Speaker 1: Just before we get started, we'd like to acknowledge and
Speaker 1: pay respect to Australia's Aboriginal and torrest Right islander peoples.
Speaker 1: They're the traditional custodians of the lands, the waterways and
Speaker 1: the skies all across Australia. We thank you for sharing
Speaker 1: and for caring for the land on which we are
Speaker 1: able to learn. We pay respects to elders past and present,
Speaker 1: and we share our friendship and our kindness.
Speaker 2: She's on the Money, She's on the Money.
Speaker 1: Hello, and welcome to She's on the Money, the podcast
Speaker 1: for millennials who want financial freedom. Welcome to a bonus
Speaker 1: episode of the show where we are joined by the
Speaker 1: one and only Glenn James from My Millennial Money. Glenn.
Speaker 1: Welcome to She's on the Money again.
Speaker 3: Hey Victoria, thanks so much for having me back on
Speaker 3: your show. And to all my listeners. Hello, and you
Speaker 3: better not be listening to this while.
Speaker 1: You're at work, and also listen to it on Glenn's feed,
Speaker 1: not Victoria's feed. For the downloads, right, no, I you
Speaker 1: can have downloads. You've recently launched your own book, which
Speaker 1: is very exciting. I mean, it's arguably even better than that.
Speaker 1: She's on the Money book. Would you say so?
Speaker 3: I would say they compliment each other perfectly.
Speaker 1: I think they compliment each other perfectly, obviously, But I
Speaker 1: also think that they're completely aimed at different not different audiences,
Speaker 1: but different levels. All right, Glenn, Enough about the books,
Speaker 1: because that's actually the first question that we have on
Speaker 1: the show today, and this one comes from Michelle, and
Speaker 1: she says, Guys, how do the books compare? What are
Speaker 1: the similarities, what are the differences?
Speaker 4: What do you think?
Speaker 1: I think you're asking me because you know what I'm
Speaker 1: going to say, and I would say that She's on
Speaker 1: the Money. The book is just the basics. It is
Speaker 1: talking about creating those foundational skills of budget and cash
Speaker 1: flow and spending and understanding your money story and where
Speaker 1: you're starting from. And you go a bit deeper on
Speaker 1: topics like investing. And I feel like you compliment She's
Speaker 1: on the Money, because if you were going to read
Speaker 1: both books, I would want you to read She's on
Speaker 1: the Money and then My Millennial Money.
Speaker 4: It's actually called Sort your Money Out.
Speaker 1: No I know it's called Sort your Money Out, but
Speaker 1: it's like from you, I'll call it whatever I want
Speaker 1: on my show.
Speaker 3: I think, Yeah, like base. Like you said, yours covers
Speaker 3: the basics. That's not a bad thing.
Speaker 1: No, no, no, I've done it on purpose.
Speaker 3: Yeah, exactly, like we need a baseline thing, and then
Speaker 3: we need to go and learn on top of what
Speaker 3: we've learned about baseline stuff. But the good thing about
Speaker 3: what I've done and how it does complement your book,
Speaker 3: I've done a heap of case studies on real world
Speaker 3: investments and how they work. And I've done some case
Speaker 3: studies on two different types of ethical investments. I've used
Speaker 3: an active investment and an index investment and just compared.
Speaker 1: The two, which I think is really powerful.
Speaker 3: Yeah, so I really wanted to go at it from
Speaker 3: a practical point of view. I did indulge myself and
Speaker 3: do a heap on mindset and how to actually make money.
Speaker 3: And I think the chapter is like get rich and
Speaker 3: make it rain as a play on word. But we
Speaker 3: both know that a lot of people who listen to
Speaker 3: the podcast. Once we get our mindset in the direction
Speaker 3: of oh, hang on, I can do something different than
Speaker 3: what my parents told me, or hang on, it isn't
Speaker 3: actually crazy to want to buy an investment property in
Speaker 3: a different location and still rent in the city. Oh,
Speaker 3: hang on, it's actually not crazy if I want to
Speaker 3: invest one hundred dollars a month into a share investing platform,
Speaker 3: because it's just a different world now.
Speaker 4: So it's just I don't.
Speaker 3: Know where I'm going with this, but I wanted to
Speaker 3: make it really practical, and particularly around the mindset piece,
Speaker 3: how we can start to change our mindset for our
Speaker 3: own personal growth, our own personal career, and how we
Speaker 3: can really maximize turning our human capital, which is what
Speaker 3: we develop and the income that we generate at work
Speaker 3: capital transferring that into investments. Because I don't know about you, Victoria,
Speaker 3: but I was getting sick of all the entrepreneurial books
Speaker 3: just telling everyone that they need to start their own business,
Speaker 3: where there's a lot of people that just like their
Speaker 3: job and like what they do and that's fine, and.
