1
00:00:00,360 --> 00:00:02,880
Speaker 1: Just before we get started, we'd like to acknowledge and

2
00:00:03,040 --> 00:00:06,720
Speaker 1: pay respect to Australia's Aboriginal and torrest Right islander peoples.

3
00:00:07,000 --> 00:00:10,280
Speaker 1: They're the traditional custodians of the lands, the waterways and

4
00:00:10,320 --> 00:00:13,720
Speaker 1: the skies all across Australia. We thank you for sharing

5
00:00:13,800 --> 00:00:15,840
Speaker 1: and for caring for the land on which we are

6
00:00:15,880 --> 00:00:19,360
Speaker 1: able to learn. We pay respects to elders past and present,

7
00:00:19,440 --> 00:00:21,639
Speaker 1: and we share our friendship and our kindness.

8
00:00:21,920 --> 00:00:41,159
Speaker 2: She's on the Money, She's on the Money.

9
00:00:45,159 --> 00:00:48,519
Speaker 1: Hello, and welcome to She's on the Money, the podcast

10
00:00:48,560 --> 00:00:52,680
Speaker 1: for millennials who want financial freedom. Welcome to a bonus

11
00:00:52,720 --> 00:00:55,800
Speaker 1: episode of the show where we are joined by the

12
00:00:55,840 --> 00:00:59,640
Speaker 1: one and only Glenn James from My Millennial Money. Glenn.

13
00:01:00,040 --> 00:01:01,720
Speaker 1: Welcome to She's on the Money again.

14
00:01:02,080 --> 00:01:04,600
Speaker 3: Hey Victoria, thanks so much for having me back on

15
00:01:05,000 --> 00:01:09,120
Speaker 3: your show. And to all my listeners. Hello, and you

16
00:01:09,240 --> 00:01:11,000
Speaker 3: better not be listening to this while.

17
00:01:10,840 --> 00:01:13,360
Speaker 1: You're at work, and also listen to it on Glenn's feed,

18
00:01:13,440 --> 00:01:17,880
Speaker 1: not Victoria's feed. For the downloads, right, no, I you

19
00:01:17,920 --> 00:01:22,679
Speaker 1: can have downloads. You've recently launched your own book, which

20
00:01:22,720 --> 00:01:26,560
Speaker 1: is very exciting. I mean, it's arguably even better than that.

21
00:01:26,600 --> 00:01:28,800
Speaker 1: She's on the Money book. Would you say so?

22
00:01:29,040 --> 00:01:32,160
Speaker 3: I would say they compliment each other perfectly.

23
00:01:32,360 --> 00:01:35,720
Speaker 1: I think they compliment each other perfectly, obviously, But I

24
00:01:35,840 --> 00:01:39,440
Speaker 1: also think that they're completely aimed at different not different audiences,

25
00:01:39,480 --> 00:01:43,600
Speaker 1: but different levels. All right, Glenn, Enough about the books,

26
00:01:43,640 --> 00:01:46,640
Speaker 1: because that's actually the first question that we have on

27
00:01:46,680 --> 00:01:49,280
Speaker 1: the show today, and this one comes from Michelle, and

28
00:01:49,320 --> 00:01:52,760
Speaker 1: she says, Guys, how do the books compare? What are

29
00:01:52,760 --> 00:01:54,920
Speaker 1: the similarities, what are the differences?

30
00:01:55,320 --> 00:01:56,080
Speaker 4: What do you think?

31
00:01:57,160 --> 00:01:59,560
Speaker 1: I think you're asking me because you know what I'm

32
00:01:59,600 --> 00:02:01,720
Speaker 1: going to say, and I would say that She's on

33
00:02:01,760 --> 00:02:05,000
Speaker 1: the Money. The book is just the basics. It is

34
00:02:05,080 --> 00:02:09,960
Speaker 1: talking about creating those foundational skills of budget and cash

35
00:02:10,000 --> 00:02:13,600
Speaker 1: flow and spending and understanding your money story and where

36
00:02:13,600 --> 00:02:16,200
Speaker 1: you're starting from. And you go a bit deeper on

37
00:02:16,240 --> 00:02:19,840
Speaker 1: topics like investing. And I feel like you compliment She's

38
00:02:19,880 --> 00:02:22,160
Speaker 1: on the Money, because if you were going to read

39
00:02:22,240 --> 00:02:24,280
Speaker 1: both books, I would want you to read She's on

40
00:02:24,320 --> 00:02:26,080
Speaker 1: the Money and then My Millennial Money.

41
00:02:26,160 --> 00:02:27,680
Speaker 4: It's actually called Sort your Money Out.

42
00:02:27,919 --> 00:02:29,520
Speaker 1: No I know it's called Sort your Money Out, but

43
00:02:29,520 --> 00:02:31,960
Speaker 1: it's like from you, I'll call it whatever I want

44
00:02:32,000 --> 00:02:32,920
Speaker 1: on my show.

45
00:02:33,480 --> 00:02:37,919
Speaker 3: I think, Yeah, like base. Like you said, yours covers

46
00:02:37,919 --> 00:02:39,760
Speaker 3: the basics. That's not a bad thing.

47
00:02:39,880 --> 00:02:41,880
Speaker 1: No, no, no, I've done it on purpose.

48
00:02:41,840 --> 00:02:45,040
Speaker 3: Yeah, exactly, like we need a baseline thing, and then

49
00:02:45,080 --> 00:02:47,960
Speaker 3: we need to go and learn on top of what

50
00:02:48,000 --> 00:02:51,359
Speaker 3: we've learned about baseline stuff. But the good thing about

51
00:02:51,440 --> 00:02:53,840
Speaker 3: what I've done and how it does complement your book,

52
00:02:54,280 --> 00:02:56,720
Speaker 3: I've done a heap of case studies on real world

53
00:02:56,880 --> 00:03:01,079
Speaker 3: investments and how they work. And I've done some case

54
00:03:01,120 --> 00:03:05,840
Speaker 3: studies on two different types of ethical investments. I've used

55
00:03:06,000 --> 00:03:10,440
Speaker 3: an active investment and an index investment and just compared.

56
00:03:10,120 --> 00:03:12,240
Speaker 1: The two, which I think is really powerful.

57
00:03:12,480 --> 00:03:14,680
Speaker 3: Yeah, so I really wanted to go at it from

58
00:03:14,760 --> 00:03:18,160
Speaker 3: a practical point of view. I did indulge myself and

59
00:03:18,200 --> 00:03:23,640
Speaker 3: do a heap on mindset and how to actually make money.

60
00:03:23,680 --> 00:03:25,440
Speaker 3: And I think the chapter is like get rich and

61
00:03:25,480 --> 00:03:28,359
Speaker 3: make it rain as a play on word. But we

62
00:03:28,400 --> 00:03:31,920
Speaker 3: both know that a lot of people who listen to

63
00:03:32,160 --> 00:03:36,080
Speaker 3: the podcast. Once we get our mindset in the direction

64
00:03:36,160 --> 00:03:38,680
Speaker 3: of oh, hang on, I can do something different than

65
00:03:38,720 --> 00:03:41,480
Speaker 3: what my parents told me, or hang on, it isn't

66
00:03:41,520 --> 00:03:45,400
Speaker 3: actually crazy to want to buy an investment property in

67
00:03:44,920 --> 00:03:48,240
Speaker 3: a different location and still rent in the city. Oh,

68
00:03:48,280 --> 00:03:50,240
Speaker 3: hang on, it's actually not crazy if I want to

69
00:03:50,720 --> 00:03:55,480
Speaker 3: invest one hundred dollars a month into a share investing platform,

70
00:03:56,080 --> 00:03:58,720
Speaker 3: because it's just a different world now.

71
00:03:59,240 --> 00:04:01,320
Speaker 4: So it's just I don't.

72
00:04:01,160 --> 00:04:02,840
Speaker 3: Know where I'm going with this, but I wanted to

73
00:04:02,840 --> 00:04:06,280
Speaker 3: make it really practical, and particularly around the mindset piece,

74
00:04:06,600 --> 00:04:09,480
Speaker 3: how we can start to change our mindset for our

75
00:04:09,520 --> 00:04:13,640
Speaker 3: own personal growth, our own personal career, and how we

76
00:04:13,960 --> 00:04:18,080
Speaker 3: can really maximize turning our human capital, which is what

77
00:04:18,120 --> 00:04:21,159
Speaker 3: we develop and the income that we generate at work

78
00:04:21,320 --> 00:04:24,880
Speaker 3: capital transferring that into investments. Because I don't know about you, Victoria,

79
00:04:24,880 --> 00:04:29,520
Speaker 3: but I was getting sick of all the entrepreneurial books

80
00:04:29,560 --> 00:04:32,040
Speaker 3: just telling everyone that they need to start their own business,

81
00:04:32,200 --> 00:04:34,720
Speaker 3: where there's a lot of people that just like their

82
00:04:34,800 --> 00:04:37,280
Speaker 3: job and like what they do and that's fine, and.

83
00:04:37,240 --> 00:04:40,320
Speaker 1: I feel like, genuinely there's pressure to be more than

84
00:04:40,320 --> 00:04:43,839
Speaker 1: what you are in twenty twenty one. Like I don't

85
00:04:43,839 --> 00:04:46,719
Speaker 1: agree with it, but I feel like everybody is having

86
00:04:46,760 --> 00:04:50,120
Speaker 1: this pressure put on them to be an entrepreneur, like

87
00:04:50,240 --> 00:04:53,200
Speaker 1: goal after your dreams, Like they always talk about things

88
00:04:53,200 --> 00:04:55,280
Speaker 1: like the four hour work week, and please don't get

89
00:04:55,279 --> 00:04:57,320
Speaker 1: me wrong, there's lots to learn from these things, but

90
00:04:57,360 --> 00:05:00,680
Speaker 1: there's such a benefit of being employees and having your

91
00:05:00,680 --> 00:05:03,520
Speaker 1: superpaid and being able to clock out at five pm

92
00:05:03,600 --> 00:05:06,880
Speaker 1: on a Friday and not worry about things over the weekend. Like,

93
00:05:06,960 --> 00:05:09,080
Speaker 1: I just don't think it's feasible for a lot of

94
00:05:09,080 --> 00:05:12,919
Speaker 1: people either, Like business is hard and it's not something

95
00:05:12,960 --> 00:05:16,240
Speaker 1: that you actually want everybody to be involved in because

96
00:05:16,279 --> 00:05:17,640
Speaker 1: you might not even enjoy it.

97
00:05:17,760 --> 00:05:20,600
Speaker 3: Can I read one thing that I wrote in the

98
00:05:20,600 --> 00:05:22,560
Speaker 3: book that from your own yeah, and this is an

99
00:05:22,560 --> 00:05:24,280
Speaker 3: example of the audiobook.

100
00:05:24,200 --> 00:05:26,600
Speaker 1: Go through it. It has to be as good as

101
00:05:26,640 --> 00:05:29,599
Speaker 1: the audiobook version. Though all right, here we go, get ready.

102
00:05:29,880 --> 00:05:32,839
Speaker 3: So I basically wanted people to have the best shot

103
00:05:33,000 --> 00:05:37,040
Speaker 3: at doing the best that they can with their career

104
00:05:37,120 --> 00:05:40,600
Speaker 3: being an employee. And I basically said, if you talk

105
00:05:40,640 --> 00:05:44,080
Speaker 3: with your team leader or boss and that's with respect, right,

106
00:05:44,520 --> 00:05:47,720
Speaker 3: and if things don't change in the medium term or

107
00:05:48,600 --> 00:05:50,680
Speaker 3: you know, the short term, because you need to give

108
00:05:50,720 --> 00:05:54,120
Speaker 3: your employer time and grace, so you know, if you've

109
00:05:54,120 --> 00:05:57,320
Speaker 3: got a problems like oh, it's not quite right here

110
00:05:57,400 --> 00:05:59,800
Speaker 3: and there's something up and I don't know if I

111
00:05:59,839 --> 00:06:02,919
Speaker 3: like this working environment, like it might be time to

112
00:06:02,960 --> 00:06:06,400
Speaker 3: move on. So I then went on to say you'll

113
00:06:06,400 --> 00:06:09,200
Speaker 3: have the best shot at doing well financially if the

114
00:06:09,240 --> 00:06:13,200
Speaker 3: following things are happening in your workplace. One you are

115
00:06:13,279 --> 00:06:18,279
Speaker 3: challenged in your role that have access to help when needed. Two,

116
00:06:18,400 --> 00:06:21,840
Speaker 3: you feel involved and your contribution is taken seriously at

117
00:06:21,880 --> 00:06:27,320
Speaker 3: team meetings. Three you are trusted, valued, appreciated and empowered.

118
00:06:27,920 --> 00:06:31,240
Speaker 3: Four there is a chance to be promoted and take

119
00:06:31,279 --> 00:06:35,039
Speaker 3: on more responsibilities. And five and this is an important

120
00:06:35,080 --> 00:06:37,200
Speaker 3: one that a lot of us need to really hear

121
00:06:37,279 --> 00:06:40,920
Speaker 3: and reflect on. You actually like going to work each day.

122
00:06:41,520 --> 00:06:44,320
Speaker 3: So if some or all of those things aren't happening

123
00:06:44,360 --> 00:06:48,599
Speaker 3: in your workplace, and you've approached your boss, employer, team

124
00:06:48,680 --> 00:06:51,680
Speaker 3: leader with dignity, because I don't think it's about kicking

125
00:06:51,720 --> 00:06:55,039
Speaker 3: down the door and doing a shakedown, and things don't

126
00:06:55,080 --> 00:07:00,160
Speaker 3: start to change, it might be time to move jobs.

127
00:07:00,160 --> 00:07:02,360
Speaker 3: A lot of us think, oh, this is my career.

128
00:07:02,640 --> 00:07:05,920
Speaker 3: Got a separate career and job, so you could still

129
00:07:05,960 --> 00:07:07,600
Speaker 3: be doing your career that you love, but it might

130
00:07:07,640 --> 00:07:10,000
Speaker 3: not be the right workplace. So I just want to

131
00:07:10,040 --> 00:07:13,280
Speaker 3: encourage people and let's shut up about the dumb book

132
00:07:14,080 --> 00:07:15,800
Speaker 3: now and get onto some listener questions.

133
00:07:15,840 --> 00:07:18,720
Speaker 1: But it's not a dumb book. Because we're giving away

134
00:07:18,840 --> 00:07:21,320
Speaker 1: a book to every person whose question is read out.

135
00:07:21,600 --> 00:07:23,200
Speaker 4: Yes, so I've got eight books to give away.

136
00:07:23,240 --> 00:07:25,520
Speaker 1: Eight books a questions, we get to give them away,

137
00:07:25,560 --> 00:07:28,200
Speaker 1: and I'm really excited about that. Okay, so let's get

138
00:07:28,240 --> 00:07:31,120
Speaker 1: into the next question. The next question comes from a

139
00:07:31,160 --> 00:07:34,880
Speaker 1: friend of ours, Maddie. She says, not to be morbid

140
00:07:34,960 --> 00:07:37,400
Speaker 1: at all. This is definitely the right podcast to be

141
00:07:37,440 --> 00:07:40,400
Speaker 1: morbid on. Like, Glenn and I I will have this chat,

142
00:07:40,800 --> 00:07:43,560
Speaker 1: but can you chat about what actually happens when you

143
00:07:43,600 --> 00:07:47,480
Speaker 1: are the beneficiary about to inherit in an estate, i e.

144
00:07:47,760 --> 00:07:50,559
Speaker 1: What happens with everything that you inherit in the estate,

145
00:07:50,720 --> 00:07:52,600
Speaker 1: like super and houses, et cetera.

146
00:07:53,280 --> 00:07:57,440
Speaker 3: Glenn take it away, imaging her follows and says, Hi,

147
00:07:57,520 --> 00:08:00,800
Speaker 3: both a bit of a morbid question. It's about debt

148
00:08:00,840 --> 00:08:04,320
Speaker 3: and inheritance. Say, my parents pass away prior to paying

149
00:08:04,360 --> 00:08:07,800
Speaker 3: off their debts, Like what happens? So I think and

150
00:08:07,880 --> 00:08:10,200
Speaker 3: again I actually cover this in the book. So it's

151
00:08:10,200 --> 00:08:10,960
Speaker 3: another shout out.

152
00:08:11,000 --> 00:08:14,679
Speaker 1: How many times can Glehn mention anymore?

153
00:08:15,040 --> 00:08:15,400
Speaker 4: Anymore?

154
00:08:15,400 --> 00:08:16,600
Speaker 1: But no, I want you.

155
00:08:16,520 --> 00:08:18,960
Speaker 3: To Maddie and Image and are getting a copy. How

156
00:08:19,000 --> 00:08:19,600
Speaker 3: do you know Maddie?

157
00:08:19,640 --> 00:08:21,360
Speaker 1: By the way, I don't she's a friend of the

158
00:08:21,400 --> 00:08:22,840
Speaker 1: show because she's in our community.

159
00:08:23,440 --> 00:08:25,400
Speaker 4: He just chatted like, oh, she's a friend anyway.

160
00:08:25,520 --> 00:08:27,920
Speaker 1: I thought everybody in my group was a friend of mine.

161
00:08:29,280 --> 00:08:32,280
Speaker 1: Are the people in your group not your friends? Probably?

