having to go 0:11:06.280 --> 0:11:08.080 back and be like, hey, so you said that you 0:11:08.080 --> 0:11:11.080 were really good at saving, but like, is there a 0:11:11.120 --> 0:11:13.920 separate bank that I'm not looking at because you've provided me, 0:11:14.000 --> 0:11:15.840 you know, access, and I can see this and this 0:11:15.920 --> 0:11:20.280 and oh yeah uh and like totally normal, totally normal 0:11:20.320 --> 0:11:23.680 because I think they're in these situations. Clients often present 0:11:24.040 --> 0:11:27.040 who they want to be, yeah, not who they actually are, 0:11:27.080 --> 0:11:29.000 because they're like, don't judge, be like I might not 0:11:29.040 --> 0:11:30.400 be good at saving. But I really want to be 0:11:30.440 --> 0:11:32.520 good at saving and like, we get it. 0:11:32.559 --> 0:11:33.240 We're just girls. 0:11:33.280 --> 0:11:35.320 And I think like the awesome thing is that a 0:11:35.320 --> 0:11:37.400 lot of clients know that they need help as well, 0:11:37.440 --> 0:11:39.559 and yet, as you said, they might come and present 0:11:39.840 --> 0:11:41.760 the version that they want to be. But then once 0:11:41.800 --> 0:11:43.839 we deep dive, it's like, cool, this is where you are, 0:11:43.920 --> 0:11:46.080 this is where you obviously want to be. Let's work 0:11:46.080 --> 0:11:48.959 together and make that happen. And that's why people should 0:11:48.960 --> 0:11:51.160 seek financial advice because they want that help. 0:11:51.440 --> 0:11:51.880 Yeah. 0:11:52.040 --> 0:11:54.680 One of my dms here says, how much of a 0:11:54.800 --> 0:11:57.560 therapist do you feel like you are on a daily basis? 0:11:57.760 --> 0:12:00.760 Oh? Yeah, a lot of the time. A lot of 0:12:00.800 --> 0:12:02.400 the time. We do have a bit of a running 0:12:02.440 --> 0:12:04.120 joke sometimes that we can be a bit of a 0:12:04.280 --> 0:12:07.880 couple's therapy as well, especially if couples aren't necessarily aligned 0:12:07.880 --> 0:12:10.480 on goals and things like that. So yeah, I feel 0:12:10.480 --> 0:12:13.400 as though I should have probably gone and done some 0:12:13.440 --> 0:12:17.160 sort of postgrading therapy because I definitely need it every day. Girl. 0:12:17.280 --> 0:12:20.720 I feel like when I was working in financial advice, 0:12:20.840 --> 0:12:24.120 I would thank the stars every single day that I 0:12:24.160 --> 0:12:26.520 had a psychology degree because I would be like, oh 0:12:26.559 --> 0:12:29.720 my goodness, like what did I just walk into and 0:12:29.880 --> 0:12:31.679 like some of the questions, I'd. 0:12:31.520 --> 0:12:33.280 Have to be like, oh, yeah, I'll catch up with 0:12:33.320 --> 0:12:35.480 that client later and then get them one on one and. 0:12:35.440 --> 0:12:37.720 Be like, hey, cool, So I picked up on this vibe, 0:12:37.880 --> 0:12:40.840 like how do you feel about that girlfriend? 0:12:41.600 --> 0:12:44.640 It's so awkward but so important. 0:12:44.880 --> 0:12:47.200 Yeah, And we always say there's like a cfo's spouse 0:12:47.240 --> 0:12:49.480 in a couple as well, like that's what we call them. 0:12:49.480 --> 0:12:53.280 And including the noncfo's spouse is so important because you 0:12:53.360 --> 0:12:55.959 can have meetings where one person is just talking the 0:12:56.000 --> 0:12:58.960 whole time, so like really kind of the other person 0:12:59.040 --> 0:13:01.360 being like, cool, so how do you you feel about this? 0:13:01.520 --> 0:13:04.199 What are your goals? Are they different? And it can 0:13:04.240 --> 0:13:06.040 create a bit of tension, to be honest, But I've 0:13:06.040 --> 0:13:09.240 been in situations where like one person has just spoken 0:13:09.280 --> 0:13:11.480 the whole meeting and the other person has then called 0:13:11.480 --> 0:13:13.760 me after the meeting and gone, this actually isn't what 0:13:13.800 --> 0:13:14.520 I want. 0:13:15.200 --> 0:13:16.840 Yeah, And that can be really hard. 0:13:16.880 --> 0:13:19.760 And I think that's where having a good financial advisor 0:13:19.920 --> 0:13:23.520 is important, not because you know you're in a relationship 0:13:23.520 --> 0:13:27.640 that doesn't have equity, but more because they can see 0:13:27.679 --> 0:13:30.880 around the corner and kind of go hold on something's 0:13:30.920 --> 0:13:31.600 cooking here. 0:13:31.800 --> 0:13:33.400 I need to see what's in the kitchen. 