Speaker 1: I feel like, genuinely there's pressure to be more than
Speaker 1: what you are in twenty twenty one. Like I don't
Speaker 1: agree with it, but I feel like everybody is having
Speaker 1: this pressure put on them to be an entrepreneur, like
Speaker 1: goal after your dreams, Like they always talk about things
Speaker 1: like the four hour work week, and please don't get
Speaker 1: me wrong, there's lots to learn from these things, but
Speaker 1: there's such a benefit of being employees and having your
Speaker 1: superpaid and being able to clock out at five pm
Speaker 1: on a Friday and not worry about things over the weekend. Like,
Speaker 1: I just don't think it's feasible for a lot of
Speaker 1: people either, Like business is hard and it's not something
Speaker 1: that you actually want everybody to be involved in because
Speaker 1: you might not even enjoy it.
Speaker 3: Can I read one thing that I wrote in the
Speaker 3: book that from your own yeah, and this is an
Speaker 3: example of the audiobook, go through it.
Speaker 1: It has to be as good as the audiobook version.
Speaker 1: Though all right, here we go, get ready.
Speaker 3: So I basically wanted people to have the best shot
Speaker 3: at doing the best that they can with their career
Speaker 3: being an employee. And I basically said, if you talk
Speaker 3: with your team leader or boss and that's with respect, right,
Speaker 3: and if things don't change in the medium term or
Speaker 3: you know, the short term, because you need to give
Speaker 3: your employer time and grace, so you know, if you've
Speaker 3: got a problems like oh, it's not quite right here
Speaker 3: and there's something up and I don't know if I
Speaker 3: like this working environment, like it might be time to
Speaker 3: move on. So I then went on to say you'll
Speaker 3: have the best shot at doing well financially if the
Speaker 3: following things are happening in your workplace. One you are
Speaker 3: challenged in your role that have access to help when needed. Two,
Speaker 3: you feel involved and your contribution is taken seriously at
Speaker 3: team meetings. Three you are trusted, valued, appreciated and empowered.
Speaker 3: Four there is a chance to be promoted and take
Speaker 3: on more responsibilities. And five and this is an important
Speaker 3: one that a lot of us need to really hear
Speaker 3: and reflect on. You actually like going to work each day.
Speaker 3: So if some or all of those things aren't happening
Speaker 3: in your workplace, and you've approached your boss, employer, team
Speaker 3: leader with dignity, because I don't think it's about kicking
Speaker 3: down the door and doing a shakedown, and things don't
Speaker 3: start to change, it might be time to move jobs.
Speaker 3: A lot of us think, oh, this is my career.
Speaker 3: Got a separate career and job, so you could still
Speaker 3: be doing your career that you love, but it might
Speaker 3: not be the right workplace. So I just want to
Speaker 3: encourage people and let's shut up about the dumb book
Speaker 3: now and get onto some listener questions.
Speaker 1: But it's not a dumb book. Because we're giving away
Speaker 1: a book to every person whose question is read out.
Speaker 4: Yes, so I've got eight books to give away.
Speaker 1: Eight books a questions, we get to give them away,
Speaker 1: and I'm really excited about that. Okay, so let's get
Speaker 1: into the next question. The next question comes from a
Speaker 1: friend of ours, Maddie. She says, not to be morbid
Speaker 1: at all. This is definitely the right podcast to be
Speaker 1: morbid on. Like, Glenn and I I will have this chat,
Speaker 1: but can you chat about what actually happens when you
Speaker 1: are the beneficiary about to inherit in an estate, i e.
Speaker 1: What happens with everything that you inherit in the estate,
Speaker 1: like super and houses, et cetera.
Speaker 3: Glenn take it away, imaging her follows and says, Hi,
Speaker 3: both a bit of a morbid question. It's about debt
Speaker 3: and inheritance. Say, my parents pass away prior to paying
Speaker 3: off their debts, Like what happens? So I think and
Speaker 3: again I actually cover this in the book. So it's
Speaker 3: another shout out.
Speaker 1: How many times can Glehn mention anymore?
Speaker 4: Anymore?
Speaker 1: But no, I want you.
Speaker 4: To Maddie and Image and are getting a copy. How
Speaker 4: do you know Maddie?
Speaker 1: By the way, I don't she's a friend of the
Speaker 1: show because she's in our community.
Speaker 4: He just chatted like, oh, she's a friend anyway.
Speaker 1: I thought everybody in my group was a friend of mine.
Speaker 1: Are the people in your group not your friends? Probably?
Speaker 1: Probably not there? You go, okay, straight under.
Speaker 3: Well, we need to work out first and foremost what's
Speaker 3: an estate asset and what isn't an estate asset. So
Speaker 3: an a state asset is something that you own individually.
Speaker 3: So I own my house in my name, that's an
Speaker 3: estate asset. I own my car in my name, that's
Speaker 3: an estate asset. I own a lovely he's a furniture
Speaker 3: that's worth one hundred dollars.
Speaker 4: I'm talking about my secondhand lade.
Speaker 1: You can have my ikea Calyx cadegically.
Speaker 3: So everything that we own personally is an estate asset. Now,
Speaker 3: one thing that's not in an estate is superannuation. So
Speaker 3: your superannuation it's actually in a trust and there's a trustee,
Speaker 3: which is the superannuation company, and they hold that money
Speaker 3: on trust for you or your beneficiaries. Okay, so what
Speaker 3: happens when somebody dies. Well, let's be really morbid here
Speaker 3: and let's kill Glennoff Okay.