162
00:08:32,440 --> 00:08:36,000
Speaker 1: Probably not there? You go, okay, straight under.

163
00:08:36,240 --> 00:08:39,160
Speaker 3: What we need to work out first and foremost? What's

164
00:08:39,200 --> 00:08:42,440
Speaker 3: an estate asset and what isn't an estate asset? So

165
00:08:42,559 --> 00:08:47,040
Speaker 3: an a state asset is something that you own individually.

166
00:08:47,160 --> 00:08:49,880
Speaker 3: So I own my house in my name, that's an

167
00:08:50,000 --> 00:08:52,920
Speaker 3: estate asset. I own my car in my name, that's

168
00:08:52,960 --> 00:08:57,960
Speaker 3: an estate asset. I own a lovely he's a furniture

169
00:08:58,280 --> 00:08:59,800
Speaker 3: that's worth one hundred dollars.

170
00:09:00,080 --> 00:09:02,120
Speaker 4: I'm talking about my secondhand lade.

171
00:09:02,120 --> 00:09:04,760
Speaker 1: You can have my ikea Calyx cadegically.

172
00:09:05,080 --> 00:09:10,600
Speaker 3: So everything that we own personally is an estate asset. Now,

173
00:09:10,920 --> 00:09:14,160
Speaker 3: one thing that's not in an estate is superannuation. So

174
00:09:14,240 --> 00:09:18,160
Speaker 3: your superannuation it's actually in a trust and there's a trustee,

175
00:09:18,160 --> 00:09:21,839
Speaker 3: which is the superannuation company, and they hold that money

176
00:09:21,880 --> 00:09:27,080
Speaker 3: on trust for you or your beneficiaries. Okay, so what

177
00:09:27,240 --> 00:09:30,960
Speaker 3: happens when somebody dies, Well, let's be really morbid here

178
00:09:31,000 --> 00:09:33,520
Speaker 3: and let's kill Glennoff Okay.

179
00:09:33,440 --> 00:09:34,680
Speaker 1: I thought you were going to try and kill me.

180
00:09:34,760 --> 00:09:37,400
Speaker 4: Of actually stuff here, I'll kill you.

181
00:09:39,080 --> 00:09:46,640
Speaker 3: So Victoria and Steve, you're going along happy. Victoria, I

182
00:09:46,679 --> 00:09:51,880
Speaker 3: think we are. You are unfortunate enough to die prematurely, Okay, okay,

183
00:09:52,040 --> 00:09:56,120
Speaker 3: So what happens is Steve will likely go to a solicitor.

184
00:09:57,240 --> 00:10:01,240
Speaker 3: I'd say, hey, Victoria's dead. This is her will. She

185
00:10:01,280 --> 00:10:03,520
Speaker 3: wants to leave everything to me. And I'm just being

186
00:10:03,800 --> 00:10:07,120
Speaker 3: heteronormative here, and you know, saying that you'll have a

187
00:10:07,559 --> 00:10:09,319
Speaker 3: you give each other everything.

188
00:10:09,200 --> 00:10:11,920
Speaker 1: So I didn't leave it all to one of my exactly. Okay.

189
00:10:12,240 --> 00:10:15,160
Speaker 3: So the will reads I would like to give everything

190
00:10:15,200 --> 00:10:21,240
Speaker 3: to Steve, and if if Steve dies before me, I

191
00:10:21,280 --> 00:10:23,400
Speaker 3: would like to give everything to my family evenly or

192
00:10:23,400 --> 00:10:23,920
Speaker 3: something like that.

193
00:10:24,000 --> 00:10:24,240
Speaker 4: Okay.

194
00:10:25,120 --> 00:10:31,480
Speaker 3: So basically what happens is your estate assets are everything

195
00:10:31,520 --> 00:10:34,280
Speaker 3: you own, so that then forms what we call the

196
00:10:34,440 --> 00:10:37,040
Speaker 3: estate of the late Victoria divine.

197
00:10:36,880 --> 00:10:39,160
Speaker 1: The late sounds like I'm fancy.

198
00:10:39,400 --> 00:10:40,200
Speaker 4: Yeah, that's right.

199
00:10:40,600 --> 00:10:45,160
Speaker 3: And effectively everything just goes in a pool and we

200
00:10:45,240 --> 00:10:48,200
Speaker 3: have to go because you have a property, we have

201
00:10:48,240 --> 00:10:50,200
Speaker 3: to go to court and get probate. And what that

202
00:10:50,320 --> 00:10:53,040
Speaker 3: means is we have to determine that the will is

203
00:10:53,120 --> 00:10:57,600
Speaker 3: valid and you're half the property, depending on how it's

204
00:10:57,600 --> 00:11:01,280
Speaker 3: set up, would go to Steve. Yeah, then all the

205
00:11:01,320 --> 00:11:04,640
Speaker 3: other stuff would also go to Steve. But if you said, oh,

206
00:11:04,840 --> 00:11:10,040
Speaker 3: I want to give my mother and father twenty percent

207
00:11:10,120 --> 00:11:14,439
Speaker 3: of my estate, that comes off the top first and

208
00:11:14,480 --> 00:11:17,679
Speaker 3: then the rest will go to Steve. When we talk

209
00:11:17,720 --> 00:11:21,160
Speaker 3: about debt, you can't inherit debt. If Victoria you because

210
00:11:21,679 --> 00:11:25,120
Speaker 3: you're the Victoria who died, she was actually a bit

211
00:11:25,120 --> 00:11:25,720
Speaker 3: of a fraud.

212
00:11:25,760 --> 00:11:26,400
Speaker 4: She had all these.

213
00:11:26,320 --> 00:11:29,880
Speaker 1: Personal loans, right, Yeah, I had a million credit cards.

214
00:11:30,200 --> 00:11:31,520
Speaker 1: She had person.

215
00:11:31,280 --> 00:11:34,120
Speaker 4: Fifty thousand dollars in credit cards. Oh, I had one.

216
00:11:34,080 --> 00:11:36,920
Speaker 1: Hundred thousand dollars in credit cards, and I have like

217
00:11:36,960 --> 00:11:38,200
Speaker 1: six personal loans.

218
00:11:38,360 --> 00:11:43,440
Speaker 3: Yeah. Yeah, So Victoria, you died with two hundred thousand

219
00:11:43,480 --> 00:11:46,320
Speaker 3: dollars worth of debt in your name, and.

220
00:11:46,360 --> 00:11:49,040
Speaker 1: Because I died, it looks a lot like not my problem.

221
00:11:48,800 --> 00:11:50,239
Speaker 4: Anymore, exactly.

222
00:11:50,440 --> 00:11:52,640
Speaker 3: But so you died with two hundred thousand dollars worth

223
00:11:52,679 --> 00:11:56,560
Speaker 3: of debt, your superbalance, and I'm going to make you

224
00:11:56,559 --> 00:11:57,040
Speaker 3: a bit older.

225
00:11:57,080 --> 00:11:57,240
Speaker 4: Now.

226
00:11:57,480 --> 00:12:00,959
Speaker 3: Your super balance and your cash in your bank totaled

227
00:12:01,000 --> 00:12:02,199
Speaker 3: three hundred thousand dollars.

228
00:12:02,320 --> 00:12:04,080
Speaker 1: Do you mean make me a bit older. What if

229
00:12:04,120 --> 00:12:06,320
Speaker 1: that was my superbalance right now.

230
00:12:08,040 --> 00:12:11,000
Speaker 4: It's not thirty. That's awesome, absolutely not.

231
00:12:12,679 --> 00:12:17,120
Speaker 3: It's actually basically the state the estate has to settle

232
00:12:17,160 --> 00:12:22,760
Speaker 3: the debts before it can pay out beneficiaries. So that's

233
00:12:22,800 --> 00:12:25,239
Speaker 3: practically you can't inherit debt in Australia.

234
00:12:25,280 --> 00:12:27,400
Speaker 1: You can in the US you can.

235
00:12:27,600 --> 00:12:27,800
Speaker 4: Yep.

236
00:12:28,040 --> 00:12:31,319
Speaker 3: If for example, Victoria had hex or help debt that

237
00:12:31,440 --> 00:12:32,280
Speaker 3: just gets cleared.

238
00:12:32,360 --> 00:12:34,400
Speaker 1: That's the only debt that dies with you though.

239
00:12:34,520 --> 00:12:35,440
Speaker 4: Yeah, and that's why.

240
00:12:35,280 --> 00:12:38,160
Speaker 3: I'm a bit of an advocate of not paying extra

241
00:12:38,200 --> 00:12:42,000
Speaker 3: hex and help debt off. Even if you've met all

242
00:12:42,080 --> 00:12:43,400
Speaker 3: your other financial goals.

243
00:12:44,360 --> 00:12:47,000
Speaker 1: Why you would I've never had a reason to do it.

244
00:12:47,400 --> 00:12:50,520
Speaker 3: Yeah, I think I may have mentioned it in the

245
00:12:50,520 --> 00:12:57,040
Speaker 3: book that just joking with you. I think if you

246
00:12:57,240 --> 00:12:59,720
Speaker 3: met all your other financial goals and you just wanted

247
00:12:59,760 --> 00:13:03,400
Speaker 3: to come back around for housekeeping, sure, but because that

248
00:13:03,440 --> 00:13:06,120
Speaker 3: debt dies with you, if you had paid an extra

249
00:13:06,160 --> 00:13:09,440
Speaker 3: ten thousand dollars a year over the last twenty years,

250
00:13:10,160 --> 00:13:13,240
Speaker 3: you've paid twenty thousand dollars into that debt and you've

251
00:13:13,280 --> 00:13:16,520
Speaker 3: died prematurely, So that's twenty thousand dollars that your state

252
00:13:16,600 --> 00:13:17,400
Speaker 3: doesn't get back.

253
00:13:17,480 --> 00:13:19,560
Speaker 1: It's a good way of looking at it. Actually, I

254
00:13:19,640 --> 00:13:22,959
Speaker 1: had not even thought about the like long game of that.

255
00:13:23,120 --> 00:13:25,280
Speaker 1: I'd always just looked at it and been like, it

256
00:13:25,440 --> 00:13:29,640
Speaker 1: actually has no financial benefit to me, or benefit at

257
00:13:29,640 --> 00:13:32,040
Speaker 1: all to me. To pay it off early like I

258
00:13:32,200 --> 00:13:35,520
Speaker 1: just gave it for me personally doesn't make sense.

259
00:13:35,840 --> 00:13:40,679
Speaker 3: I just think from an estate planning optimization point of view,

260
00:13:41,520 --> 00:13:44,520
Speaker 3: it's if you've got a young family and you do

261
00:13:44,600 --> 00:13:47,720
Speaker 3: have extra cash left over, unless you know you've got

262
00:13:47,760 --> 00:13:49,680
Speaker 3: five grand left on the hexahelp and you want to

263
00:13:49,679 --> 00:13:52,319
Speaker 3: just clear it to get the mortgage sold all services easier.

264
00:13:52,880 --> 00:13:55,680
Speaker 3: I'm not committing extra money to HEXE Help because at

265
00:13:55,760 --> 00:13:58,760
Speaker 3: least if I had died prematurely, my kids or my

266
00:13:59,000 --> 00:14:01,640
Speaker 3: spouse isn't miss out on that extra a little bit

267
00:14:01,640 --> 00:14:01,920
Speaker 3: of money.

268
00:14:02,000 --> 00:14:04,600
Speaker 1: I really like that perception, Like, I really like that

269
00:14:04,720 --> 00:14:08,720
Speaker 1: point of view because it really reiterates my point of view,

270
00:14:08,720 --> 00:14:12,920
Speaker 1: which we obviously like. But it also makes you think

271
00:14:12,960 --> 00:14:15,320
Speaker 1: a little bit more long term than me, going, yeah,

272
00:14:15,320 --> 00:14:16,440
Speaker 1: but what if you want to buy a house in

273
00:14:16,480 --> 00:14:18,360
Speaker 1: the next couple of years, Like, why would you do that?

274
00:14:18,360 --> 00:14:20,880
Speaker 1: It's actually, well, what if you have kids, wouldn't you

275
00:14:20,920 --> 00:14:22,600
Speaker 1: want them to have that extra ten grand.

276
00:14:22,920 --> 00:14:26,920
Speaker 3: Yeah, I know I would absolutely, But again, personal finance

277
00:14:27,000 --> 00:14:27,560
Speaker 3: is personal.

278
00:14:27,720 --> 00:14:29,200
Speaker 1: You might not want to do it, or you might

279
00:14:29,200 --> 00:14:30,880
Speaker 1: want to pay it off, and that's your choice.

280
00:14:30,960 --> 00:14:34,440
Speaker 3: And this is the funny thing Victoria, like, psychologically, you

281
00:14:34,520 --> 00:14:37,000
Speaker 3: might have a smaller hex or help left, so we'll

282
00:14:37,000 --> 00:14:40,880
Speaker 3: call it ten thousand dollars in relative to some people's forty.

283
00:14:40,680 --> 00:14:42,720
Speaker 1: Thousand Do you have any hex left?

284
00:14:43,320 --> 00:14:46,760
Speaker 3: No, never had it because I never went to university.

285
00:14:46,800 --> 00:14:49,160
Speaker 3: I'm a bogan and I did the private college and.

286
00:14:49,120 --> 00:14:49,760
Speaker 4: Just paid for it.

287
00:14:50,040 --> 00:14:50,920
Speaker 1: We fancy boy.

288
00:14:51,600 --> 00:14:55,160
Speaker 3: But psychologically, if you had a small amount of hex

289
00:14:55,200 --> 00:14:58,240
Speaker 3: debt left and just want to clear it because you're

290
00:14:58,280 --> 00:15:01,640
Speaker 3: sick of the withholding, like sure, knock yourself out, but

291
00:15:01,720 --> 00:15:04,400
Speaker 3: now you know that it dies with you and any

292
00:15:04,400 --> 00:15:07,040
Speaker 3: money paid in there could be lost if you did

293
00:15:07,120 --> 00:15:07,880
Speaker 3: die prematurely.

294
00:15:07,920 --> 00:15:10,040
Speaker 4: Well, it's a trade off. You need to think about

295
00:15:10,040 --> 00:15:10,640
Speaker 4: it and only.

296
00:15:10,480 --> 00:15:12,600
Speaker 1: You can make that decision as well. And as you

297
00:15:12,600 --> 00:15:15,560
Speaker 1: said before, personal fundance is just that it's personal. But

298
00:15:15,600 --> 00:15:17,800
Speaker 1: then it's important to remember that what we're saying is

299
00:15:17,840 --> 00:15:20,640
Speaker 1: just based on what we would do personally, not what

300
00:15:20,680 --> 00:15:24,000
Speaker 1: you should do. But also if you've chosen something else,

301
00:15:24,040 --> 00:15:26,240
Speaker 1: it's not us judging you. We don't care how you

302
00:15:26,280 --> 00:15:28,400
Speaker 1: spend your money, or we care about is the fact

303
00:15:28,400 --> 00:15:31,240
Speaker 1: that you're educated about this topic and know what the

304
00:15:31,400 --> 00:15:34,520
Speaker 1: other consequences were. So I think I would be more

305
00:15:34,600 --> 00:15:36,840
Speaker 1: upset if someone turned around and said, Victoria, like, I

306
00:15:36,880 --> 00:15:39,000
Speaker 1: listened to this podcast and I just paid off all

307
00:15:39,040 --> 00:15:41,440
Speaker 1: my HEX and put every single dollar that I had

308
00:15:41,480 --> 00:15:44,320
Speaker 1: in savings to that, and then I listened to your

309
00:15:44,320 --> 00:15:46,800
Speaker 1: podcast and wished I didn't. Like, I just don't want

310
00:15:46,840 --> 00:15:49,040
Speaker 1: someone to be in that situation where they don't have

311
00:15:49,120 --> 00:15:51,680
Speaker 1: the right tools and resources to make a decision based

312
00:15:51,720 --> 00:15:52,920
Speaker 1: on their financial lives.

313
00:15:53,160 --> 00:15:55,920
Speaker 3: Yeah, and I'm big on you know, that's exactly right.

314
00:15:56,080 --> 00:15:59,400
Speaker 3: Like if you have just paid off your HEX or help,

315
00:15:59,560 --> 00:16:02,000
Speaker 3: that's okay. Hey, we're here now, let's just get on

316
00:16:02,040 --> 00:16:06,040
Speaker 3: with Yeah, you're totally It's all good.

317
00:16:06,080 --> 00:16:08,080
Speaker 1: Are you gonna have better cash flow? It's not the

318
00:16:08,120 --> 00:16:08,920
Speaker 1: worst thing. Ever.

319
00:16:09,480 --> 00:16:13,200
Speaker 3: Hey, there's a question here from Anne Algae. Hi, Victoria

320
00:16:13,240 --> 00:16:16,160
Speaker 3: and Glenn love your friendship and respective pods.

321
00:16:16,480 --> 00:16:18,920
Speaker 1: Okay you are, we're friends, Glenn.

322
00:16:19,760 --> 00:16:22,160
Speaker 3: Yeah, yeah, so many people. Okay, So this is what's

323
00:16:22,200 --> 00:16:25,440
Speaker 3: going to happen everyone. People will comment in our respective

324
00:16:25,480 --> 00:16:29,000
Speaker 3: Facebook groups and say Glenn cut Victoria off.

325
00:16:29,000 --> 00:16:31,120
Speaker 4: He's rude. Victoria's a bitch to Glenn.