0:13:33.880 --> 0:13:37.560 And that's really important because like the CFO, I've never 0:13:37.559 --> 0:13:39.160 heard it phrase that way. I kind of love that 0:13:39.200 --> 0:13:40.720 the CFO spouse, by the way. 0:13:40.600 --> 0:13:42.600 That's me. It's also me. 0:13:42.760 --> 0:13:45.560 But you know what that has meant for me is 0:13:45.600 --> 0:13:48.160 that I have to step back and go, hey, Steve, 0:13:48.400 --> 0:13:50.120 I feel like and like I often say, oh, I 0:13:50.120 --> 0:13:52.960 feel like I've made all these decisions again. I'm really sorry, 0:13:53.240 --> 0:13:55.760 like I've jumped ahead. Are you okay with this? And 0:13:55.880 --> 0:13:58.839 like ninety percent of the time Steve will be like, yeah, 0:13:58.920 --> 0:14:01.080 why are you asking? I'm like, oh, it's just because 0:14:01.080 --> 0:14:04.199 I'm so aware, like this is not a good dynamic, 0:14:04.440 --> 0:14:06.600 like I actually want to make sure that we're on 0:14:06.640 --> 0:14:09.080 this journey together. Not I've just taken the wheel and 0:14:09.120 --> 0:14:12.160 been like, wear this blindfold quick, We're going somewhere. 0:14:12.200 --> 0:14:16.840 And it's a surprise. Someone said, Daisy, ten K just 0:14:16.960 --> 0:14:19.320 dropped into your account randomly, What are you doing with it? 0:14:19.520 --> 0:14:20.400 Very loaded question. 0:14:21.120 --> 0:14:24.120 It's for you personally, not for a community member. 0:14:24.200 --> 0:14:25.119 For me personally. 0:14:25.200 --> 0:14:27.320 Ten K just dropped into Daisy's account. 0:14:27.440 --> 0:14:30.120 Okay, amazing. So I got my emergency fund set up. 0:14:30.240 --> 0:14:32.520 I have a home loan, but I have some money 0:14:32.520 --> 0:14:34.560 in offset. So to be honest, where I'm at the moment, 0:14:34.560 --> 0:14:35.760 i'd probably invest that money. 0:14:35.800 --> 0:14:36.960 Oh you'd invest it. 0:14:37.720 --> 0:14:40.560 Oh, I love that you wouldn't in this economy, go oh, 0:14:40.600 --> 0:14:41.880 I want more in my offset. 0:14:42.560 --> 0:14:45.800 To be honest, I love diversifying away from just kind 0:14:45.880 --> 0:14:48.720 of paying down my debt as quickly as possible. Like, 0:14:48.760 --> 0:14:52.160 I think it's very important that people have a healthy 0:14:52.200 --> 0:14:56.440 offset and like aware of their debt. But to me, 0:14:56.840 --> 0:14:59.200 my homeland doesn't scare me, So I kind of want 0:14:59.200 --> 0:15:02.240 to diversify build something outside of my property. 0:15:02.440 --> 0:15:05.360 My home loan at the moment is scaring me, and 0:15:05.400 --> 0:15:09.000 that's okay. But I feel like I've I don't know, 0:15:09.200 --> 0:15:13.360 given recent economic changes, I've just started adding a little 0:15:13.400 --> 0:15:17.200 bit more of my investment money into my offset. And 0:15:17.240 --> 0:15:20.760 it's like logically, you would look at my financial plan 0:15:20.760 --> 0:15:23.560 on Daisy and you'd probably be like, the why aren't 0:15:23.600 --> 0:15:28.280 you investing a bit more? And it's literally my anxiety. 0:15:27.840 --> 0:15:30.760 And I think psychology of its yeah, And like debts 0:15:30.880 --> 0:15:33.600 can really scare people, and people can be in really 0:15:33.640 --> 0:15:37.200 awesome positions and have good debt and they're still like, no, 0:15:37.240 --> 0:15:38.840 I want to pay that down as quickly as possible. 