Speaker 1: I thought you were going to try and kill me.
Speaker 3: Of actually stuff here, I'll kill you. So Victoria and Steve,
Speaker 3: you're going along happy. Victoria, I think we are. You
Speaker 3: are unfortunate enough to die prematurely, Okay, okay, So what
Speaker 3: happens is Steve will likely go to a solicitor. I'd say, hey,
Speaker 3: Victoria's dead. This is her will. She wants to leave
Speaker 3: everything to me. And I'm just being heteronormative here, and
Speaker 3: you know, saying that you'll have a you give each
Speaker 3: other everything, So I.
Speaker 1: Didn't leave it all to one of my exactly. Okay.
Speaker 3: So the will reads I would like to give everything
Speaker 3: to Steve, and if if Steve dies before me, I
Speaker 3: would like to give everything to my family evenly or
Speaker 3: something like that.
Speaker 1: Okay.
Speaker 3: So basically what happens is your estate assets are everything
Speaker 3: you own, so that then forms what we call the
Speaker 3: estate of the late Victoria divine.
Speaker 1: The late sounds like I'm fancy.
Speaker 4: Yeah, that's right.
Speaker 3: And effectively everything just goes in a pool and we
Speaker 3: have to go because you have a property, we have
Speaker 3: to go to court and get probate. And what that
Speaker 3: means is we have to determine that the will is
Speaker 3: valid and you're half the property, depending on how it's
Speaker 3: set up, would go to Steve. Yeah, then all the
Speaker 3: other stuff would also go to Steve. But if you said, oh,
Speaker 3: I want to give my mother and father twenty percent
Speaker 3: of my estate, that comes off the top first and
Speaker 3: then the rest will go to Steve. When we talk
Speaker 3: about debt, you can't inherit debt. If Victoria you because
Speaker 3: you're the Victoria who died, she was actually a bit
Speaker 3: of a fraud.
Speaker 4: She had all these personal loans.
Speaker 1: Right, Yeah, I had a million credit cards. She had person.
Speaker 4: Fifty thousand dollars in credit cards. Oh, I had one.
Speaker 1: Hundred thousand dollars in credit cards, and I have like
Speaker 1: six personal loans.
Speaker 3: Yeah. Yeah, So Victoria, you died with two hundred thousand
Speaker 3: dollars worth of debt in your name, and.
Speaker 1: Because I died, it looks a lot like not my
Speaker 1: problem anymore exactly.
Speaker 3: But so you died with two hundred thousand dollars worth
Speaker 3: of debt, your superbalance, and I'm going to make you
Speaker 3: a bit older. Now, your super balance and your cash
Speaker 3: in your bank total three hundred thousand dollars.
Speaker 1: Do you mean make me a bit older? What if
Speaker 1: that was my superbalance right now.
Speaker 4: It's not thirty That's awesome.
Speaker 1: Absolutely not.
Speaker 3: It's actually basically the state the estate has to settle
Speaker 3: the debts before it can pay out beneficiaries. So that's
Speaker 3: practically you can't inherit debt in Australia.
Speaker 1: You can in the US you can.
Speaker 4: Yep.
Speaker 3: If for example, Victoria had hex or help debt that
Speaker 3: just gets cleared.
Speaker 1: That's the only debt that dies with you though.
Speaker 3: Yeah, and that's why I'm a bit of an advocate
Speaker 3: of not paying extra hex and help debt off even
Speaker 3: if you've met all your other financial goals.
Speaker 1: Why you would I've never had a reason to do it.
Speaker 3: Yeah, I think I may have mentioned it in the
Speaker 3: book that just joking with you. I think if you
Speaker 3: met all your other financial goals and you just wanted
Speaker 3: to come back around for housekeeping, sure, but because that
Speaker 3: debt dies with you, if you had paid an extra
Speaker 3: ten thousand dollars a year over the last twenty years,
Speaker 3: you've paid twenty thousand dollars into that debt and you've
Speaker 3: died prematurely. So that's twenty thousand dollars that your state
Speaker 3: doesn't get back.
Speaker 1: It's a good way of looking at it. Actually, I
Speaker 1: had not even thought about the like long game of that.
Speaker 1: I'd always just looked at it and been like, it
Speaker 1: actually has no financial benefit to me, or benefit at
Speaker 1: all to me. To pay it off early like I
Speaker 1: just gave it for me personally doesn't make sense.
Speaker 3: I just think from an estate planning optimization point of view,
Speaker 3: it's if you've got a young family and you do
Speaker 3: have extra cash left over, unless you know you've got
Speaker 3: five grand left on the Hexahelp and you want to
Speaker 3: just clear it to get the mortgage sold all services easier.
Speaker 3: I'm not committing extra money to HEXE Help because at
Speaker 3: least if I had died prematurely, my kids or my
Speaker 3: spouse isn't miss out on that extra a little bit
Speaker 3: of money.