326
00:16:31,400 --> 00:16:35,600
Speaker 1: Hey, we are, Yeah, I am a bitch to Glenn

327
00:16:35,920 --> 00:16:36,280
Speaker 1: she is.

328
00:16:36,400 --> 00:16:36,920
Speaker 4: That's right.

329
00:16:36,960 --> 00:16:40,640
Speaker 1: Yeah, so yeah.

330
00:16:39,600 --> 00:16:43,720
Speaker 3: But we've got a very robust friendship that's been kicking

331
00:16:43,720 --> 00:16:44,720
Speaker 3: around the floor for a while.

332
00:16:44,760 --> 00:16:44,920
Speaker 5: Now.

333
00:16:44,960 --> 00:16:47,280
Speaker 1: He'll come to my wedding, guys, he'll come to my wedding.

334
00:16:48,160 --> 00:16:50,360
Speaker 1: Actually he'll be invited to filter.

335
00:16:50,920 --> 00:16:52,120
Speaker 4: I put the date in my diary.

336
00:16:52,240 --> 00:16:54,680
Speaker 1: Thank you, thank you. You just told everybody that I

337
00:16:54,680 --> 00:16:55,680
Speaker 1: picked a date.

338
00:16:56,400 --> 00:16:57,600
Speaker 4: Like hypothetical date.

339
00:16:57,640 --> 00:17:00,800
Speaker 1: No, I did pick a date, guys. It's so back

340
00:17:00,840 --> 00:17:04,200
Speaker 1: to what we're saying. Glenn and asked a question before

341
00:17:04,240 --> 00:17:06,520
Speaker 1: we went up on a tangent, and she said, I

342
00:17:06,560 --> 00:17:09,960
Speaker 1: know this is always asked in money diaries, but I'm

343
00:17:10,040 --> 00:17:14,159
Speaker 1: keen to know what Glenn's best and worst money habits are. So,

344
00:17:14,400 --> 00:17:17,879
Speaker 1: Glenn James, what is your best money habit?

345
00:17:18,080 --> 00:17:22,640
Speaker 3: My best money habit is removing Glenn James from any

346
00:17:22,680 --> 00:17:28,440
Speaker 3: type process, investing, managing cash flow, all that stuff, because

347
00:17:28,840 --> 00:17:34,520
Speaker 3: the problem is, if I haven't removed Glenn James from

348
00:17:34,520 --> 00:17:40,320
Speaker 3: the process, my worst money habit kicks in, which is impulse.

349
00:17:40,560 --> 00:17:42,640
Speaker 1: You are quite impulsive when it comes back.

350
00:17:42,640 --> 00:17:43,240
Speaker 4: Very impulsive.

351
00:17:44,400 --> 00:17:49,679
Speaker 3: Yeah, and I'm a spender. I'm a horrendous saver. So

352
00:17:49,720 --> 00:17:52,640
Speaker 3: I've had to learn to be an investor and I've

353
00:17:52,640 --> 00:17:55,959
Speaker 3: got my spending plan all set up. All I need

354
00:17:56,000 --> 00:17:58,639
Speaker 3: to worry about is what's in my daily or weekly

355
00:17:58,680 --> 00:18:01,920
Speaker 3: spending account and not use my brain for spending because

356
00:18:02,520 --> 00:18:05,359
Speaker 3: you know, yes, I run a money podcast and I've

357
00:18:05,400 --> 00:18:08,200
Speaker 3: got a money book, but it doesn't change the fact

358
00:18:08,240 --> 00:18:14,119
Speaker 3: that Glenn James as a behavioral entity. He's impulsive and

359
00:18:14,280 --> 00:18:19,360
Speaker 3: needs to remove any manual stuff throughout the week. I'll

360
00:18:19,359 --> 00:18:22,280
Speaker 3: give you an example, Victoria. Like on the podcast the

361
00:18:22,359 --> 00:18:25,120
Speaker 3: other day, I was talking about e bikes and I'll

362
00:18:25,119 --> 00:18:27,440
Speaker 3: say to John the co host, I'm like, oh, yeah,

363
00:18:27,440 --> 00:18:30,200
Speaker 3: I wouldn't mid getting into mountain biking and yeah, that'd

364
00:18:30,240 --> 00:18:33,040
Speaker 3: be swoot, like get the e bike and all that. Anyway,

365
00:18:33,040 --> 00:18:36,040
Speaker 3: I got an email the next week and I was

366
00:18:36,080 --> 00:18:39,639
Speaker 3: like eleven thirty pm at night. Soonem listening was like, oh, hey, Glenn,

367
00:18:39,640 --> 00:18:42,359
Speaker 3: listen to the podcast. I've got a business and we

368
00:18:42,680 --> 00:18:44,200
Speaker 3: import and build e bikes.

369
00:18:45,040 --> 00:18:47,080
Speaker 4: Here's the catalog. Let me know. I'll hook you up.

370
00:18:47,160 --> 00:18:49,240
Speaker 1: Ah, And you were like catalog.

371
00:18:49,680 --> 00:18:52,560
Speaker 4: On the website. I'm like, yeah, that black one looks sweet.

372
00:18:52,720 --> 00:18:55,399
Speaker 3: I want that, And then next minute I'm like yep,

373
00:18:55,680 --> 00:18:57,480
Speaker 3: and I'm drafted him. I'm like, yeah, can I get

374
00:18:57,480 --> 00:19:02,960
Speaker 3: one of these? And like they are expensive? And I like,

375
00:19:03,040 --> 00:19:04,320
Speaker 3: hang on World War Wear.

376
00:19:04,320 --> 00:19:08,159
Speaker 1: Well, twenty four hours between Glenn and He's spending this

377
00:19:08,400 --> 00:19:08,720
Speaker 1: is one.

378
00:19:08,800 --> 00:19:11,439
Speaker 3: It's over my daily threshold without sleeping on it.

379
00:19:11,520 --> 00:19:11,840
Speaker 1: Yes.

380
00:19:12,000 --> 00:19:14,520
Speaker 3: Two it's eleven thirty pm and I've just watched two

381
00:19:14,640 --> 00:19:17,160
Speaker 3: episodes of Seinfeld because I'm going back and watching.

382
00:19:16,960 --> 00:19:19,800
Speaker 1: Them all Choice and Show by the Way.

383
00:19:20,040 --> 00:19:23,399
Speaker 3: And three I didn't wake up this morning with the

384
00:19:23,400 --> 00:19:25,520
Speaker 3: intention to buy an e by, So I went back

385
00:19:25,560 --> 00:19:28,160
Speaker 3: to him and said, hey, mate, really appreciate it.

386
00:19:28,600 --> 00:19:30,400
Speaker 4: I'm going to give it a miss just for now.

387
00:19:30,600 --> 00:19:31,240
Speaker 4: I'll let you know.

388
00:19:32,160 --> 00:19:35,400
Speaker 1: Oh, I'm proud of you. That's not a Glenn James

389
00:19:35,400 --> 00:19:36,200
Speaker 1: thing to do.

390
00:19:36,600 --> 00:19:37,040
Speaker 4: That's right.

391
00:19:37,119 --> 00:19:40,880
Speaker 3: So, because we're all just built on our habits and behaviors,

392
00:19:41,920 --> 00:19:44,760
Speaker 3: as soon as become self aware of our own proclivity

393
00:19:44,760 --> 00:19:48,359
Speaker 3: with money, the easier it is to govern. And thankfully

394
00:19:48,440 --> 00:19:52,520
Speaker 3: now in my life, when Glenn James has a blowout,

395
00:19:53,440 --> 00:19:57,960
Speaker 3: it's not a thousand dollar blowout. It's only a small

396
00:19:58,200 --> 00:20:00,159
Speaker 3: twenty or thirty dollars blow u yah, because you put.

397
00:20:00,160 --> 00:20:03,439
Speaker 1: Right framework in place so that you can't actually have

398
00:20:03,560 --> 00:20:05,160
Speaker 1: those thousand dollar blowouts.

399
00:20:05,520 --> 00:20:08,119
Speaker 4: That's right. So I walk into Bunnings.

400
00:20:08,080 --> 00:20:10,119
Speaker 1: That's central if you ask.

401
00:20:10,160 --> 00:20:13,240
Speaker 3: Yeah, okay, I've walked out with fifteen water and cans,

402
00:20:13,280 --> 00:20:15,680
Speaker 3: three power boars, and one hundred pack of batteries from

403
00:20:15,680 --> 00:20:17,320
Speaker 3: the boxes at the front of the store.

404
00:20:17,800 --> 00:20:18,280
Speaker 1: Genius.

405
00:20:18,920 --> 00:20:20,640
Speaker 4: I didn't need these, but hey, I mean the moment

406
00:20:20,680 --> 00:20:21,800
Speaker 4: and I need them in order.

407
00:20:22,000 --> 00:20:23,320
Speaker 1: Yes, And that's good vallet.

408
00:20:23,359 --> 00:20:26,520
Speaker 4: So I think it's just about for me.

409
00:20:27,280 --> 00:20:30,560
Speaker 3: The worst thing about my money personality is I overspend,

410
00:20:30,880 --> 00:20:33,000
Speaker 3: and I've had to make that into the best thing

411
00:20:33,160 --> 00:20:36,520
Speaker 3: about I systematically have an amount each week that goes

412
00:20:36,560 --> 00:20:41,199
Speaker 3: into my investments accounts. It's just systems and structures, and

413
00:20:41,240 --> 00:20:44,280
Speaker 3: I remove Glenn James from any of the day on

414
00:20:44,359 --> 00:20:45,119
Speaker 3: day processes.

415
00:20:45,160 --> 00:20:47,320
Speaker 1: And I think that's really relatable because a lot of

416
00:20:47,359 --> 00:20:49,879
Speaker 1: people are going to be listening to this and thinking, wow,

417
00:20:49,960 --> 00:20:52,960
Speaker 1: I'm really impulsive as well. And if you are, you

418
00:20:53,000 --> 00:20:54,960
Speaker 1: just need to set up a system that works for

419
00:20:55,040 --> 00:20:58,639
Speaker 1: you and your personality type. And everybody works differently. But

420
00:20:58,760 --> 00:21:02,960
Speaker 1: I know that Glenn James and my online programs are

421
00:21:03,040 --> 00:21:06,040
Speaker 1: both set up to put you guys in positions where

422
00:21:06,080 --> 00:21:09,679
Speaker 1: you're in control of your finances as opposed to not

423
00:21:09,800 --> 00:21:12,119
Speaker 1: being in control of it, or that you have to

424
00:21:12,160 --> 00:21:15,879
Speaker 1: manually do everything. Both of us are actually really pro automation.

425
00:21:16,400 --> 00:21:18,480
Speaker 1: If you're not into it, that's cool. We're not saying

426
00:21:18,520 --> 00:21:21,000
Speaker 1: it's perfect for everybody. I mean, I think it would

427
00:21:21,080 --> 00:21:25,280
Speaker 1: work for everybody. But you do you, and the most

428
00:21:25,320 --> 00:21:27,800
Speaker 1: important thing about doing you is really understanding what your

429
00:21:27,800 --> 00:21:30,280
Speaker 1: money personality is so that you can create a system

430
00:21:30,280 --> 00:21:33,200
Speaker 1: that works for you. I feel like in that answer, Glenn,

431
00:21:33,280 --> 00:21:36,560
Speaker 1: you actually answered what your worst money habit is. But

432
00:21:36,640 --> 00:21:40,360
Speaker 1: I'll ask you anyway, Glenn James, what is your worst

433
00:21:40,400 --> 00:21:43,200
Speaker 1: money habit? Is it impulsiveness or is there another one

434
00:21:43,200 --> 00:21:44,720
Speaker 1: that you haven't shared with us yet?

435
00:21:44,960 --> 00:21:48,280
Speaker 4: My worst Okay, this is really bad because it's bad

436
00:21:48,320 --> 00:21:50,719
Speaker 4: for my wallet and bad for my health.

437
00:21:51,520 --> 00:21:55,640
Speaker 3: Once a week only either a Friday or Saturday night,

438
00:21:55,680 --> 00:21:59,439
Speaker 3: because it's very naughty, I buy a little tub of

439
00:21:59,480 --> 00:22:00,040
Speaker 3: Ben and jer.

440
00:22:00,359 --> 00:22:03,119
Speaker 1: Little tub of Ben and Jerry's is your worst habit?

441
00:22:03,359 --> 00:22:06,040
Speaker 1: And you literally just told me before the show you

442
00:22:06,080 --> 00:22:10,720
Speaker 1: were eating a fish and chip shot burger. Alright, Glenn James.

443
00:22:10,680 --> 00:22:11,920
Speaker 4: Okay, you want to go there.

444
00:22:12,160 --> 00:22:15,399
Speaker 3: So I needed a fast bit of food because I

445
00:22:15,440 --> 00:22:17,280
Speaker 3: was running late to this interview.

446
00:22:17,440 --> 00:22:20,720
Speaker 4: Good work. I'd rather eat something than not have anything

447
00:22:20,720 --> 00:22:21,320
Speaker 4: on my tummy.

448
00:22:21,800 --> 00:22:24,120
Speaker 3: And I thought, Okay, do I get a sausage roll

449
00:22:24,840 --> 00:22:27,200
Speaker 3: or a pie from the pie shop shout out flour

450
00:22:27,240 --> 00:22:31,920
Speaker 3: and Co twombab, or do I get a burger? I

451
00:22:31,960 --> 00:22:35,520
Speaker 3: took the view that is probably less calorie dentse to

452
00:22:35,640 --> 00:22:39,879
Speaker 3: have a fresh hamburger from the Hamburger shop than a

453
00:22:40,080 --> 00:22:41,080
Speaker 3: pile sausage roll.

454
00:22:41,200 --> 00:22:46,360
Speaker 1: All right, I'll allow it. Did you have call? Yeah, yeah,

455
00:22:46,440 --> 00:22:48,560
Speaker 1: that's a health choice. That was a health decision. I

456
00:22:48,680 --> 00:22:52,000
Speaker 1: backed that one. But you eat Ben and Jerries and

457
00:22:52,040 --> 00:22:52,680
Speaker 1: that's your work.

458
00:22:53,080 --> 00:22:55,800
Speaker 3: Buy a tub of Ben and Jerry's and a bottle

459
00:22:55,840 --> 00:23:01,399
Speaker 3: of coconut sugar. The problem is it's a bad money

460
00:23:01,440 --> 00:23:05,560
Speaker 3: habit because I buy it from the seven eleven.

461
00:23:05,280 --> 00:23:07,959
Speaker 1: Down the word Yeah they're so expensive.

462
00:23:07,600 --> 00:23:09,280
Speaker 4: Yeah, where I could just go down to Woolworks or

463
00:23:09,359 --> 00:23:10,160
Speaker 4: cold get.

464
00:23:10,119 --> 00:23:11,760
Speaker 1: Like half the price exactly.

465
00:23:11,880 --> 00:23:14,160
Speaker 4: Yeah. Right, So it's and this is the problem, right

466
00:23:14,240 --> 00:23:15,400
Speaker 4: when when.

467
00:23:15,240 --> 00:23:18,119
Speaker 1: We convenez impulsively pay.

468
00:23:17,920 --> 00:23:21,440
Speaker 3: For convenience, and you know, you pay for convenience, and

469
00:23:21,520 --> 00:23:23,840
Speaker 3: this is the wild thing, right, people get all up

470
00:23:23,840 --> 00:23:27,560
Speaker 3: in arms about what's the cheapest ETF provider and I

471
00:23:27,640 --> 00:23:28,200
Speaker 3: need this in.

472
00:23:28,160 --> 00:23:31,040
Speaker 4: That or well, hang on one sec.

473
00:23:31,480 --> 00:23:34,199
Speaker 3: You want to buy just an ETF direct to the

474
00:23:34,240 --> 00:23:37,119
Speaker 3: market with a broker, that's going to be cheap. Or

475
00:23:37,119 --> 00:23:40,600
Speaker 3: if you want a platform and there's a higher fee,

476
00:23:41,080 --> 00:23:44,080
Speaker 3: but they do all the reporting and keep all you payperwork,

477
00:23:44,440 --> 00:23:45,080
Speaker 3: or you pay for that.

478
00:23:45,200 --> 00:23:48,480
Speaker 1: Yeah, you're always convenience. Pay for convenience, and sometimes people

479
00:23:48,480 --> 00:23:50,879
Speaker 1: don't want the convenience and that's okay, you don't have

480
00:23:50,920 --> 00:23:52,840
Speaker 1: to pay for it. But if you want to get

481
00:23:52,840 --> 00:23:55,520
Speaker 1: the seven eleven ice cream because it's one hundred meters

482
00:23:55,560 --> 00:23:58,280
Speaker 1: down the road from your house, well that's a premium.

483
00:23:58,359 --> 00:24:01,080
Speaker 3: Yeah, And I think we just need to understand that

484
00:24:01,520 --> 00:24:06,119
Speaker 3: with sometimes without bad habits, there's often cascading things. So

485
00:24:06,600 --> 00:24:08,760
Speaker 3: not only it's bad for my wallet, it's not that healthy.

486
00:24:08,880 --> 00:24:11,920
Speaker 1: So yeah, that's fair. I mean ice cream is pretty good,

487
00:24:12,040 --> 00:24:14,280
Speaker 1: all right, Glenn. Before we get to the next question,

488
00:24:14,560 --> 00:24:17,080
Speaker 1: let's head to a quick break and we'll be right back.