0:15:38.880 --> 0:15:41.600 And it's like, again, having that discussion with the client 0:15:41.760 --> 0:15:45.200 is just so important because like to your point, like 0:15:45.360 --> 0:15:46.800 where you're at, you're like, cool, I just want to 0:15:46.800 --> 0:15:48.840 put a little bit of extra away. 0:15:48.400 --> 0:15:51.840 And it makes like on paper, it makes no logical 0:15:51.920 --> 0:15:54.160 sense because I could make more money in the share 0:15:54.200 --> 0:15:56.400 market and that's a good thing, but it's like a 0:15:56.520 --> 0:15:58.000 mental barrier for me at the moment. 0:15:58.040 --> 0:15:59.120 I'm like, oh, like. 0:15:59.160 --> 0:16:01.600 Grateful to have it, can afford it. All is well 0:16:01.640 --> 0:16:05.200 and good in the world, but also that number, I 0:16:05.240 --> 0:16:07.760 don't like it and it needs to go. And it's 0:16:07.880 --> 0:16:09.760 kind of like do you see that with because like 0:16:09.800 --> 0:16:12.240 a couple of the questions where about, you know, should 0:16:12.240 --> 0:16:14.480 I pay off my hex stet? And we cannot answer that. 0:16:14.720 --> 0:16:18.400 But a couple of times historically people would come in 0:16:18.400 --> 0:16:21.000 and be like, oh, V I'm really prioritizing paying off 0:16:21.000 --> 0:16:24.080 my hex debt. But I know that it's not a 0:16:24.080 --> 0:16:26.960 good thing to do because like it's just kind of 0:16:26.960 --> 0:16:28.640 an okay debt, it's not bad debt, it's. 0:16:28.520 --> 0:16:30.680 Not good debt. Yeah, what did you do for your 0:16:30.720 --> 0:16:32.240 hex debts? Someone wants to know. 0:16:32.480 --> 0:16:34.160 I was in a very blessed position to not have 0:16:34.240 --> 0:16:35.000 hex stet. 0:16:34.880 --> 0:16:37.960 Ooh, street under the bus. 0:16:38.240 --> 0:16:39.480 My husband has hextet? 0:16:39.640 --> 0:16:40.800 Oh what are you doing about that? 0:16:41.080 --> 0:16:42.960 So we've just been paying the minimum amount. 0:16:43.160 --> 0:16:45.400 Will you ever up that or will you always just 0:16:45.440 --> 0:16:47.920 be like no, you are not a priority in our lives. 0:16:48.000 --> 0:16:50.320 Well, this financial year he's actually paid it off, so 0:16:50.400 --> 0:16:53.880 it was a big win for us. But yeah, it's 0:16:53.920 --> 0:16:58.600 just kind of been let's channel our money elsewhere. And yeah, 0:16:58.640 --> 0:17:02.280 I suppose, like both being in finance backgrounds, we kind of, yeah, 0:17:02.320 --> 0:17:04.639 it didn't worry us, and we knew that eventually it 0:17:04.680 --> 0:17:07.720 would be paid off. So that has hit this financial year. 0:17:07.960 --> 0:17:09.080 Yeah, very fair. 0:17:09.240 --> 0:17:11.840 And for those of you playing along at home, that 0:17:11.880 --> 0:17:14.040 means that your cash flow has increased a little bit. 0:17:14.119 --> 0:17:16.240 Can I be super pervy? Have you got a plan 0:17:16.320 --> 0:17:18.280 for the cash flow that will be released? 0:17:18.520 --> 0:17:20.920 Yes, so she does, of course she does. 0:17:21.640 --> 0:17:24.680 So to be honest, that has probably gone towards our 0:17:24.800 --> 0:17:29.119 mortgage increasing, so it's obviously a bit it's soaked up. Yeah, 0:17:29.160 --> 0:17:30.800 it's opened up a bit of cash flow. But I 0:17:30.800 --> 0:17:33.000 feel like though as though that's been kind of chewed 0:17:33.040 --> 0:17:36.000 up pretty quickly with interest rates increasing. Yeah. 0:17:36.119 --> 0:17:40.040 Yeah, and I love asking financial advisors personal questions like that, 0:17:40.119 --> 0:17:43.000 because it's just like, by the way, I'm here taking 0:17:43.040 --> 0:17:45.760 my own advice as well, Like we have lives as well. 0:17:45.800 --> 0:17:47.600 I think a lot of people look at us or 0:17:47.680 --> 0:17:49.560 looked at me when I was an advisor, I was 0:17:49.640 --> 0:17:52.520 like the pinnacle of understanding everything, and I'm like, girl, 0:17:52.760 --> 0:17:55.280 I'm just arguing with my husband over how much coffee 0:17:55.280 --> 0:17:57.040 beans are and why does he always have to pick 0:17:57.080 --> 0:17:57.920 the expensive ones? 0:17:58.080 --> 0:18:00.960 Yeah? Still like dude, my dude, why? 0:18:01.359 --> 0:18:01.560 Yeah. 0:18:02.040 --> 0:18:04.800 Anyway, I feel like everyone's money story is really unique, 0:18:04.840 --> 0:18:06.560