Speaker 1: I really like that perception, Like, I really like that
Speaker 1: point of view because it really reiterates my point of view,
Speaker 1: which we obviously like. But it also makes you think
Speaker 1: a little bit more long term than me, going, yeah,
Speaker 1: but what if you want to buy a house in
Speaker 1: the next couple of years, Like, why would you do that?
Speaker 1: It's actually, well, what if you have kids, wouldn't you
Speaker 1: want them to have that extra ten grand Yeah.
Speaker 3: I know I would, absolutely, But again, personal finance is personal.
Speaker 1: You might not want to do it, or you might
Speaker 1: want to pay it off, and that's your choice.
Speaker 3: And this is the funny thing Victoria, like, psychologically, you
Speaker 3: might have a smaller hex or help left, so we'll
Speaker 3: call it ten thousand dollars in relative to some people's forty.
Speaker 1: Thousand Do you have any hex left?
Speaker 3: No, never had it because I never went to university.
Speaker 3: I'm a bogan and I did the private college and.
Speaker 4: Just paid for it.
Speaker 1: We fancy boy.
Speaker 3: But psychologically, if you had a small amount of hex
Speaker 3: debt left and just want to clear it because you're
Speaker 3: sick of the withholding, like sure, knock yourself out, but
Speaker 3: now you know that it dies with you and any
Speaker 3: money paid in there could be lost if you did
Speaker 3: die prematurely.
Speaker 4: Well, it's a trade off. You need to think about
Speaker 4: it and only.
Speaker 1: You can make that decision as well. And as you
Speaker 1: said before, personal fundance is just that it's personal. But
Speaker 1: then it's important to remember that what we're saying is
Speaker 1: just based on what we would do personally, not what
Speaker 1: you should do. But also if you've chosen something else,
Speaker 1: it's not us judging you. We don't care how you
Speaker 1: spend your money, or we care about is the fact
Speaker 1: that you're educated about this topic and know what the
Speaker 1: other consequences were. So I think I would be more
Speaker 1: upset if someone turned around and said, Victoria, like, I
Speaker 1: listened to this podcast and I just paid off all
Speaker 1: my HEX and put every single dollar that I had
Speaker 1: in savings to that, and then I listened to your
Speaker 1: podcast and wished I didn't. Like, I just don't want
Speaker 1: someone to be in that situation where they don't have
Speaker 1: the right tools and resources to make a decision based
Speaker 1: on their financial lives.
Speaker 3: Yeah, and I'm big on you know, that's exactly right.
Speaker 3: Like if you have just paid off your HEX or help,
Speaker 3: that's okay. Hey, we're here now, let's just get on
Speaker 3: with Yeah, you're totally It's all good.
Speaker 1: Are you gonna have better cash flow? It's not the
Speaker 1: worst thing. Ever.
Speaker 3: Hey, there's a question here from Anne Algae. Hi, Victoria
Speaker 3: and Glenn love your friendship and respective pods.
Speaker 1: Okay you are, we're friends, Glenn.
Speaker 3: Yeah, yeah, so many people. Okay, so what's going to
Speaker 3: happen everyone? People will comment in our respective Facebook groups
Speaker 3: and say, Glenn cut Victoria off, he's rude. Victoria's a
Speaker 3: bitch to Glenn.
Speaker 1: Hey, we are, Yeah, I am a bitch to Glenn
Speaker 1: she is, that's right. Yeah, so yeah.
Speaker 3: But we've got a very robust friendship that's been kicking
Speaker 3: around the floor for a while.
Speaker 1: Now. He'll come to my wedding, guys, he'll come to
Speaker 1: my wedding. Actually, he'll be invited to filter.
Speaker 4: I put the date in my diary.
Speaker 1: Thank you, thank you. You just told everybody that I
Speaker 1: picked a date like hypothetical date. No, I did pick
Speaker 1: a date, guys. It's so back to what we're saying.
Speaker 1: Glenn and asked a question before we went up on
Speaker 1: a tangent, and she said, I know this is always
Speaker 1: asked in money diaries, but I'm keen to know what
Speaker 1: Glenn's best and worst money habits are. So, Glenn James,
Speaker 1: what is your best money habit?
Speaker 3: My best money habit is removing Glenn James from any
Speaker 3: type process, investing, managing cash flow, all that stuff, Because
Speaker 3: the problem is, if I haven't removed Glenn James from
Speaker 3: the process, my worst money habit kicks in, which is impulse.
Speaker 1: You are quite impulsive when it comes back.
Speaker 4: Very impulsive.
Speaker 3: Yeah, and I'm a spender. I'm a horrendous saver. So
Speaker 3: I've had to learn to be an investor. And I've
Speaker 3: got my spending plan all set up. All I need
Speaker 3: to worry about is what's in my daily or weekly
Speaker 3: spending account and not use my brain for spending because
Speaker 3: you know, yes, I run a money podcast and I've
Speaker 3: got a money book, but it doesn't change the fact
Speaker 3: that Glenn James as a behavioral entity. He's impulsive and
Speaker 3: needs to remove any manual stuff throughout the week. I'll
Speaker 3: give you an example, Victoria, Like on the podcast the
Speaker 3: other day, I was talking about e bikes and I'll
Speaker 3: say to John the co host, I'm like, oh, yeah,
Speaker 3: I wouldn't mid getting into mountain biking and yeah that'd
Speaker 3: be swoot, like get the e bike and all that. Anyway,
Speaker 3: I got an email the next week and I was
Speaker 3: like eleven thirty pm at night. Soonem listening was like, oh, hey, Glenn,
Speaker 3: listen to the podcast. I've got a business and we
Speaker 3: import and build e bikes.