489
00:24:17,840 --> 00:24:21,520
Speaker 1: All right, we are back, Glenn. Our next question comes

490
00:24:21,520 --> 00:24:25,679
Speaker 1: from Jenna, and Jenna has a and or question, and

491
00:24:25,720 --> 00:24:27,800
Speaker 1: I'm going to do the end. So we're going to

492
00:24:27,840 --> 00:24:31,200
Speaker 1: answer both parts of her question. The first is what

493
00:24:31,280 --> 00:24:35,040
Speaker 1: were your parents' relationships with money and how has it

494
00:24:35,080 --> 00:24:35,840
Speaker 1: influenced you.

495
00:24:36,200 --> 00:24:39,680
Speaker 3: Just my parents never had a credit card, and Dad

496
00:24:39,960 --> 00:24:42,160
Speaker 3: and Mum if they didn't have the money, they didn't

497
00:24:42,160 --> 00:24:46,440
Speaker 3: buy it. And yeah, I've had a like I don't

498
00:24:46,440 --> 00:24:48,280
Speaker 3: have credit card at the moment. I've had them in

499
00:24:48,280 --> 00:24:51,119
Speaker 3: the past, but because I'm a spender, I can't control myself,

500
00:24:51,240 --> 00:24:53,880
Speaker 3: so the bank wins. And even if I could pay

501
00:24:53,880 --> 00:24:55,720
Speaker 3: it off each month, I just didn't like the vibe

502
00:24:55,720 --> 00:24:58,280
Speaker 3: of having money outstanding and owing month on month.

503
00:24:58,480 --> 00:25:00,840
Speaker 1: Yeah. I hate oweing people money as well, Like when

504
00:25:00,880 --> 00:25:04,480
Speaker 1: someone invoices you for something, I just get it done,

505
00:25:04,520 --> 00:25:06,119
Speaker 1: get it paid. I don't care if it's due in

506
00:25:06,160 --> 00:25:07,960
Speaker 1: three weeks. I just don't want to think about the

507
00:25:07,960 --> 00:25:10,119
Speaker 1: fact that I might owe somebody else money, like no,

508
00:25:10,240 --> 00:25:10,600
Speaker 1: thank you.

509
00:25:11,400 --> 00:25:13,199
Speaker 3: Yeah, So at the moment, like, I don't have a

510
00:25:13,240 --> 00:25:15,800
Speaker 3: credit card, and I think that was just drummed into

511
00:25:15,840 --> 00:25:18,399
Speaker 3: me from my parents. In fact, I actually need to

512
00:25:18,400 --> 00:25:22,879
Speaker 3: get one because I'm going overseas in February.

513
00:25:23,000 --> 00:25:24,719
Speaker 4: We're going, oh, just up to the States.

514
00:25:24,720 --> 00:25:27,120
Speaker 3: But last time I was in the States, last few

515
00:25:27,160 --> 00:25:30,200
Speaker 3: times without a credit card, it's actually fine.

516
00:25:31,400 --> 00:25:32,920
Speaker 4: But if you want to hire.

517
00:25:32,760 --> 00:25:34,440
Speaker 1: A car, oh yeah.

518
00:25:34,480 --> 00:25:35,240
Speaker 4: Well, and this is the thing.

519
00:25:35,280 --> 00:25:37,280
Speaker 3: If you want to hire a car, you technically don't

520
00:25:37,280 --> 00:25:39,960
Speaker 3: need a credit card, but when you want to hire

521
00:25:40,000 --> 00:25:43,080
Speaker 3: a car, there's some weird legislation, right, And this was

522
00:25:43,480 --> 00:25:46,880
Speaker 3: just totally threw me off guard, and it just wrecked

523
00:25:47,359 --> 00:25:50,399
Speaker 3: a heap of ours in my planning. If you go

524
00:25:50,480 --> 00:25:53,200
Speaker 3: to the airport in America, an airport, and I was

525
00:25:53,240 --> 00:25:56,680
Speaker 3: in Columbus, Ohio, I could have hired a car from

526
00:25:56,720 --> 00:26:00,119
Speaker 3: the airport, yes, and returned it to the airport and

527
00:26:00,200 --> 00:26:01,119
Speaker 3: used a debit card.

528
00:26:01,240 --> 00:26:02,680
Speaker 4: Okay, but I wanted.

529
00:26:02,400 --> 00:26:06,439
Speaker 3: To drive from Columbus, Ohio to Nashville and picking up

530
00:26:06,480 --> 00:26:09,480
Speaker 3: the car from the airport. That they wouldn't let you

531
00:26:09,560 --> 00:26:11,679
Speaker 3: do it with a debit card. You had to have

532
00:26:11,720 --> 00:26:12,400
Speaker 3: a credit card.

533
00:26:12,520 --> 00:26:14,080
Speaker 1: Oh why do they do that?

534
00:26:14,520 --> 00:26:16,720
Speaker 3: I think it might be some security thing if you

535
00:26:16,760 --> 00:26:18,639
Speaker 3: do the runner with the car or something.

536
00:26:19,200 --> 00:26:21,800
Speaker 1: And as if you couldn't do that if you'd said

537
00:26:21,840 --> 00:26:23,240
Speaker 1: you'd return it to the airport.

538
00:26:23,840 --> 00:26:27,040
Speaker 3: Yeah, so then I had to get like an uber

539
00:26:27,200 --> 00:26:29,800
Speaker 3: to like this other car yard, you know, half an

540
00:26:29,840 --> 00:26:34,480
Speaker 3: hour down the road and like anyway. So all in all,

541
00:26:34,800 --> 00:26:36,520
Speaker 3: that was probably the main habit. If you don't have

542
00:26:36,560 --> 00:26:39,160
Speaker 3: the money, you don't buy it. Yep, with exception of

543
00:26:39,320 --> 00:26:40,000
Speaker 3: a home mortgage.

544
00:26:40,080 --> 00:26:42,520
Speaker 1: I think that's really important. I really like that my

545
00:26:42,600 --> 00:26:45,080
Speaker 1: parents were a bit similar. I don't remember them having

546
00:26:45,160 --> 00:26:48,120
Speaker 1: any credit, which for me is obviously a good thing.

547
00:26:48,400 --> 00:26:51,560
Speaker 1: But my dad would also really instill saving in us,

548
00:26:51,640 --> 00:26:54,120
Speaker 1: and I've spoken about this in my book, but I

549
00:26:54,200 --> 00:26:57,280
Speaker 1: also have spoken about it hystorically on the podcast that

550
00:26:57,320 --> 00:26:59,920
Speaker 1: he used to just rum into us to always say

551
00:27:00,320 --> 00:27:03,000
Speaker 1: first and always save like five percent of your income.

552
00:27:03,440 --> 00:27:05,840
Speaker 1: I didn't really listen to him until I was older.

553
00:27:06,240 --> 00:27:08,159
Speaker 1: I wish i'd listened to him when I was younger,

554
00:27:08,200 --> 00:27:10,639
Speaker 1: but he definitely did try to instill really good money

555
00:27:10,640 --> 00:27:13,320
Speaker 1: habits in us. And my mum had instilled really great

556
00:27:13,320 --> 00:27:18,000
Speaker 1: money habits, like business habits in me. When I was fourteen,

557
00:27:18,080 --> 00:27:20,800
Speaker 1: thirteen or fourteen, she bought a business, a small business.

558
00:27:20,800 --> 00:27:23,080
Speaker 1: It was a coffee cut And the reason she did

559
00:27:23,160 --> 00:27:25,879
Speaker 1: that was because she wanted to teach us about money

560
00:27:26,080 --> 00:27:28,800
Speaker 1: and about running a business and how important cash flow

561
00:27:29,000 --> 00:27:31,320
Speaker 1: was and how to do things. And I remember at fourteen,

562
00:27:31,400 --> 00:27:33,760
Speaker 1: Mum would have me, you know, sitting down and I'd

563
00:27:33,840 --> 00:27:35,399
Speaker 1: have to work out the float, and then I'd have

564
00:27:35,440 --> 00:27:37,480
Speaker 1: to work out how much coffee cups cost and what

565
00:27:37,520 --> 00:27:39,639
Speaker 1: the coffee was, and how much it was going to

566
00:27:39,720 --> 00:27:42,840
Speaker 1: cost to get those like you remember those fancy individually

567
00:27:42,880 --> 00:27:45,760
Speaker 1: packeted Byron Bay cookies, Like I had to work out

568
00:27:45,920 --> 00:27:47,880
Speaker 1: how much profit you could get.

569
00:27:47,680 --> 00:27:51,160
Speaker 4: On these dotties. Love the dotties so good, but.

570
00:27:51,760 --> 00:27:53,480
Speaker 1: I had to work out how much we could sell

571
00:27:53,480 --> 00:27:56,040
Speaker 1: those for. And anyway, it was a whole thing, and

572
00:27:56,080 --> 00:27:58,199
Speaker 1: it really taught me a lot about money and the

573
00:27:58,240 --> 00:28:01,240
Speaker 1: importance of money. And I remember doing that with her and

574
00:28:01,280 --> 00:28:04,239
Speaker 1: then you know, wanting my sister to help and mumping like, oh, oh,

575
00:28:04,359 --> 00:28:05,840
Speaker 1: how much are you going to pay her for an hour?

576
00:28:06,119 --> 00:28:07,760
Speaker 1: If you asked her? And I'd be like, oh, what

577
00:28:07,840 --> 00:28:10,280
Speaker 1: you have to pay for labor? This is crazy. So

578
00:28:10,800 --> 00:28:13,960
Speaker 1: I feel like my parents instilled a really healthy relationship

579
00:28:14,000 --> 00:28:17,239
Speaker 1: with money with me, and you know a lot of

580
00:28:17,320 --> 00:28:20,400
Speaker 1: I'm very very lucky and very privileged that I got

581
00:28:20,400 --> 00:28:23,320
Speaker 1: to go through that. But both parents were really good

582
00:28:23,320 --> 00:28:26,440
Speaker 1: at saving. Like I even remember going on a holiday

583
00:28:26,480 --> 00:28:29,080
Speaker 1: once and Mum being like, I have been saving up

584
00:28:29,080 --> 00:28:31,720
Speaker 1: for this holiday and I have been paying this off

585
00:28:31,760 --> 00:28:35,439
Speaker 1: because my mum and dad had I think managed money

586
00:28:35,600 --> 00:28:38,280
Speaker 1: pretty separately. But Mum was like, nope, I've been saving

587
00:28:38,360 --> 00:28:40,239
Speaker 1: up for this and we've been doing this, and I

588
00:28:40,280 --> 00:28:42,600
Speaker 1: just remember being like, yeah, go Mum, you paid for

589
00:28:42,600 --> 00:28:46,160
Speaker 1: our holiday, Like that's real cool. So yeah, I had

590
00:28:46,160 --> 00:28:49,360
Speaker 1: a really good upbringing in that my parents were good

591
00:28:49,400 --> 00:28:53,000
Speaker 1: at talking about money in saying that. It wasn't like

592
00:28:53,040 --> 00:28:56,640
Speaker 1: we sat down and talked about superinuation or investing or

593
00:28:56,680 --> 00:28:59,200
Speaker 1: anything like that. It was definitely like cash flow and

594
00:28:59,200 --> 00:29:01,560
Speaker 1: budgeting and making sure that I had the money that

595
00:29:01,600 --> 00:29:05,920
Speaker 1: I needed. And yeah, had had good pocket money.

596
00:29:06,120 --> 00:29:11,880
Speaker 3: How's this my parent or my dad? So my dad's grandfather,

597
00:29:11,960 --> 00:29:15,440
Speaker 3: my dad's dad, and my dad, we're all self employed.

598
00:29:15,640 --> 00:29:20,640
Speaker 3: I'm like fourth generation self employed. Yeah, so it's just

599
00:29:20,680 --> 00:29:21,600
Speaker 3: this innate thing.

600
00:29:22,560 --> 00:29:25,280
Speaker 1: I'm still motivated. My parents owned a business for a

601
00:29:25,320 --> 00:29:27,520
Speaker 1: really long time as well, So I guess the apple

602
00:29:27,560 --> 00:29:29,880
Speaker 1: doesn't fall that far from the tree, does it, Glenn?

603
00:29:30,240 --> 00:29:30,760
Speaker 4: It doesn't.

604
00:29:30,920 --> 00:29:34,600
Speaker 3: And also, like when we're younger, we wanted it an

605
00:29:34,600 --> 00:29:36,840
Speaker 3: above or we wanted a pool. So my parents bought

606
00:29:36,840 --> 00:29:41,280
Speaker 3: a second hand above ground pool, which is awesome. That

607
00:29:41,320 --> 00:29:43,160
Speaker 3: you've got to dig him in like I don't know,

608
00:29:43,240 --> 00:29:46,680
Speaker 3: half a meter, it has to be my dad dug

609
00:29:46,720 --> 00:29:47,520
Speaker 3: it all by hand.

610
00:29:47,600 --> 00:29:50,000
Speaker 1: Yeah, don't pay someone for something you can do self.

611
00:29:50,240 --> 00:29:53,480
Speaker 4: Exactly. That apple fell very far from the tree, let

612
00:29:53,480 --> 00:29:53,880
Speaker 4: me tell you.

613
00:29:54,720 --> 00:29:54,960
Speaker 3: Yeah.

614
00:29:55,000 --> 00:29:57,720
Speaker 1: All right, Well, let's move on to the second part

615
00:29:57,800 --> 00:30:01,920
Speaker 1: of Jenna's question. What's your favorite clients story that you've

616
00:30:01,960 --> 00:30:05,360
Speaker 1: helped out throughout your career? She said, it's really motivating

617
00:30:05,400 --> 00:30:08,520
Speaker 1: to hear other people's stories. Glenn, do you have one

618
00:30:08,520 --> 00:30:09,760
Speaker 1: that really stands out?

619
00:30:10,920 --> 00:30:18,040
Speaker 3: I've actually got Gosh, I've got three that actually really

620
00:30:18,160 --> 00:30:23,680
Speaker 3: stand out that I'll always remember. I've got one.

621
00:30:22,960 --> 00:30:28,080
Speaker 4: Of them is boring, two of them are sad.

622
00:30:28,560 --> 00:30:30,240
Speaker 1: Tell me about the boring one first.

623
00:30:31,040 --> 00:30:35,080
Speaker 3: Well, the boring one, like clients working class Australia, really

624
00:30:35,080 --> 00:30:38,840
Speaker 3: good example of living on less than you earn for

625
00:30:38,880 --> 00:30:41,880
Speaker 3: a long period of time, keeping it simple. They just

626
00:30:41,920 --> 00:30:46,720
Speaker 3: salary sacrifice the super just rinse and repeat, rinse and repeat.

627
00:30:46,440 --> 00:30:47,080
Speaker 1: Getting it done.

628
00:30:47,800 --> 00:30:51,440
Speaker 3: Get to age fifty sixty have well over a million

629
00:30:51,480 --> 00:30:56,200
Speaker 3: dollars in superannuation. They didn't overcook anything, and they didn't

630
00:30:56,240 --> 00:30:59,320
Speaker 3: try and get rich quick anything like that. Spend less

631
00:30:59,320 --> 00:31:01,880
Speaker 3: than you earn, invest the rest over a long period

632
00:31:01,920 --> 00:31:05,120
Speaker 3: of time. You'll have a great lifestyle. When you want

633
00:31:05,120 --> 00:31:07,120
Speaker 3: to hang up the tools. So that was just a

634
00:31:07,160 --> 00:31:12,920
Speaker 3: really good example of long term financial discipline. The other one,

635
00:31:13,480 --> 00:31:17,640
Speaker 3: it's really a sad one and it just speaks about

636
00:31:18,000 --> 00:31:21,440
Speaker 3: you know, estate planning and stuff like this. And that's

637
00:31:21,480 --> 00:31:24,240
Speaker 3: why I liked talking about the estate planning stuff and

638
00:31:24,520 --> 00:31:27,040
Speaker 3: you know, paying hex off early could impact the estate

639
00:31:27,120 --> 00:31:31,240
Speaker 3: and whatnot. I had a client where I was working

640
00:31:31,240 --> 00:31:35,840
Speaker 3: with the power of attorney and her mother was in

641
00:31:35,880 --> 00:31:39,640
Speaker 3: a nursing home and her mother was under sixty so

642
00:31:39,760 --> 00:31:46,160
Speaker 3: early onset dementia like crazy, right, And we were basically

643
00:31:46,240 --> 00:31:48,720
Speaker 3: and this was a very wealthy family, so I was

644
00:31:48,760 --> 00:31:55,280
Speaker 3: doing the financial advice with mum's money and basically there

645
00:31:55,360 --> 00:31:59,280
Speaker 3: was stuff in the family that wasn't settled. And this client,

646
00:32:00,240 --> 00:32:06,360
Speaker 3: her sibling had this undertone of jealousy that this sibling

647
00:32:07,160 --> 00:32:12,760
Speaker 3: wasn't executor or power of attorney other and executor. And

648
00:32:13,760 --> 00:32:17,400
Speaker 3: it got to the point where because there was so

649
00:32:17,480 --> 00:32:22,080
Speaker 3: much money involved and this sibling hadn't set his own

650
00:32:22,120 --> 00:32:25,720
Speaker 3: life up, got hungry for the money. And I was

651
00:32:25,720 --> 00:32:29,360
Speaker 3: in a meeting with the accountant and the two siblings

652
00:32:29,640 --> 00:32:34,160
Speaker 3: and they were a bit of strange and and this

653
00:32:34,240 --> 00:32:38,000
Speaker 3: is just you know, the power of attorney. She's crying

654
00:32:38,280 --> 00:32:41,360
Speaker 3: because she's only a young lady yourself. Mum's in nursing

655
00:32:41,360 --> 00:32:45,040
Speaker 3: home early on set dementia. Over two million dollars, wow,

656
00:32:45,680 --> 00:32:49,719
Speaker 3: all this crazy stuff, and he's going, oh, we just

657
00:32:49,920 --> 00:32:52,160
Speaker 3: I just need to do this, this, this, and I

658
00:32:52,160 --> 00:32:54,400
Speaker 3: want to do that. And I had to have I

659
00:32:54,440 --> 00:32:58,000
Speaker 3: had to stand up and say to him, Hey, mate,

660
00:32:58,280 --> 00:33:01,640
Speaker 3: you were here as a courtesy. You have no legal

661
00:33:01,720 --> 00:33:06,360
Speaker 3: right to have any say with respect. It's your mum's

662
00:33:06,360 --> 00:33:09,840
Speaker 3: bloody money. She's still alive. We are managing this for

663
00:33:09,920 --> 00:33:13,600
Speaker 3: her benefit if and when your mother does pass away.

664
00:33:14,760 --> 00:33:19,200
Speaker 3: We carried out as per the will, and it was

665
00:33:19,400 --> 00:33:22,680
Speaker 3: really important to me that scenarios.

666
00:33:22,280 --> 00:33:24,240
Speaker 1: Set the tone and said just.

667
00:33:24,200 --> 00:33:28,920
Speaker 4: To be like, hey, back off. And we actually found

668
00:33:28,920 --> 00:33:34,000
Speaker 4: out the reason, the whole reason why he was like that.

669
00:33:34,160 --> 00:33:36,520
Speaker 3: Most of it was there was an old piece of

670
00:33:36,600 --> 00:33:40,240
Speaker 3: furniture in the will that wasn't left to him.

671
00:33:40,520 --> 00:33:41,800
Speaker 4: What it was left to her.

672
00:33:42,560 --> 00:33:47,000
Speaker 1: Wait, he was mad because of a piece of furniture. Yeah, Like,

673
00:33:47,040 --> 00:33:48,920
Speaker 1: it wasn't the two million dollar estate.

674
00:33:49,000 --> 00:33:50,640
Speaker 4: It was a piece of well, it was a bit

675
00:33:50,680 --> 00:33:51,040
Speaker 4: of both.

676
00:33:51,080 --> 00:33:55,720
Speaker 1: But the kicker was whatever it is, the thing camel's

677
00:33:55,720 --> 00:33:56,760
Speaker 1: back or something like that.

678
00:33:56,880 --> 00:33:59,760
Speaker 3: So that was for me a client story about you've

679
00:33:59,800 --> 00:34:04,320
Speaker 3: got to make sure that you're very clear with your affairs.

680
00:34:04,360 --> 00:34:08,480
Speaker 3: Like when I did my will, I told my family, Hey, guys,

681
00:34:08,920 --> 00:34:12,080
Speaker 3: you're not the executor of my will, Tim Cooper, my

682
00:34:12,160 --> 00:34:14,040
Speaker 3: best friend is the executor.

683
00:34:14,200 --> 00:34:14,880
Speaker 1: He the boss.

684
00:34:15,640 --> 00:34:19,480
Speaker 3: You guys can manage the living will, the medical stuff.

685
00:34:19,560 --> 00:34:22,200
Speaker 4: Yeah, I'm just letting you know it right now.

686
00:34:22,080 --> 00:34:23,920
Speaker 3: Because I don't want to stress you out because there's

687
00:34:23,920 --> 00:34:25,040
Speaker 3: a lot going on here.

688
00:34:25,440 --> 00:34:28,680
Speaker 1: Because like Glenn's really really rich, so if it would

689
00:34:28,680 --> 00:34:29,520
Speaker 1: be stressed.

690
00:34:29,160 --> 00:34:31,839
Speaker 3: Well, it's more the I just don't want to put

691
00:34:31,880 --> 00:34:33,480
Speaker 3: the paperwork on my parents.

692
00:34:33,239 --> 00:34:33,720
Speaker 4: Or my sister.

693
00:34:33,840 --> 00:34:35,080
Speaker 1: I wouldn't want to do that either.

694
00:34:35,920 --> 00:34:37,560
Speaker 3: And I told them in an email, I'm like, the

695
00:34:37,600 --> 00:34:41,000
Speaker 3: will's kept it auvery bround lawyers there. And this is

696
00:34:41,040 --> 00:34:44,879
Speaker 3: what's happening. The kids are getting one hundred grand each

697
00:34:44,920 --> 00:34:46,799
Speaker 3: or whatever that is. And it's not like I've got

698
00:34:46,800 --> 00:34:48,799
Speaker 3: heaps of money. It's more that I've got some life

699
00:34:48,840 --> 00:34:49,480
Speaker 3: insurance as well.

700
00:34:49,920 --> 00:34:53,080
Speaker 1: A nice life insurance policy if it's set up properly,

701
00:34:53,719 --> 00:34:56,280
Speaker 1: would be significant for anybody.

702
00:34:56,440 --> 00:34:59,799
Speaker 3: Yeah, the kids are getting x amount each the you know,

703
00:35:00,040 --> 00:35:02,399
Speaker 3: and then the rest is being split with you two

704
00:35:02,880 --> 00:35:05,360
Speaker 3: mum and dad and my sister, and there's a charity

705
00:35:05,440 --> 00:35:08,440
Speaker 3: that's getting some And I wrote in the email, if

706
00:35:08,440 --> 00:35:10,600
Speaker 3: you've got a problem with all this, I suggest you

707
00:35:10,680 --> 00:35:11,360
Speaker 3: tell me now.

708
00:35:11,640 --> 00:35:14,840
Speaker 1: Yeah, because I've written it so well that you can't

709
00:35:14,920 --> 00:35:17,239
Speaker 1: argue with it down the track, So please let us

710
00:35:17,360 --> 00:35:18,719
Speaker 1: know exactly.

711
00:35:18,800 --> 00:35:24,000
Speaker 3: So for me that the important story was around the

712
00:35:24,480 --> 00:35:28,799
Speaker 3: have the communications that matter now before it's too late.

713
00:35:28,880 --> 00:35:33,440
Speaker 1: It's really important to do that. So that was one

714
00:35:33,440 --> 00:35:33,800
Speaker 1: more to go.

715
00:35:34,800 --> 00:35:38,320
Speaker 3: We did some pre retirement planning for a gentleman who

716
00:35:38,680 --> 00:35:40,759
Speaker 3: he worked all his life to age sixty five, had

717
00:35:40,800 --> 00:35:43,440
Speaker 3: significant wealth. I did all the financial planning for him.

718
00:35:43,480 --> 00:35:48,080
Speaker 3: We retired him, had his money set up. He retired

719
00:35:48,320 --> 00:35:56,520
Speaker 3: in the February of a year. He then retired in February.

720
00:35:57,680 --> 00:36:01,799
Speaker 3: By July he had passed away and it was the

721
00:36:01,800 --> 00:36:06,319
Speaker 3: flu common flu. And he was a single man, had

722
00:36:06,360 --> 00:36:10,920
Speaker 3: a daughter who was not his daughter. Yeah, okay, he

723
00:36:10,960 --> 00:36:15,440
Speaker 3: had a son that he was estranged from for several years.

724
00:36:16,120 --> 00:36:18,319
Speaker 3: And he didn't leave any money to the sun, which

725
00:36:18,360 --> 00:36:22,720
Speaker 3: is that's his prerogative. And actually the Sun was actually

726
00:36:22,760 --> 00:36:27,600
Speaker 3: okay with it. And I guess what I'm saying is

727
00:36:29,000 --> 00:36:31,840
Speaker 3: don't put stuff off because you never know what's going

728
00:36:31,920 --> 00:36:35,400
Speaker 3: to happen? And that really taught me that for me,

729
00:36:36,280 --> 00:36:39,040
Speaker 3: Glenn James, I'm not waiting untill there's this magical line

730
00:36:39,040 --> 00:36:41,960
Speaker 3: in the sand. When I'm going to start living, when

731
00:36:42,000 --> 00:36:44,640
Speaker 3: I'm going to do this, let's try. And this was

732
00:36:44,680 --> 00:36:48,360
Speaker 3: probably around the mindset peace and the first chapter in

733
00:36:48,360 --> 00:36:50,600
Speaker 3: the book about I use the phrase lead life on

734
00:36:50,640 --> 00:36:51,719
Speaker 3: your own terms book.

735
00:36:51,520 --> 00:36:52,120
Speaker 1: Again, Yep.

736
00:36:52,320 --> 00:36:56,920
Speaker 3: Nice because I've had all these experiences, either myself or

737
00:36:56,960 --> 00:36:59,719
Speaker 3: through clients and life's.

738
00:36:59,400 --> 00:37:02,000
Speaker 4: Too short, so we need to live on our own terms. Now.

739
00:37:02,040 --> 00:37:04,640
Speaker 1: I feel like as financial advisors, you know, we sit

740
00:37:04,680 --> 00:37:06,960
Speaker 1: on podcasts like this and talk about the importance of

741
00:37:07,000 --> 00:37:09,000
Speaker 1: state planning. Can you guys go o kind of problems?

742
00:37:09,000 --> 00:37:11,960
Speaker 1: Thanks Victoria, But we're not talking about the importance of

743
00:37:12,120 --> 00:37:15,440
Speaker 1: estate planning because we got taught that at financial advice school.

744
00:37:15,719 --> 00:37:18,120
Speaker 1: It's because we sit down with clients every day and

745
00:37:18,840 --> 00:37:21,440
Speaker 1: end up being a part of their journeys, whether that

746
00:37:21,600 --> 00:37:26,040
Speaker 1: is positive, negative, or neutral. And you know, it's heartbreaking

747
00:37:26,160 --> 00:37:28,760
Speaker 1: when a client picks up the phone and says, hey, Victoria,

748
00:37:29,520 --> 00:37:31,520
Speaker 1: how have you been? Like, Oh, I'm so good, how

749
00:37:31,560 --> 00:37:33,640
Speaker 1: are you x y Z? And they're like, just been

750
00:37:33,640 --> 00:37:38,480
Speaker 1: diagnosed with cancer? And that happens, Like, that's not something

751
00:37:38,520 --> 00:37:41,799
Speaker 1: that we you know, aren't privy to. It's not you know,

752
00:37:42,000 --> 00:37:44,200
Speaker 1: what if that happens, or what if that happens to me?

753
00:37:44,400 --> 00:37:46,920
Speaker 1: Situation Like it does happen and we have to manage

754
00:37:46,960 --> 00:37:49,960
Speaker 1: those claims. But I'm so grateful to be part of

755
00:37:50,000 --> 00:37:53,760
Speaker 1: their journeys and get to support them through that because

756
00:37:54,040 --> 00:37:57,239
Speaker 1: being able to go no problems. Glenn, I've got you.

757
00:37:57,400 --> 00:37:59,440
Speaker 1: I'm going to submit a claim. Can you give me

758
00:37:59,640 --> 00:38:02,600
Speaker 1: x y or you know what are you going through?

759
00:38:02,680 --> 00:38:06,000
Speaker 1: Let me know. I'll chase it up to be like, Okay, Glenn,

760
00:38:06,000 --> 00:38:08,760
Speaker 1: you've been diagnosed with cancer. Here's a one hundred thousand

761
00:38:08,800 --> 00:38:11,759
Speaker 1: dollars trauma payout. Don't worry about work either, because we're

762
00:38:11,800 --> 00:38:14,120
Speaker 1: going to claim on IP once you've been out of

763
00:38:14,120 --> 00:38:18,480
Speaker 1: the workforce for XYZ and they're fine financially. Like knowing

764
00:38:18,520 --> 00:38:20,680
Speaker 1: that that's not going to cripple them in the way

765
00:38:20,719 --> 00:38:23,480
Speaker 1: that it could to so many other people is so empowering,

766
00:38:23,560 --> 00:38:26,640
Speaker 1: but it actually just makes me feel like I'm having

767
00:38:26,640 --> 00:38:29,600
Speaker 1: an impact. And so when we say get your estate

768
00:38:29,680 --> 00:38:31,880
Speaker 1: plan in order, we're not saying that just because it's cute.

769
00:38:31,960 --> 00:38:35,680
Speaker 1: We're saying that because we've seen when it doesn't go right,

770
00:38:35,960 --> 00:38:39,120
Speaker 1: and I've seen clients before, and this wasn't technically a

771
00:38:39,160 --> 00:38:42,040
Speaker 1: client of mine, and it's probably one that's really shaped

772
00:38:42,160 --> 00:38:45,160
Speaker 1: my view of estate planning and what that means. But

773
00:38:46,000 --> 00:38:49,359
Speaker 1: it wasn't a client of mine, and it was an

774
00:38:49,400 --> 00:38:52,839
Speaker 1: older gentleman had younger kids, and in a stereotypical way,

775
00:38:52,880 --> 00:38:55,600
Speaker 1: he was also dating a younger woman that arguably was

776
00:38:55,640 --> 00:39:00,160
Speaker 1: the age of his child. And this woman, you know,

777
00:39:00,560 --> 00:39:03,320
Speaker 1: from my perspective, wasn't in it for the right reasons.

778
00:39:03,560 --> 00:39:07,080
Speaker 1: He was quite wealthy, and when he passed away, it

779
00:39:07,160 --> 00:39:10,480
Speaker 1: came out that his will had been changed six months prior,

780
00:39:11,800 --> 00:39:15,280
Speaker 1: and I don't think it was malicious. They didn't expect

781
00:39:15,360 --> 00:39:17,680
Speaker 1: him to pass away so soon, but everything went to

782
00:39:17,719 --> 00:39:20,040
Speaker 1: the new girlfriend. They weren't married. It was to the

783
00:39:20,120 --> 00:39:23,120
Speaker 1: new girlfriend. And just knowing enough about that to be

784
00:39:23,160 --> 00:39:26,520
Speaker 1: able to dispute something like that because maybe he wasn't

785
00:39:26,560 --> 00:39:30,920
Speaker 1: in his right mind, and watching that process unfold, I

786
00:39:31,000 --> 00:39:33,279
Speaker 1: was just like, wow, Like this is so much more

787
00:39:33,320 --> 00:39:36,560
Speaker 1: complex than just reading a will and going okay, agreed,

788
00:39:37,040 --> 00:39:39,360
Speaker 1: Like if it's written in a will, it makes sense.

789
00:39:39,520 --> 00:39:42,200
Speaker 1: So going through that process and just seeing it play

790
00:39:42,239 --> 00:39:45,120
Speaker 1: out and going okay, cool, his kids did get what

791
00:39:45,160 --> 00:39:48,200
Speaker 1: they deserved. They were so supportive, they were actually his carers,

792
00:39:48,239 --> 00:39:50,719
Speaker 1: and this woman who wasn't caring for him at all

793
00:39:51,160 --> 00:39:54,440
Speaker 1: seemed to end up benefiting. But knowing that we could,

794
00:39:54,719 --> 00:39:56,920
Speaker 1: you know, say actually this is what it was and

795
00:39:57,239 --> 00:39:59,280
Speaker 1: taking it to court and it was a long process,

796
00:39:59,280 --> 00:40:02,239
Speaker 1: but knowing that family ended up keeping their wealth in

797
00:40:02,280 --> 00:40:05,320
Speaker 1: their family, it just made me feel so much better.

798
00:40:05,400 --> 00:40:07,040
Speaker 1: And in that moment, I knew that we'd done the

799
00:40:07,160 --> 00:40:10,399
Speaker 1: right thing. It wasn't about making the kids rich, in fact,

800
00:40:10,480 --> 00:40:13,120
Speaker 1: they were already. It just was about making sure that

801
00:40:13,120 --> 00:40:17,440
Speaker 1: that family wealth and what he ultimately probably wanted still happened.

802
00:40:18,040 --> 00:40:20,440
Speaker 1: And yeah, I think that that's really important.

803
00:40:20,600 --> 00:40:20,799
Speaker 4: Yeah.

804
00:40:21,080 --> 00:40:24,839
Speaker 3: I think what we've kind of agreed on that the

805
00:40:24,960 --> 00:40:28,720
Speaker 3: fun stories and all the good stuff, it's more about

806
00:40:29,200 --> 00:40:31,960
Speaker 3: we've seen when you take care of the stuff that matters,

807
00:40:32,280 --> 00:40:34,480
Speaker 3: that's when the real good stories come out.