Speaker 4: Here's the catalog. Let me know. I'll hook you up.
Speaker 1: Ah, And you were like catalog.
Speaker 4: On the website.
Speaker 3: I'm like, yeah, that black one looks sweet, I want that.
Speaker 3: And then next minute I'm like yep, and I'm drafted him.
Speaker 3: I'm like, yeah, can I get one of these? And
Speaker 3: like they are expensive? And I like, hang on World
Speaker 3: War Wear.
Speaker 1: Well, twenty four hours between Glenn and He's spending this
Speaker 1: is one.
Speaker 3: It's over my daily threshold without sleeping on it.
Speaker 1: Yes.
Speaker 3: Two it's eleven thirty pm and I've just watched two
Speaker 3: episodes of Seinfeld because I'm going back and watching.
Speaker 1: Them all Choice and Show by the Way.
Speaker 3: And three I didn't wake up this morning with the
Speaker 3: intention to buy an e by, So I went back
Speaker 3: to him and said, hey, mate, really appreciate it.
Speaker 4: I'm going to give it a miss just for now.
Speaker 4: I'll let you know.
Speaker 1: Oh, I'm proud of you. That's not a Glenn James
Speaker 1: thing to do.
Speaker 4: That's right.
Speaker 3: So, because we're all just built on our habits and behaviors,
Speaker 3: as soon as become self aware of our own proclivity
Speaker 3: with money, the easier it is to govern. And thankfully
Speaker 3: now in my life, when Glenn James has a blowout,
Speaker 3: it's not a thousand dollar blowout. It's only a small
Speaker 3: twenty or thirty dollars blow u yah.
Speaker 1: Because you put right framework in place so that you
Speaker 1: can't actually have those thousand dollar blowouts.
Speaker 4: That's right. So I walk into Bunnings.
Speaker 1: That's central if you ask.
Speaker 3: Me, Yeah, okay, I've walked out with fifteen water and cans,
Speaker 3: three power boars, and one hundred pack of batteries from
Speaker 3: the boxes at the front of the store.
Speaker 1: Genius.
Speaker 4: I didn't need these, but hey, I mean the moment
Speaker 4: and I need them in order.
Speaker 1: Yes, and that's good value.
Speaker 4: So I think it's just about for me.
Speaker 3: The worst thing about my money personality is I overspend,
Speaker 3: and I've had to make that into the best thing
Speaker 3: about I systematically have an amount each week that goes
Speaker 3: into my investments accounts. It's just systems and structures, and
Speaker 3: I remove Glenn James from any of the day on
Speaker 3: day processes.
Speaker 1: And I think that's really relatable because a lot of
Speaker 1: people are going to be listening to this and thinking, wow,
Speaker 1: I'm really impulsive as well. And if you are, you
Speaker 1: just need to set up a system that works for
Speaker 1: you and your personality type. And everybody works differently, but
Speaker 1: I know that Glenn James and my online programs are
Speaker 1: both set up to put you guys in positions where
Speaker 1: you're in control of your finances as opposed to not
Speaker 1: being in control of it, or that you have to
Speaker 1: manually do everything. Both of us are actually really pro automation.
Speaker 1: If you're not into it, that's cool. We're not saying
Speaker 1: it's perfect for everybody. I mean, I think it would
Speaker 1: work for everybody. But you do you, and the most
Speaker 1: important thing about doing you is really understanding what your
Speaker 1: money personality is so that you can create a system
Speaker 1: that works for you. I feel like in that answer, Glenn,
Speaker 1: you actually answered what your worst money habit is. But
Speaker 1: I'll ask you anyway, Glenn James, what is your worst
Speaker 1: money habit? Is it impulsiveness or is there another one
Speaker 1: that you haven't shared with us yet?
Speaker 3: My worst Okay, this is really bad because it's bad
Speaker 3: for my wallet and bad for my health. Once a
Speaker 3: week only either a Friday or Saturday night. Because it's
Speaker 3: very naughty, I buy a little tub of Ben and jer.
Speaker 1: Little tub of Ben and Jerry's is your worst habit?
Speaker 1: And you literally just told me before the show you
Speaker 1: were eating a fish and chip shot burger. Alright, Glenn James.
Speaker 4: Okay, you want to go there?
Speaker 3: So I needed a fast bit of food because I
Speaker 3: was running late to this interview.
Speaker 4: Good work. I'd rather eat something than not have anything
Speaker 4: on my tummy.
Speaker 3: And I thought, okay, do I get a sausage roll
Speaker 3: or a pie from the pie shop shout out flour
Speaker 3: and Co twombab, or do I get a burger? I
Speaker 3: took the view that is probably less calorie dentse to
Speaker 3: have a fresh hamburger from the Hamburger shop than a
Speaker 3: pile sausage roll.
Speaker 1: All right, I'll allow it. Did you have call? Yeah, yeah,
Speaker 1: that's a health choice. That was a health decision. I
Speaker 1: backed that one. But you eat Ben and Jerries and
Speaker 1: that's your work.
Speaker 3: Buy a tub of Ben and Jerry's and a bottle
Speaker 3: of coconut sugar. The problem is it's a bad money
Speaker 3: habit because I buy it from the seven eleven.
Speaker 1: Down the word Yeah they're so expensive.
Speaker 4: Yeah, where I could just go down to Woolworth or cold.
Speaker 1: Get like half the price exactly.
Speaker 4: Yeah. Right, So it's and this is the problem right
Speaker 4: when when.
Speaker 1: We convenez impulsively pay.
Speaker 3: For convenience, and you know, you pay for convenience, and
Speaker 3: this is the wild thing, right, people get all up
Speaker 3: in arms about what's the cheapest ETF provider and I
Speaker 3: need this in that or well, hang on one sec.
Speaker 3: You want to buy just an ETF direct to the
Speaker 3: market with a broker, that's going to be cheap. Or
Speaker 3: if you want a platform and there's a higher fee,
Speaker 3: but they do all the reporting and keep all you payperwork,
Speaker 3: or you pay for that.
Speaker 1: Yeah, you're always convenience. Pay for convenience, and sometimes people
Speaker 1: don't want the convenience and that's okay, you don't have
Speaker 1: to pay for it. But if you want to get
Speaker 1: the seven eleven ice cream because it's one hundred meters
Speaker 1: down the road from your house, well that's a premium.
Speaker 3: Yeah, And I think we just need to understand that
Speaker 3: with sometimes without bad habits, there's often cascading things. So
Speaker 3: not only it's bad for my wallet, it's not that healthy.
Speaker 1: So yeah, that's fair. I mean ice cream is pretty good,
Speaker 1: all right, Glenn. Before we get to the next question,
Speaker 1: let's head to a quick break and we'll be right back.
Speaker 1: All right, we are back, Glenn. Our next question comes
Speaker 1: from Jenna, and Jenna has a and or question and
Speaker 1: I'm going to do the end, so we're going to
Speaker 1: answer both parts of her question. The first is what
Speaker 1: were your parents' relationships with money and how has it
Speaker 1: influenced you.
Speaker 3: Just my parents never had a credit card, and Dad
Speaker 3: and mum if they didn't have the money, they didn't
Speaker 3: buy it. And yeah, I've had a like I don't
Speaker 3: have credit card at the moment. I've had them in
Speaker 3: the past, but because I'm a spender, I can't control myself,
Speaker 3: so the bank wins. And even if I could pay
Speaker 3: it off each month, I just didn't like the vibe
Speaker 3: of having money outstanding and owing month on month.
Speaker 1: Yeah. I hate oweing people money as well, Like when
Speaker 1: someone invoices you for something, I just get it done,
Speaker 1: get it paid. I don't care if it's due in
Speaker 1: three weeks. I just don't want to think about the
Speaker 1: fact that I might owe somebody else money, like no
Speaker 1: thank you.
Speaker 3: Yeah, So at the moment, like, I don't have a
Speaker 3: credit card, and I think that was just drummed into
Speaker 3: me from my parents. In fact, I actually need to
Speaker 3: get one because I'm going overseas in February.
Speaker 4: We're going, oh, just up to the States.
Speaker 3: But last time I was in the States, last few
Speaker 3: times without a credit card, it's actually fine.
Speaker 4: But if you want to hire a car.
Speaker 1: Oh yeah, Well.
Speaker 4: And this is the thing.
Speaker 3: If you want to hire a car, you technically don't
Speaker 3: need a credit card, But when you want to hire
Speaker 3: a car, there's some weird legislation, right, And this was
Speaker 3: just totally threw me off guard, and it just wrecked
Speaker 3: a heap of ours in my planning. If you go
Speaker 3: to the airport in America, an airport, and I was
Speaker 3: in Columbus, Ohio, I could have hired a car from
Speaker 3: the airport, yes, and returned it to the airport and
Speaker 3: used a debit card.
Speaker 4: Okay, but I wanted.
Speaker 3: To drive from Columbus, Ohio to Nashville and picking up
Speaker 3: the car from the airport. That they wouldn't let you
Speaker 3: do it with a debit card. You had to have
Speaker 3: a credit card.
Speaker 1: Oh why do they do that?
Speaker 3: I think it might be some security thing if you
Speaker 3: do the runner with the car or something.
Speaker 1: And as if you couldn't do that if you'd said
Speaker 1: you'd return it to the airport.
Speaker 3: Yeah, so then I had to get like an uber
Speaker 3: to like this other car yard, you know, half an
Speaker 3: hour down the road and like anyway, So all in all,
Speaker 3: that was probably the main habit. If you don't have
Speaker 3: the money, you don't buy it yep, with exception of
Speaker 3: a home mortgage.