808
00:40:34,560 --> 00:40:37,240
Speaker 1: I don't know if I have quote favorite client stories,

809
00:40:37,280 --> 00:40:39,520
Speaker 1: but when you ask that question, I have another one

810
00:40:40,160 --> 00:40:43,840
Speaker 1: that was not necessarily a full financial planning client. She

811
00:40:44,000 --> 00:40:46,399
Speaker 1: was someone that came to me really early on in

812
00:40:46,440 --> 00:40:49,040
Speaker 1: my career. I think just through word of mouth. If

813
00:40:49,080 --> 00:40:53,360
Speaker 1: I remember correctly, and she wanted to leave her husband,

814
00:40:54,000 --> 00:40:59,440
Speaker 1: but it turned out she was in an abusive relationship physically, emotionally, financially,

815
00:41:00,080 --> 00:41:02,200
Speaker 1: And just being able to sit down with this person

816
00:41:02,239 --> 00:41:05,000
Speaker 1: and go, okay, let's create a plan, let's work out

817
00:41:05,000 --> 00:41:07,080
Speaker 1: what this means. How can we afford it? How much

818
00:41:07,080 --> 00:41:09,640
Speaker 1: money do you need? And you know, the partner was

819
00:41:09,680 --> 00:41:11,920
Speaker 1: actually really wealthy, so it was going to be a

820
00:41:12,040 --> 00:41:16,760
Speaker 1: really significant lifestyle change for this person. So just even

821
00:41:16,800 --> 00:41:19,680
Speaker 1: being able to say, have you got your own bank accounts? No? Okay,

822
00:41:19,760 --> 00:41:22,480
Speaker 1: let's set those up. How do you use a banking app?

823
00:41:22,920 --> 00:41:24,640
Speaker 1: Didn't know how to do that, And just being able

824
00:41:24,640 --> 00:41:26,319
Speaker 1: to sit with this person to be like, okay, cool,

825
00:41:26,840 --> 00:41:28,360
Speaker 1: what else are you going to need? And I just

826
00:41:28,440 --> 00:41:31,040
Speaker 1: remember racking my brain being like, okay, bills. Do you

827
00:41:31,040 --> 00:41:33,640
Speaker 1: know how to pay bills? She was like no, sorry.

828
00:41:33,760 --> 00:41:36,800
Speaker 1: It was just so empowering to sit down with this person.

829
00:41:36,840 --> 00:41:39,040
Speaker 1: And you know, over three or four months, we just

830
00:41:39,280 --> 00:41:41,440
Speaker 1: had a few coffee catch ups and I'd set her

831
00:41:41,560 --> 00:41:44,120
Speaker 1: up and we'd organized it all and I remember getting

832
00:41:44,320 --> 00:41:45,880
Speaker 1: a text message. It wasn't a call, it was a

833
00:41:45,920 --> 00:41:48,160
Speaker 1: text message one day and she's just like, I've done it.

834
00:41:48,440 --> 00:41:51,080
Speaker 1: I was just like, oh, Like, I was so excited.

835
00:41:51,120 --> 00:41:54,200
Speaker 1: I cried. And you know, it's stuff like that where

836
00:41:54,239 --> 00:41:57,680
Speaker 1: you know you're having an impact and that you've been

837
00:41:57,680 --> 00:42:01,440
Speaker 1: a really pivotal part of somebody y eating financial freedom

838
00:42:01,560 --> 00:42:04,239
Speaker 1: or financial independence, or that a family is better off

839
00:42:04,320 --> 00:42:07,040
Speaker 1: because of the work that you've done. I think is

840
00:42:07,560 --> 00:42:12,239
Speaker 1: you know, really empowering, but also not what you stereotypically

841
00:42:12,320 --> 00:42:15,360
Speaker 1: think when you say I'm a financial advisor, Like, people

842
00:42:15,520 --> 00:42:19,640
Speaker 1: don't I think they don't understand how integrated you become

843
00:42:19,719 --> 00:42:20,760
Speaker 1: in a client's life.

844
00:42:20,840 --> 00:42:24,040
Speaker 3: Yeah, And I kind of always have those thoughts well

845
00:42:24,080 --> 00:42:28,160
Speaker 3: when I was practicing advisor, Like I've gone to hospitals

846
00:42:28,200 --> 00:42:32,000
Speaker 3: after hours on weekends to see clients, and I'm like, well,

847
00:42:32,000 --> 00:42:35,160
Speaker 3: this is interesting that I'm going to a hospital and

848
00:42:35,400 --> 00:42:39,399
Speaker 3: meeting extended family or whatnot. But I mean, the fun

849
00:42:39,480 --> 00:42:41,560
Speaker 3: and we could probably we probably need to move on,

850
00:42:41,600 --> 00:42:43,640
Speaker 3: but we could probably do another episode at some time

851
00:42:44,000 --> 00:42:46,160
Speaker 3: about wild stories like the clients that I had that

852
00:42:46,280 --> 00:42:49,560
Speaker 3: inherited close to fifty million dollars and kind of tried

853
00:42:49,600 --> 00:42:51,839
Speaker 3: to did a good job of blowing it within five

854
00:42:51,840 --> 00:42:52,520
Speaker 3: to seven years.

855
00:42:52,560 --> 00:42:54,960
Speaker 1: That's really impassive. That's pretty good. I had a client

856
00:42:54,960 --> 00:42:57,560
Speaker 1: that came to me because they actually didn't know their

857
00:42:57,600 --> 00:42:59,839
Speaker 1: parents were billionaires and then it was sprung on them.

858
00:43:00,160 --> 00:43:03,200
Speaker 1: So that was pretty good. That was really interesting, and

859
00:43:03,280 --> 00:43:06,320
Speaker 1: just you know, that was one of those situations where

860
00:43:06,600 --> 00:43:08,920
Speaker 1: I'm kind of hoping that that will happen, like my

861
00:43:08,960 --> 00:43:10,880
Speaker 1: parents were just teaching me to be humble and then

862
00:43:10,880 --> 00:43:12,200
Speaker 1: they're going to turn around to and be like, well,

863
00:43:12,239 --> 00:43:15,920
Speaker 1: actually we're billionaires. But that actually happened to a client

864
00:43:15,960 --> 00:43:17,840
Speaker 1: of mine, and you know, there was a lot of

865
00:43:17,880 --> 00:43:19,400
Speaker 1: guilt and there was a lot of I don't want

866
00:43:19,440 --> 00:43:21,520
Speaker 1: that money, but what can I do? And talking about

867
00:43:21,560 --> 00:43:24,000
Speaker 1: impact and how much impact you can have through money

868
00:43:24,000 --> 00:43:26,480
Speaker 1: because this person, yeah, they just didn't know what to

869
00:43:26,480 --> 00:43:28,120
Speaker 1: do with it, and it can be really overwhelming.

870
00:43:28,280 --> 00:43:31,239
Speaker 3: Yeah, And I will say in my will, just remembering

871
00:43:31,280 --> 00:43:36,160
Speaker 3: that I've actually put the kids because they won't get

872
00:43:36,640 --> 00:43:40,680
Speaker 3: the money allocated to them until they're thirty years old. Yeah, genius,

873
00:43:41,160 --> 00:43:44,680
Speaker 3: because I don't want them hanging out for old Glenn

874
00:43:44,680 --> 00:43:48,120
Speaker 3: who's died and his inheritance to us will solve all

875
00:43:48,200 --> 00:43:50,640
Speaker 3: our problems. I want them to just be able to

876
00:43:50,680 --> 00:43:53,280
Speaker 3: be functioning adults. And then in the will, I've written

877
00:43:53,320 --> 00:43:56,960
Speaker 3: that you know, if they're incarcerated or add it to

878
00:43:58,160 --> 00:44:01,799
Speaker 3: serious drugs, they're not fit to receive that money. There's

879
00:44:01,800 --> 00:44:03,480
Speaker 3: heaps of conditions that the lawyers put in.

880
00:44:03,400 --> 00:44:06,000
Speaker 1: There, Savage, uncle, get savage.

881
00:44:06,920 --> 00:44:09,799
Speaker 3: Well, I think it's just being responsible, Like I don't

882
00:44:09,840 --> 00:44:11,320
Speaker 3: want to I don't.

883
00:44:11,120 --> 00:44:13,279
Speaker 1: Want to support someone's drug addiction if I don't have.

884
00:44:13,360 --> 00:44:16,600
Speaker 3: Exactly, So, I mean, these are the real things that

885
00:44:16,640 --> 00:44:20,520
Speaker 3: you need to consider, you know. In the in the will,

886
00:44:20,760 --> 00:44:24,759
Speaker 3: we only mention my sister's name because what if she's

887
00:44:24,760 --> 00:44:28,319
Speaker 3: not with her partner, ye when I pass away, we

888
00:44:28,360 --> 00:44:31,880
Speaker 3: don't want some guy that's my sister's ex or the

889
00:44:31,920 --> 00:44:35,160
Speaker 3: father of money and nephews putting a claim in when

890
00:44:35,160 --> 00:44:37,960
Speaker 3: he's not really in anyone's life anymore other than like, so,

891
00:44:38,320 --> 00:44:39,279
Speaker 3: it's complex, but.

892
00:44:41,040 --> 00:44:42,319
Speaker 4: Let's move Well, let's move on.

893
00:44:42,560 --> 00:44:46,160
Speaker 1: So next question is from Jessica, and Jessica says, Hi,

894
00:44:46,280 --> 00:44:49,000
Speaker 1: Victoria and Glenn would like to know your opinion on

895
00:44:49,080 --> 00:44:52,239
Speaker 1: whether now is the time to buy a house or

896
00:44:52,280 --> 00:44:54,840
Speaker 1: wait longer. And then in bracket, she says, until the

897
00:44:54,880 --> 00:44:57,719
Speaker 1: market slows down, as I'm in a good position with

898
00:44:57,800 --> 00:45:00,120
Speaker 1: my partner where we are renting a granny flat and

899
00:45:00,200 --> 00:45:02,440
Speaker 1: able to save a good amount each pay and no

900
00:45:02,560 --> 00:45:06,239
Speaker 1: rush to move. Any advice would be appreciated. I'm also

901
00:45:06,280 --> 00:45:09,160
Speaker 1: in Perth by the way, PS love the podcast and

902
00:45:09,280 --> 00:45:11,040
Speaker 1: super keen to read Glenn's book.

903
00:45:11,400 --> 00:45:13,920
Speaker 3: Jessica, you are getting a copy of the book. But

904
00:45:14,760 --> 00:45:17,239
Speaker 3: thanks the question. I'll just I think we can. We

905
00:45:17,320 --> 00:45:19,880
Speaker 3: just should hurry up because we're running against the clock

906
00:45:19,880 --> 00:45:21,480
Speaker 3: and I don't want to apologize.

907
00:45:21,480 --> 00:45:22,080
Speaker 4: They are welcome.

908
00:45:22,200 --> 00:45:24,520
Speaker 1: No, that's okay. I appreciate this. I think my listeners

909
00:45:24,520 --> 00:45:27,320
Speaker 1: appreciate this. I'm going to give my opinion on this first,

910
00:45:27,360 --> 00:45:30,360
Speaker 1: and my opinion is that there's no right time to

911
00:45:30,360 --> 00:45:32,239
Speaker 1: buy a house. There's a right time for you to

912
00:45:32,320 --> 00:45:34,640
Speaker 1: invest in an asset, though, and that's when you're ready

913
00:45:34,680 --> 00:45:38,120
Speaker 1: financially mentally, like you're in the life position to be

914
00:45:38,160 --> 00:45:40,920
Speaker 1: able to do that. It's not actually a should you

915
00:45:40,960 --> 00:45:43,640
Speaker 1: wait for the market, because timing the market never works

916
00:45:43,640 --> 00:45:47,000
Speaker 1: for anybody. Regardless of whether people are saying that property

917
00:45:47,080 --> 00:45:49,759
Speaker 1: is going up or down, you literally can't predict it.

918
00:45:49,960 --> 00:45:51,560
Speaker 1: So if you're in a position where you and your

919
00:45:51,600 --> 00:45:53,759
Speaker 1: partner are going to be able to comfortably buy a house,

920
00:45:53,800 --> 00:45:55,800
Speaker 1: and that's in line with your goals and your values

921
00:45:55,800 --> 00:45:58,600
Speaker 1: and what you want to achieve, go with that. But

922
00:45:58,760 --> 00:46:00,880
Speaker 1: if you're looking at it going oh my gosh, like

923
00:46:00,920 --> 00:46:03,200
Speaker 1: I'm so stressed about this, but I'm in a really

924
00:46:03,200 --> 00:46:06,000
Speaker 1: good financial position right now, right that way, for as

925
00:46:06,000 --> 00:46:07,920
Speaker 1: long as you want to. So I guess I've been

926
00:46:08,000 --> 00:46:10,840
Speaker 1: helpful and really unhelpful. But I don't believe in watching

927
00:46:10,880 --> 00:46:13,400
Speaker 1: the property markets at all. I just believe in working

928
00:46:13,440 --> 00:46:17,360
Speaker 1: out what works for you best, what is your opinion.

929
00:46:18,400 --> 00:46:21,200
Speaker 3: First and foremost, I would say, before you talk to

930
00:46:21,520 --> 00:46:24,640
Speaker 3: a mortgage broker, you'd probably want to make sure you've

931
00:46:25,200 --> 00:46:29,440
Speaker 3: got some savings behind you, cleared any consumer debt, credit cards,

932
00:46:29,680 --> 00:46:33,879
Speaker 3: personal loans, car probably okay with that still hanging there.

933
00:46:33,920 --> 00:46:37,480
Speaker 3: For the purpose of this, try and have a target

934
00:46:37,480 --> 00:46:41,080
Speaker 3: of five percent of the home deposit amount before you

935
00:46:41,080 --> 00:46:44,120
Speaker 3: speak to a mortgage broker or for parental guarantees on

936
00:46:44,200 --> 00:46:47,400
Speaker 3: the table. You don't technically need that five percent deposit,

937
00:46:47,719 --> 00:46:49,399
Speaker 3: but I think it's still a good idea to clean

938
00:46:49,480 --> 00:46:53,000
Speaker 3: up your consumer debt because you have consumer debt, because

939
00:46:53,000 --> 00:46:54,400
Speaker 3: you've likely overspent.

940
00:46:54,560 --> 00:46:56,200
Speaker 1: It's not a bad thing. You just spent more than

941
00:46:56,200 --> 00:46:56,560
Speaker 1: you earn.

942
00:46:56,920 --> 00:46:59,640
Speaker 3: Yeah, and we've all been there, but we just have

943
00:46:59,719 --> 00:47:03,120
Speaker 3: to make sure that we change the habits and behaviors.

944
00:47:04,080 --> 00:47:06,560
Speaker 3: But certainly there's no harm in speaking with the broker

945
00:47:06,560 --> 00:47:07,719
Speaker 3: to how much money you can get.

946
00:47:08,600 --> 00:47:10,600
Speaker 4: But secondly, I think you're right, Victoria.

947
00:47:10,680 --> 00:47:13,120
Speaker 3: You know, if you've got the money and it's a

948
00:47:13,120 --> 00:47:14,960
Speaker 3: lifestyle play that you want to buy a house and

949
00:47:15,000 --> 00:47:18,320
Speaker 3: live in and call it a home and the shoe fits,

950
00:47:18,440 --> 00:47:21,360
Speaker 3: you can get the loan, you can get a house

951
00:47:21,400 --> 00:47:22,879
Speaker 3: in the area you want to buy, go and buy

952
00:47:22,880 --> 00:47:26,600
Speaker 3: a house and live in any joy. But if you're

953
00:47:26,920 --> 00:47:30,759
Speaker 3: a bit agnostic and just want to really distill the

954
00:47:30,800 --> 00:47:34,160
Speaker 3: goals a bit more like it might be a well,

955
00:47:34,200 --> 00:47:36,959
Speaker 3: we've been told we need to buy a house, or

956
00:47:37,600 --> 00:47:39,799
Speaker 3: well maybe it is a well, let's just save some

957
00:47:39,840 --> 00:47:42,600
Speaker 3: more and buy an investment property somewhere else in another

958
00:47:42,680 --> 00:47:45,319
Speaker 3: area that's got some good growth longer term and we'll

959
00:47:45,360 --> 00:47:46,840
Speaker 3: just go on rent next to the beach or in

960
00:47:46,880 --> 00:47:49,359
Speaker 3: the city or so there's it's like whatever, if you've

961
00:47:49,360 --> 00:47:50,800
Speaker 3: got the money and you want to buy a house,

962
00:47:51,880 --> 00:47:53,520
Speaker 3: and you can go and buy it.

963
00:47:53,600 --> 00:47:56,960
Speaker 1: But don't do it because you think the market's good. Yeah, summary,

964
00:47:57,040 --> 00:47:59,719
Speaker 1: All right, that was swift. I like it. Onto the

965
00:47:59,719 --> 00:48:03,719
Speaker 1: next question, Glenn. This question is from Cash and Cat

966
00:48:03,760 --> 00:48:05,759
Speaker 1: says how do you know what you're doing on the

967
00:48:05,800 --> 00:48:09,680
Speaker 1: stock market is working? Things grow so slowly? What if

968
00:48:09,719 --> 00:48:12,920
Speaker 1: I've made bad choices? Will I not know for years?

969
00:48:13,120 --> 00:48:18,160
Speaker 3: Well, they do say time reveals all of victoria terrifying inspiration.

970
00:48:18,480 --> 00:48:22,920
Speaker 4: Look, so I think it's a great question.

971
00:48:23,080 --> 00:48:24,160
Speaker 1: It is a really good question.

972
00:48:24,440 --> 00:48:27,640
Speaker 3: But we know a couple of things. We know that

973
00:48:28,120 --> 00:48:31,400
Speaker 3: if we buy an index, or we buy the ASEX

974
00:48:31,440 --> 00:48:34,440
Speaker 3: two hundred index, you're really just going to do what

975
00:48:34,480 --> 00:48:39,160
Speaker 3: the index does. Or if you invest with a Vanguard

976
00:48:39,239 --> 00:48:43,160
Speaker 3: Diversified index fund, you know that fund manager has been

977
00:48:43,200 --> 00:48:47,400
Speaker 3: around with that fund for over twenty years and basically

978
00:48:47,440 --> 00:48:51,000
Speaker 3: does what's on the box. Now, past performance isn't an

979
00:48:51,000 --> 00:48:54,360
Speaker 3: indication of future performance by no stretch of the imagination.

980
00:48:55,360 --> 00:48:58,040
Speaker 3: But if there has been a company that has been

981
00:48:58,640 --> 00:49:02,000
Speaker 3: managing people's money and in investing for a long term

982
00:49:02,320 --> 00:49:06,440
Speaker 3: and basically doing what they say they will do, I'm

983
00:49:06,680 --> 00:49:10,560
Speaker 3: willing to take that risk. I think, Cat, you're getting

984
00:49:10,560 --> 00:49:14,560
Speaker 3: off the track into some wild territory if you start going, well,

985
00:49:14,880 --> 00:49:17,279
Speaker 3: there's this new yogurt company that's about to list on

986
00:49:17,320 --> 00:49:19,560
Speaker 3: the AX, and I want to buy that, And I

987
00:49:19,600 --> 00:49:22,520
Speaker 3: can buy us stocks if we keep to the market

988
00:49:22,560 --> 00:49:27,239
Speaker 3: and understanding concepts, and in fact, I don't know if

989
00:49:27,239 --> 00:49:30,319
Speaker 3: I'm allowed to, but I did a review just so

990
00:49:30,360 --> 00:49:33,680
Speaker 3: people can understand how investments work. Victoria on YouTube.

991
00:49:33,880 --> 00:49:35,440
Speaker 1: Oh, I was going to say the review in your

992
00:49:35,440 --> 00:49:38,720
Speaker 1: book of how different assets perform. You did that as well?

993
00:49:38,920 --> 00:49:40,479
Speaker 4: Oh yeah, absolutely, I mean.

994
00:49:40,520 --> 00:49:43,759
Speaker 1: To read so you get a look in the.

995
00:49:43,760 --> 00:49:46,880
Speaker 3: Book, Cat, But I did a review of there's a

996
00:49:46,920 --> 00:49:51,040
Speaker 3: product called the Vanguard Personally Investor. Now we can't recommend

997
00:49:51,080 --> 00:49:54,120
Speaker 3: products here, but I did a review on the platform

998
00:49:54,440 --> 00:49:58,040
Speaker 3: Vanguard Personally Investor, only to start to show you the

999
00:49:58,120 --> 00:50:00,680
Speaker 3: concepts of how investment platform.

1000
00:50:00,280 --> 00:50:02,839
Speaker 1: Work, which is really important to understand before you even

1001
00:50:02,880 --> 00:50:04,279
Speaker 1: get into investing.

1002
00:50:04,960 --> 00:50:07,040
Speaker 3: That's right, because the concepts I talk about with that

1003
00:50:07,160 --> 00:50:11,640
Speaker 3: YouTube review is the same concepts with any insert your

1004
00:50:11,640 --> 00:50:14,600
Speaker 3: brand here. So I mean you're welcome to I don't know.

1005
00:50:14,800 --> 00:50:17,880
Speaker 3: Can you can just search Glenn James Vanguard Personally Investor

1006
00:50:17,920 --> 00:50:19,040
Speaker 3: on YouTube or we can give.

1007
00:50:18,960 --> 00:50:21,160
Speaker 1: You it straight away. We'll actually put the link to

1008
00:50:21,239 --> 00:50:22,360
Speaker 1: it in the show notes for you.

1009
00:50:22,440 --> 00:50:22,720
Speaker 2: Glenn.

1010
00:50:22,719 --> 00:50:23,239
Speaker 1: How about that?

1011
00:50:23,280 --> 00:50:26,160
Speaker 3: So I think it's a great question because like everything,

1012
00:50:26,560 --> 00:50:27,520
Speaker 3: we've got to have.

1013
00:50:28,080 --> 00:50:29,399
Speaker 4: That's the first time I've ever called UV.

1014
00:50:29,560 --> 00:50:32,800
Speaker 3: I'm in the zone're in the zone. We've got to

1015
00:50:32,840 --> 00:50:35,959
Speaker 3: have a healthy level of skepticism. We don't act until

1016
00:50:35,960 --> 00:50:40,400
Speaker 3: we're educated enough to make our own decision. And if

1017
00:50:40,920 --> 00:50:44,200
Speaker 3: I'm personally and this is just the Glenn James, I'm

1018
00:50:44,200 --> 00:50:49,080
Speaker 3: more gun shy with different staff if they've been around

1019
00:50:49,120 --> 00:50:51,959
Speaker 3: for one minute as opposed to something that's had five

1020
00:50:52,080 --> 00:50:54,160
Speaker 3: years in the trend chap and as simple as that.

1021
00:50:54,200 --> 00:50:58,000
Speaker 1: It's also why I'm really apprehensive of when people buy

1022
00:50:58,080 --> 00:51:01,640
Speaker 1: individual stocks on their own and then they go, yeah,

1023
00:51:01,640 --> 00:51:03,640
Speaker 1: I've got a portfolio. I've been building it, I've been

1024
00:51:03,680 --> 00:51:06,040
Speaker 1: picking these companies, and I go, okay, great, Like I'm

1025
00:51:06,040 --> 00:51:09,440
Speaker 1: sure you know, obviously there's an opportunity to do really well.

1026
00:51:09,480 --> 00:51:13,080
Speaker 1: But given that being a fund manager is literally a

1027
00:51:13,200 --> 00:51:16,719
Speaker 1: job and buying and selling stocks is their career. And

1028
00:51:16,800 --> 00:51:19,200
Speaker 1: then you maybe work in HR and you've been picking

1029
00:51:19,200 --> 00:51:21,160
Speaker 1: some stocks because you've been reading some stuff on a

1030
00:51:21,160 --> 00:51:24,799
Speaker 1: blog online one time, I just I really are on

1031
00:51:24,840 --> 00:51:27,880
Speaker 1: the side of caution of people picking individual shares and

1032
00:51:27,920 --> 00:51:30,719
Speaker 1: to create a portfolio for long term wealth generation out

1033
00:51:30,760 --> 00:51:32,640
Speaker 1: of that, because I just go, how do you know

1034
00:51:32,719 --> 00:51:35,520
Speaker 1: you have the right diversification? How do you know that

1035
00:51:35,640 --> 00:51:39,239
Speaker 1: those companies, regardless of how much you love them, are

1036
00:51:39,440 --> 00:51:43,120
Speaker 1: the right choices for you? When even fund managers don't

1037
00:51:43,160 --> 00:51:45,799
Speaker 1: get it right sometimes like how are you getting it right?

1038
00:51:45,880 --> 00:51:48,720
Speaker 1: So I think for me, I really like trusting the professionals.

1039
00:51:48,960 --> 00:51:52,120
Speaker 1: That's why I work with six Park to create portfolios

1040
00:51:52,120 --> 00:51:54,560
Speaker 1: to people and actually give advice. It's why I really

1041
00:51:54,640 --> 00:51:58,000
Speaker 1: agree with index funds and ETFs and things like that

1042
00:51:58,000 --> 00:52:01,600
Speaker 1: that really take that response stability off you, because I

1043
00:52:01,640 --> 00:52:04,400
Speaker 1: just think it's a responsibility that as individual investors we

1044
00:52:04,440 --> 00:52:08,759
Speaker 1: shouldn't be carrying. Because there's ETFs in index funds and

1045
00:52:09,120 --> 00:52:13,719
Speaker 1: investment portfolios that exist that are in line with your values.

1046
00:52:14,120 --> 00:52:17,160
Speaker 1: And it's not as though it's how do you say?

1047
00:52:17,200 --> 00:52:19,759
Speaker 1: It's not as though it's hard to find. You just

1048
00:52:19,800 --> 00:52:22,200
Speaker 1: need to do the research. You're an ethical investor, Great,

1049
00:52:22,200 --> 00:52:25,799
Speaker 1: they're ethical ETFs. You want women only boards, there's an

1050
00:52:25,800 --> 00:52:28,839
Speaker 1: ETF for that, Like there are ETFs for everything. You've

1051
00:52:28,920 --> 00:52:30,879
Speaker 1: just got a look. And it's not like it used

1052
00:52:30,880 --> 00:52:33,400
Speaker 1: to be historically, where if you just trucked the index,

1053
00:52:33,440 --> 00:52:35,480
Speaker 1: it was the standard index. You can check the index

1054
00:52:35,480 --> 00:52:39,360
Speaker 1: of anything. So I think it's very cool that we

1055
00:52:39,520 --> 00:52:42,160
Speaker 1: have access to that nowadays. But I'm also just really

1056
00:52:42,239 --> 00:52:44,680
Speaker 1: wary of individual investors ran over.

1057
00:52:45,080 --> 00:52:48,920
Speaker 3: Yeah, and you know, I get curious and want to

1058
00:52:48,920 --> 00:52:51,480
Speaker 3: be an individual investor. And I've just made the rule

1059
00:52:51,520 --> 00:52:54,400
Speaker 3: that I don't have over ten percent of my portfolio

1060
00:52:54,520 --> 00:52:55,480
Speaker 3: to individual stocks.

1061
00:52:55,520 --> 00:52:58,319
Speaker 1: I like that, Yeah, And I guess disclosure wise, I

1062
00:52:58,360 --> 00:53:02,360
Speaker 1: do invest in individual stuff. A majority of my portfolio

1063
00:53:02,400 --> 00:53:04,360
Speaker 1: is not that though. I would say ninety nine percent

1064
00:53:04,400 --> 00:53:07,799
Speaker 1: of my portfolio is you know, diversified, and you know

1065
00:53:07,920 --> 00:53:10,640
Speaker 1: managed by a fund manager. It's not managed by me.

1066
00:53:10,719 --> 00:53:14,000
Speaker 1: I actually have my own financial advisor, go figure. But

1067
00:53:14,960 --> 00:53:16,759
Speaker 1: I do have a bit of a play sometimes because

1068
00:53:16,760 --> 00:53:20,040
Speaker 1: I'm really interested in investing and I think it's really fun.

1069
00:53:20,080 --> 00:53:21,680
Speaker 1: And I see something and I'm like, oh, I want

1070
00:53:21,680 --> 00:53:23,840
Speaker 1: to be on that. I get it, I really really

1071
00:53:23,880 --> 00:53:25,759
Speaker 1: get it, and I get it because I do it.

1072
00:53:26,040 --> 00:53:28,600
Speaker 1: But I wouldn't ever want my entire wealth and my

1073
00:53:28,760 --> 00:53:32,000
Speaker 1: future to be based on the decisions that I'm making, because,

1074
00:53:32,200 --> 00:53:34,319
Speaker 1: to be honest, even as a financial advisor, I don't

1075
00:53:34,320 --> 00:53:36,239
Speaker 1: trust myself enough to do that well.

1076
00:53:36,280 --> 00:53:39,400
Speaker 3: I think the problem is if we choose individual stocks

1077
00:53:39,960 --> 00:53:43,120
Speaker 3: and a heap of them do really well, we think

1078
00:53:43,120 --> 00:53:45,440
Speaker 3: that we are actually good at choosing stocks.

1079
00:53:45,800 --> 00:53:48,600
Speaker 1: We get this false sense of security.

1080
00:53:48,200 --> 00:53:50,319
Speaker 3: Yeah, where it's like, well no, because then it's going

1081
00:53:50,360 --> 00:53:52,799
Speaker 3: to be like old Glenny boy over here getting a

1082
00:53:52,840 --> 00:53:56,320
Speaker 3: bit more spendy and want to oh yeah or gambly

1083
00:53:56,360 --> 00:53:59,800
Speaker 3: with it. Because for me, I know, and this is

1084
00:54:00,480 --> 00:54:04,040
Speaker 3: not more than ten percent of my portfolio of individual stocks,

1085
00:54:04,520 --> 00:54:10,520
Speaker 3: because my personality has the proclivity to love the dovermine

1086
00:54:10,560 --> 00:54:12,680
Speaker 3: addiction more than others.

1087
00:54:12,800 --> 00:54:13,839
Speaker 4: I just know that.

1088
00:54:14,120 --> 00:54:18,000
Speaker 3: So I just you've got to know yourself before you

1089
00:54:18,040 --> 00:54:18,840
Speaker 3: can lead yourself.

1090
00:54:18,840 --> 00:54:20,080
Speaker 4: And Roll Dredge said that.

1091
00:54:20,200 --> 00:54:22,520
Speaker 1: So well, we both say that. That's why I put

1092
00:54:22,560 --> 00:54:24,879
Speaker 1: the first chapter of my book is Money Stories. That's

1093
00:54:24,880 --> 00:54:28,480
Speaker 1: why you talk about money personality so often and understanding it, Like,

1094
00:54:28,800 --> 00:54:31,279
Speaker 1: I just think that we really need to consider what

1095
00:54:31,320 --> 00:54:33,719
Speaker 1: our money personalities are and what that means to us

1096
00:54:33,719 --> 00:54:37,040
Speaker 1: before we do anything. Anyway, I'll roll on into the

1097
00:54:37,200 --> 00:54:40,520
Speaker 1: last but not least question, and this is from our

1098
00:54:40,560 --> 00:54:44,440
Speaker 1: friend Winni and it's not financially related at all. Winnie says,

1099
00:54:45,040 --> 00:54:49,960
Speaker 1: out of curiosity, which podcasts do you listen to for leisure? Glenn,

1100
00:54:50,040 --> 00:54:51,680
Speaker 1: what have you been listening to recently?

1101
00:54:52,120 --> 00:54:55,240
Speaker 3: Well, I just thought I would update, I would open

1102
00:54:55,320 --> 00:54:57,759
Speaker 3: my podcast play I'm going to do and just tell

1103
00:54:57,800 --> 00:54:58,840
Speaker 3: you what's in my library?

1104
00:54:59,080 --> 00:54:59,160
Speaker 5: Right?

1105
00:54:59,280 --> 00:55:00,080
Speaker 4: You can do the thing?

1106
00:55:01,000 --> 00:55:05,279
Speaker 3: Okay, think fast, talk smart. And I've actually organized him,

1107
00:55:05,280 --> 00:55:08,480
Speaker 3: he's a lecturer at Stanford to come on my podcast.

1108
00:55:08,560 --> 00:55:15,000
Speaker 3: Oh there's another one here, The Daily Bridgetown Audio podcast

1109
00:55:15,560 --> 00:55:18,640
Speaker 3: or are We Online? Marketing Made Easy with Amy Porterfield,

1110
00:55:19,000 --> 00:55:24,520
Speaker 3: The Future with Chris Doe, Strong Songs, Emotionally Healthy Leadership

1111
00:55:24,560 --> 00:55:28,279
Speaker 3: Podcast Making Sense with Sam Harris. I actually pay for

1112
00:55:28,320 --> 00:55:31,560
Speaker 3: that one, jen Z Money.

1113
00:55:31,320 --> 00:55:32,320
Speaker 1: That's your own podcast?

1114
00:55:32,719 --> 00:55:35,719
Speaker 4: Yeah, but it's in my opinion, Okay.

1115
00:55:35,680 --> 00:55:37,719
Speaker 1: But good one. Trying to slip that on in there.

1116
00:55:39,080 --> 00:55:40,080
Speaker 4: What's in yours hold?

1117
00:55:40,160 --> 00:55:42,360
Speaker 1: And I've just opened it every day. I've been listening

1118
00:55:42,440 --> 00:55:46,680
Speaker 1: to The Daily Oz. I really like that podcast. I

1119
00:55:46,719 --> 00:55:49,239
Speaker 1: also listen to a lot of true crime. I'm not

1120
00:55:49,400 --> 00:55:54,439
Speaker 1: so much. I love true crime. I'm obsessed with it.

1121
00:55:54,680 --> 00:55:57,759
Speaker 1: I'm The podcast that I have been listening to at

1122
00:55:57,760 --> 00:56:00,680
Speaker 1: the moment is Morbid and I'm up to episode two

1123
00:56:00,840 --> 00:56:03,960
Speaker 1: hundred and seventy nine. If that doesn't say something about me,

1124
00:56:04,040 --> 00:56:07,080
Speaker 1: I don't know what it does. I also really like

1125
00:56:07,239 --> 00:56:10,320
Speaker 1: Case File True Crime. That's another one of my favorites.

1126
00:56:10,680 --> 00:56:12,520
Speaker 1: And if you go through the entire list of what

1127
00:56:12,600 --> 00:56:15,360
Speaker 1: I've been listening to. I also listened to I Catch

1128
00:56:15,440 --> 00:56:19,960
Speaker 1: Killers to completely flip that. I listen to Super Soul

1129
00:56:20,040 --> 00:56:24,000
Speaker 1: by Oprah. I really like that. I also really love

1130
00:56:24,160 --> 00:56:27,960
Speaker 1: Rene Brown. Anything that she has done I will listen to.