Speaker 1: I think that's really important. I really like that my
Speaker 1: parents were a bit similar. I don't remember them having
Speaker 1: any credit, which for me is obviously a good thing.
Speaker 1: But my dad would also really instill saving in us,
Speaker 1: and I've spoken about this in my book, but I
Speaker 1: also have spoken about it hystorically on the podcast that
Speaker 1: he used to just rum into us to always say
Speaker 1: first and always save like five percent of your income.
Speaker 1: I didn't really listen to him until I was older.
Speaker 1: I wish i'd listened to him when I was younger,
Speaker 1: but he definitely did try to instill really good money
Speaker 1: habits in us. And my mum had instilled really great
Speaker 1: money habits, like business habits in me. When I was fourteen,
Speaker 1: thirteen or fourteen, she bought a business, a small business.
Speaker 1: It was a coffee cut And the reason she did
Speaker 1: that was because she wanted to teach us about money
Speaker 1: and about running a business and how important cash flow
Speaker 1: was and how to do things. And I remember at fourteen,
Speaker 1: Mum would have me, you know, sitting down and I'd
Speaker 1: have to work out the float and then I'd have
Speaker 1: to work out how much coffee cups cost and what
Speaker 1: the coffee was, and how much it was going to
Speaker 1: cost to get those like you remember those fancy individually
Speaker 1: packeted Byron Bay cookies, Like I had to work out
Speaker 1: how much profit you could get.
Speaker 4: On these dotties. Love the dotties so good, but.
Speaker 1: I had to work out how much we could sell
Speaker 1: those for. And anyway, it was a whole thing, and
Speaker 1: it really taught me a lot about money and the
Speaker 1: importance of money. And I remember doing that with her and
Speaker 1: then you know, wanting my sister to help and mumping like, oh, oh,
Speaker 1: how much are you going to pay her for an hour?
Speaker 1: If you asked her? And I'd be like, oh, what
Speaker 1: you have to pay for labor? This is crazy. So
Speaker 1: I feel like my parents instilled a really healthy relationship
Speaker 1: with money with me, and you know a lot of
Speaker 1: I'm very, very lucky and very privileged that I got
Speaker 1: to go through that. But both parents were really good
Speaker 1: at saving. Like I even remember going on a holiday
Speaker 1: once and Mum being like, I have been saving up
Speaker 1: for this holiday and I have been paying this off
Speaker 1: because my mum and dad had I think managed money
Speaker 1: pretty separately. But Mum was like nope, I've been saving
Speaker 1: up for this and we've been doing this, and I
Speaker 1: just remember being like, yeah, go, mum, you paid for
Speaker 1: our holiday, Like that's real cool. So yeah, I had
Speaker 1: a really good upbringing in that my parents were good
Speaker 1: at talking about money in saying that. It wasn't like
Speaker 1: we sat down and talked about superinuation or investing or
Speaker 1: anything like that. It was definitely like cash flow and
Speaker 1: budgeting and making sure that I had the money that
Speaker 1: I needed. And yeah, had had good pocket money.
Speaker 3: How's this my parent or my dad? So my dad's grandfather,
Speaker 3: my dad's dad, and my dad, we're all self employed.
Speaker 3: I'm like fourth generation self employed. Yeah, so it's just
Speaker 3: this innate thing.
Speaker 1: I'm still motivated. My parents owned a business for a
Speaker 1: really long time as well. So I guess the apple
Speaker 1: doesn't fall that far from the tree, does it, Glenn?
Speaker 4: It doesn't.
Speaker 3: And also, like when we're younger, we wanted it an
Speaker 3: above or we wanted a pool. So my parents bought
Speaker 3: a second hand above ground pool, which is awesome. That
Speaker 3: you've got to dig him in like I don't know,
Speaker 3: half a meter, it has to be my dad dug
Speaker 3: it all by hand.
Speaker 1: Yeah, don't pay someone for something you can do self.
Speaker 4: Exactly that apple fell very far from the tree, let
Speaker 4: me tell you.
Speaker 1: Yeah. All right, well, let's move on to the second
Speaker 1: part of Jenna's question. What's your favorite clients story that
Speaker 1: you've helped out throughout your career. She said, it's really
Speaker 1: motivating to hear other people's stories. Glenn, do you have
Speaker 1: one that really stands out?
Speaker 3: I've actually got Gosh, I've got three that actually really
Speaker 3: stand out that I'll always remember. I've got one of
Speaker 3: them is boring, two of them are sad.
Speaker 1: Tell me about the boring one first.
Speaker 3: Well, the boring one, like clients, working class Australia, really
Speaker 3: good example of living on less than you earn for
Speaker 3: a long period of time, keeping it simple. They just
Speaker 3: salary sacrifice to super just rinse and repeat, rinse and repeat.
Speaker 1: Getting it done.