1131
00:56:28,600 --> 00:56:31,879
Speaker 1: And then I actually listen to a podcast every night

1132
00:56:31,920 --> 00:56:35,320
Speaker 1: when I go to bed because my mind never stops.

1133
00:56:35,640 --> 00:56:37,600
Speaker 1: So like if I don't have a podcast, I'm just

1134
00:56:37,640 --> 00:56:40,080
Speaker 1: thinking about work, I'm thinking about podcasting, I'm thinking about

1135
00:56:40,120 --> 00:56:43,319
Speaker 1: financial advice, and I just can't go to sleep. So

1136
00:56:43,480 --> 00:56:46,160
Speaker 1: I listen to a podcast. I think it's from the US,

1137
00:56:46,239 --> 00:56:47,959
Speaker 1: I don't actually know where it's from. And it's called

1138
00:56:48,239 --> 00:56:53,280
Speaker 1: Nothing Much Happens, and it's these beautiful stories where nothing

1139
00:56:53,360 --> 00:56:56,320
Speaker 1: much happens and you can fall asleep, and they always

1140
00:56:56,360 --> 00:56:59,640
Speaker 1: read it to you first normally, and then second they

1141
00:56:59,680 --> 00:57:01,799
Speaker 1: read it to a little bit slower, so like you

1142
00:57:01,920 --> 00:57:03,600
Speaker 1: know the story and what's going to come up, and

1143
00:57:03,640 --> 00:57:06,600
Speaker 1: I'm out like a light every single time. So I

1144
00:57:06,680 --> 00:57:09,399
Speaker 1: really like that. What else is in here?

1145
00:57:09,640 --> 00:57:10,600
Speaker 4: So for the E. N.

1146
00:57:10,719 --> 00:57:14,800
Speaker 3: TJ's or the enneagram eight's out there like me, you'll

1147
00:57:14,840 --> 00:57:18,200
Speaker 3: get this that I don't love true crime because they'll

1148
00:57:18,200 --> 00:57:22,000
Speaker 3: take fifteen episodes to tell the story, where like no,

1149
00:57:22,080 --> 00:57:22,440
Speaker 3: it's one.

1150
00:57:22,600 --> 00:57:24,520
Speaker 1: Morbid's one episode, one story.

1151
00:57:24,760 --> 00:57:26,960
Speaker 3: Well some of them like so the Teacher's pet right,

1152
00:57:27,040 --> 00:57:29,600
Speaker 3: Oh yeah, no, listen to the first three episodes. I

1153
00:57:29,640 --> 00:57:33,320
Speaker 3: get this guy's freaking guiltiest sin. Move on on board.

1154
00:57:33,360 --> 00:57:34,360
Speaker 1: Yeah they're great.

1155
00:57:34,960 --> 00:57:37,800
Speaker 4: So I just I just give me the headline cut

1156
00:57:37,840 --> 00:57:38,280
Speaker 4: down that time.

1157
00:57:38,440 --> 00:57:42,080
Speaker 1: I really like Morbid. So Morbid's really good because they

1158
00:57:42,160 --> 00:57:45,200
Speaker 1: talk through just like one case. Sometimes they do two

1159
00:57:45,240 --> 00:57:48,080
Speaker 1: episodes on one case if it's really big. But I'm

1160
00:57:48,360 --> 00:57:52,640
Speaker 1: I'm literally obsessed, like obsessed, do you reckon? They'll let

1161
00:57:52,640 --> 00:57:54,360
Speaker 1: me on their podcast we can talk about some kind

1162
00:57:54,360 --> 00:57:56,800
Speaker 1: of financial crime. I promise I'll do something, but I'm

1163
00:57:56,800 --> 00:57:57,880
Speaker 1: obsessed with them.

1164
00:57:58,400 --> 00:57:59,080
Speaker 4: So get this.

1165
00:57:59,720 --> 00:58:03,280
Speaker 3: I wanted to and I won't because it's just it's

1166
00:58:03,280 --> 00:58:06,280
Speaker 3: probably a non starter because we do like my millennial

1167
00:58:06,280 --> 00:58:07,440
Speaker 3: money and all that stuff.

1168
00:58:07,520 --> 00:58:08,320
Speaker 4: I'd love to do.

1169
00:58:09,080 --> 00:58:14,040
Speaker 3: My millennial murder cover is like black and red with

1170
00:58:14,200 --> 00:58:16,920
Speaker 3: like blood dripping. I love that and get I actually

1171
00:58:16,960 --> 00:58:21,200
Speaker 3: asked an ABC journalist who's doing some investigative stuff the

1172
00:58:21,240 --> 00:58:22,600
Speaker 3: other day. I'm like, do you want to come and

1173
00:58:22,840 --> 00:58:25,800
Speaker 3: you know, find a crime? He goes, it's really hard

1174
00:58:25,840 --> 00:58:28,080
Speaker 3: to find crimes. I'm like, you'd have to go offshore

1175
00:58:28,240 --> 00:58:30,600
Speaker 3: to do it, like to find a murder that or

1176
00:58:30,640 --> 00:58:34,080
Speaker 3: something that has been covered fair. But yeah, I would

1177
00:58:34,160 --> 00:58:37,120
Speaker 3: love to do my millennial murder. That's fun just because

1178
00:58:37,160 --> 00:58:38,960
Speaker 3: the alliteration and it rolls, you know.

1179
00:58:39,320 --> 00:58:42,160
Speaker 1: Yeah, No, that's fun. I've always wanted to do a podcast,

1180
00:58:42,200 --> 00:58:44,840
Speaker 1: and when I say always, like since starting podcasting, I've

1181
00:58:44,840 --> 00:58:48,760
Speaker 1: wanted to do a podcast like a series like Morbid,

1182
00:58:48,840 --> 00:58:52,080
Speaker 1: but it's on like financial crimes. So like each episode

1183
00:58:52,120 --> 00:58:56,040
Speaker 1: I cover like a really interesting financial crime.

1184
00:58:55,920 --> 00:58:58,280
Speaker 3: Like did you like to who the hell is HAMI? Yes,

1185
00:58:58,400 --> 00:59:01,200
Speaker 3: I did, and he listened to all of that and

1186
00:59:01,280 --> 00:59:02,680
Speaker 3: that was fascinating.

1187
00:59:02,760 --> 00:59:06,840
Speaker 1: Oh my gosh, that could be one episode like about

1188
00:59:06,960 --> 00:59:09,880
Speaker 1: him and what yeah and how that works and like

1189
00:59:09,960 --> 00:59:13,040
Speaker 1: all these other financial crimes because they exist, like people

1190
00:59:13,080 --> 00:59:15,920
Speaker 1: who have embezzled millions of dollars and then sailed off

1191
00:59:15,960 --> 00:59:17,800
Speaker 1: into the sunset like I want to hear it. Anyway,

1192
00:59:17,800 --> 00:59:20,440
Speaker 1: I'm obsessed with Ashan Elena from Morbid, and I think

1193
00:59:20,480 --> 00:59:22,760
Speaker 1: everybody else should be as well. And that wraps this

1194
00:59:22,920 --> 00:59:25,640
Speaker 1: episode really nicely as well, because the first or one

1195
00:59:25,640 --> 00:59:28,160
Speaker 1: of the first questions we got started and it was

1196
00:59:28,160 --> 00:59:30,080
Speaker 1: from Maddie and she said not to be morbid and

1197
00:59:30,120 --> 00:59:31,400
Speaker 1: now we here, Glenn.

1198
00:59:31,120 --> 00:59:36,920
Speaker 3: We're here, so Michelle Barre Klow, Maddie Francis imaging, kerr

1199
00:59:37,200 --> 00:59:40,880
Speaker 3: Annie Alga, Jenna Rainger. Sorry, I don't know how to

1200
00:59:40,880 --> 00:59:46,040
Speaker 3: pronounce English. Jessica Smith, I know Jessica Smith. I don't

1201
00:59:46,040 --> 00:59:49,160
Speaker 3: know if it's the same. No, she's in Firth. Jess

1202
00:59:49,200 --> 00:59:52,360
Speaker 3: that I know is in Newcastle, Kat two and winn

1203
00:59:52,360 --> 00:59:56,760
Speaker 3: a Yip. If you guys reach out to do you

1204
00:59:56,840 --> 00:59:58,840
Speaker 3: want to just get them to email my team or something.

1205
00:59:58,920 --> 01:00:02,280
Speaker 3: Yeah either or yeah team as soort your money out

1206
01:00:02,280 --> 01:00:04,200
Speaker 3: dot com and we'll send you a book.

1207
01:00:04,720 --> 01:00:07,160
Speaker 1: Don't pretend to be these people. We have no way

1208
01:00:07,160 --> 01:00:09,640
Speaker 1: of checking it. But I mean all power.

1209
01:00:10,000 --> 01:00:12,200
Speaker 3: I've actually had to tell because when I've given away

1210
01:00:12,240 --> 01:00:14,320
Speaker 3: stuff in my Facebook group, because when you said, oh,

1211
01:00:14,400 --> 01:00:15,880
Speaker 3: do you have friends in your Facebook group?

1212
01:00:16,080 --> 01:00:17,040
Speaker 4: Aren't they all friends?

1213
01:00:17,320 --> 01:00:19,680
Speaker 3: I'm like, yeah, I'll give like a single mom who's

1214
01:00:19,680 --> 01:00:24,320
Speaker 3: struggling with money a free online course, and I say, oh, hey,

1215
01:00:24,480 --> 01:00:27,720
Speaker 3: just email this address and say that Glenn said in

1216
01:00:27,720 --> 01:00:30,840
Speaker 3: the Facebook group, and some guy will just email like,

1217
01:00:30,880 --> 01:00:31,920
Speaker 3: oh hey, Glenn.

1218
01:00:31,600 --> 01:00:33,080
Speaker 4: Said, I can have it.

1219
01:00:33,520 --> 01:00:37,360
Speaker 3: Audacity, You don't take advantage of my generosity. So now

1220
01:00:37,360 --> 01:00:41,080
Speaker 3: what I do I say to people, hey, please screenshot

1221
01:00:41,200 --> 01:00:41,919
Speaker 3: this here.

1222
01:00:42,000 --> 01:00:43,160
Speaker 4: Yeah, all right, that's and sent.

1223
01:00:43,600 --> 01:00:45,960
Speaker 1: If there's no screenshot, no receipts not happening.

1224
01:00:46,360 --> 01:00:49,600
Speaker 3: Yeah, Like it's just whil that people take advantage of

1225
01:00:49,640 --> 01:00:50,480
Speaker 3: my generosity.

1226
01:00:50,480 --> 01:00:51,080
Speaker 4: But whatever.

1227
01:00:51,360 --> 01:00:53,160
Speaker 1: Someone tried to email us the other day and said

1228
01:00:53,200 --> 01:00:55,480
Speaker 1: that they couldn't log into their online course and I

1229
01:00:55,480 --> 01:00:57,080
Speaker 1: was like, you know, problems, I can reset it. What's

1230
01:00:57,080 --> 01:01:00,280
Speaker 1: your email? And they're like I don't know, Like like

1231
01:01:00,320 --> 01:01:02,480
Speaker 1: what email did you sign up with? And they didn't know,

1232
01:01:02,520 --> 01:01:04,600
Speaker 1: and I was like, okay, well I can't bought your name. Then,

1233
01:01:04,720 --> 01:01:06,640
Speaker 1: like what name did you sign up with? Because obviously

1234
01:01:06,720 --> 01:01:09,240
Speaker 1: I keep track of that. It's the Internet, it's twenty

1235
01:01:09,280 --> 01:01:11,920
Speaker 1: twenty one. You weren't anywhere. And they were like, just

1236
01:01:11,960 --> 01:01:13,439
Speaker 1: send me a new log in. I don't know why

1237
01:01:13,520 --> 01:01:17,560
Speaker 1: being so difficult, Like, well, because I think you're trying

1238
01:01:17,600 --> 01:01:18,440
Speaker 1: to scam me.

1239
01:01:20,040 --> 01:01:23,520
Speaker 3: So to bring this full circle, I felt really guilty.

1240
01:01:23,800 --> 01:01:28,520
Speaker 3: I'm giving away fifty books to different organizations around Australia

1241
01:01:28,800 --> 01:01:30,680
Speaker 3: like community centers and that, and I'm put in the

1242
01:01:30,680 --> 01:01:33,760
Speaker 3: Facebook group. I'm like, look, I'm really sorry that you're

1243
01:01:33,760 --> 01:01:38,080
Speaker 3: going to have to send us proof that you work

1244
01:01:38,120 --> 01:01:41,000
Speaker 3: at that you know, special needs community center or something

1245
01:01:41,040 --> 01:01:45,120
Speaker 3: like that, or the high school. Scary, I'm only sending

1246
01:01:45,160 --> 01:01:46,680
Speaker 3: it to that address.

1247
01:01:46,920 --> 01:01:47,120
Speaker 4: Yep.

1248
01:01:47,280 --> 01:01:51,760
Speaker 1: Great, because people are dodgy, Glenn. People are dodgy. That's

1249
01:01:51,760 --> 01:01:54,200
Speaker 1: not how we should end this episode. But joke's on you.

1250
01:01:54,360 --> 01:01:57,520
Speaker 1: That's exactly how we're ending this episode. And we'll have

1251
01:01:57,640 --> 01:02:00,760
Speaker 1: you back on the podcast again, Glenn. As a thank

1252
01:02:00,800 --> 01:02:03,280
Speaker 1: you so so much for joining us, Thank you for

1253
01:02:03,320 --> 01:02:05,800
Speaker 1: answering our listeners questions. I feel like we should do

1254
01:02:05,880 --> 01:02:07,600
Speaker 1: more episodes like this more often.

1255
01:02:07,640 --> 01:02:09,200
Speaker 4: I like this deep dive format.

1256
01:02:09,320 --> 01:02:11,600
Speaker 1: It's really fun because I feel like you can just

1257
01:02:11,680 --> 01:02:12,000
Speaker 1: kind of.

1258
01:02:11,920 --> 01:02:14,840
Speaker 3: Dig deeper and you can camp on questions like the

1259
01:02:14,960 --> 01:02:17,320
Speaker 3: estate planning stuff. We camp there for like fifteen minutes.

1260
01:02:17,400 --> 01:02:19,080
Speaker 1: Yeah, but that's really important. I love it.

1261
01:02:19,120 --> 01:02:21,000
Speaker 3: But yeah, I just want to thank all your audience

1262
01:02:21,080 --> 01:02:23,760
Speaker 3: for their support of what we're doing at my milinnial money.

1263
01:02:23,800 --> 01:02:26,960
Speaker 3: There's a lot of overlap, which is awesome because you know,

1264
01:02:27,120 --> 01:02:29,680
Speaker 3: Victoria and I the mum and dad of money. We

1265
01:02:29,720 --> 01:02:31,960
Speaker 3: can't always be all things to people, but we are

1266
01:02:32,000 --> 01:02:34,120
Speaker 3: your parents and we care and love you.

1267
01:02:34,200 --> 01:02:37,840
Speaker 1: We know best apparently. But if you haven't read it yet,

1268
01:02:38,000 --> 01:02:40,680
Speaker 1: sort your money out. Is available at all good book

1269
01:02:40,760 --> 01:02:44,280
Speaker 1: retailers and via Glenn's Amazon link, which I'm sure he

1270
01:02:44,360 --> 01:02:46,600
Speaker 1: makes money from, which is why you should buy it

1271
01:02:46,680 --> 01:02:48,760
Speaker 1: through that link, and we'll put that in the show

1272
01:02:48,800 --> 01:02:49,520
Speaker 1: notes as well.

1273
01:02:51,040 --> 01:02:52,720
Speaker 4: You use your Amazon leak.

1274
01:02:52,840 --> 01:02:55,240
Speaker 1: I've never used my Amazon link before. I didn't even

1275
01:02:55,320 --> 01:02:58,439
Speaker 1: know you could do it. I'm learning something every day.

1276
01:02:58,600 --> 01:03:01,000
Speaker 4: I told Victoria to buy a new microphone and I'm like,

1277
01:03:01,040 --> 01:03:03,720
Speaker 4: I'll just send you my Amazon affiliate.

1278
01:03:03,240 --> 01:03:05,520
Speaker 1: Link when I bought it, and he made money off

1279
01:03:05,520 --> 01:03:09,840
Speaker 1: me buying a new microphone. Impressive twenty bucks. But as always, guys,

1280
01:03:09,920 --> 01:03:12,320
Speaker 1: that is all we have time for today.

1281
01:03:12,560 --> 01:03:17,240
Speaker 5: Bye, and remember the advice shared on She's on the

1282
01:03:17,240 --> 01:03:20,720
Speaker 5: Money is generally nature and does not consider your individual circumstances.

1283
01:03:20,960 --> 01:03:23,960
Speaker 5: She's on the Money existecurely for educational purposes and should

1284
01:03:24,000 --> 01:03:25,960
Speaker 5: not be relied upon to make an investment or a

1285
01:03:26,000 --> 01:03:29,440
Speaker 5: financial decision. And we promise Victoria Divine is an authorized

1286
01:03:29,440 --> 01:03:34,000
Speaker 5: representative of Infocused Securities Australia Proprietary Limited ABN four seven

1287
01:03:34,040 --> 01:03:36,960
Speaker 5: oh nine seven seven ninety seven oh fort nine AFSL

1288
01:03:37,080 --> 01:03:43,240
Speaker 5: two three six five two three