Speaker 3: Get to age fifty sixty have well over a million
Speaker 3: dollars in superannuation. They didn't overcook anything, and they didn't
Speaker 3: try and get rich quick anything like that. Spend less
Speaker 3: than you earn, invest the rest over a long period
Speaker 3: of time. You'll have a great lifestyle when you want
Speaker 3: to hang up the tools. So that was just a
Speaker 3: really good example of long term financial discipline. The other one,
Speaker 3: it's really a sad one and it just speaks about
Speaker 3: you know, estate planning and stuff like this. And that's
Speaker 3: why I liked talking about the estate planning stuff and
Speaker 3: you know, paying hex off early could impact the estate
Speaker 3: and whatnot. I had a client where I was working
Speaker 3: with the power of attorney and her mother was in
Speaker 3: a nursing home and her mother was under sixty, so
Speaker 3: early onset dementia like crazy, right, And we were basically
Speaker 3: and this was a very wealthy family, so I was
Speaker 3: doing the financial advice with mum's money, and basically there
Speaker 3: was stuff in the family that wasn't settled. And this client,
Speaker 3: her sibling had this undertone of jealousy that this sibling
Speaker 3: wasn't executor or power of attorney other and executor. And
Speaker 3: it got to the point where because there was so
Speaker 3: much money involved and this sibling hadn't set his own
Speaker 3: life up, got hungry for the money. And I was
Speaker 3: in a meeting with the accountant and the two siblings
Speaker 3: and they were a bit of strange and and this
Speaker 3: is just you know, the power of attorney. She's crying
Speaker 3: because she's only a young lady yourself. Mum's in nursing
Speaker 3: home early on set dementia. Over two million dollars, wow,
Speaker 3: all this crazy stuff. And he's going, oh, we just
Speaker 3: I just need to do this, this, this, and I
Speaker 3: want to do that. And I had to have I
Speaker 3: had to stand up and say to him, Hey, mate,
Speaker 3: you were here as a courtesy. You have no legal
Speaker 3: right to have any say with respect. It's your mum's
Speaker 3: bloody money. She's still alive. We are managing this for
Speaker 3: her benefit if and when your mother does pass away.
Speaker 3: We carried out as per the will, and it was
Speaker 3: really important to me that scenarios.
Speaker 1: Set the tone and said just.
Speaker 4: To be like, hey, back off. And we actually found
Speaker 4: out the reason, the whole reason why he was like that.
Speaker 3: Most of it was there was an old piece of
Speaker 3: furniture in the will that wasn't left to him.
Speaker 4: What it was left to her.
Speaker 1: Wait, he was mad because of a piece of furniture. Yeah, Like,
Speaker 1: it wasn't the two million dollar estate.
Speaker 4: It was a piece of well, it was a bit
Speaker 4: of both, but the kicker.
Speaker 1: Was whatever it is the things camel's back or something
Speaker 1: like that.
Speaker 3: So that was for me a client story about you've
Speaker 3: got to make sure that you're very clear with your affairs.
Speaker 3: Like when I did my will, I told my family, Hey, guys,
Speaker 3: you're not the executor of my will, Tim Cooper, my
Speaker 3: best friend is the executor.
Speaker 1: He the boss.
Speaker 3: You guys can manage the living will, the medical stuff. Yeah,
Speaker 3: I'm just letting you know it right now because I
Speaker 3: don't want to stress you out because there's a lot
Speaker 3: going on here.
Speaker 1: Because like Glenn's really really rich, so if it would
Speaker 1: be stressed.
Speaker 3: Well, it's more the I just don't want to put
Speaker 3: the paperwork on my parents.
Speaker 4: Or my sister.
Speaker 1: I wouldn't want to do that either.
Speaker 3: And I told them in an email. I'm like, the
Speaker 3: will's kept it auvery bround lawyers there. And this is
Speaker 3: what's happening. The kids are getting one hundred grand each
Speaker 3: or whatever that is. And it's not like I've got
Speaker 3: heaps of money. It's more that I've got some life
Speaker 3: insurance as well.
Speaker 1: A nice life insurance policy if it's set up properly,
Speaker 1: would be significant for anybody.
Speaker 3: Yeah, the kids are getting X amount each the you know,
Speaker 3: and then the rest is being split with you two,
Speaker 3: mum and dad and my sister. And there's a charity
Speaker 3: that's getting some and I wrote in the email, if
Speaker 3: you've got a problem with all this, I suggest you
Speaker 3: tell me now.
Speaker 1: Yeah, because I've written it so well that you can't
Speaker 1: argue with it down the track, So please let us
Speaker 1: know exactly.
Speaker 3: So for me that the important story was around the
Speaker 3: have the communications that matter now before it's too late.
Speaker 1: It's really important to do that. So that was one
Speaker 1: more to go.
Speaker 3: We did some pre retirement planning for a gentleman who
Speaker 3: he worked all his life to age sixty five, had
Speaker 3: significant wealth. I did all the financial planning for him.
Speaker 3: We retired him, had his money set up. He retired
Speaker 3: in the February of a year. He then retired in February.
Speaker 3: By July he had passed away and it was the flu,
Speaker 3: common flu. And he was a single man, had a
Speaker 3: daughter who was not his daughter. Yeah, okay, he had
Speaker 3: a son that he was estranged from for several years.
Speaker 3: And he didn't leave any money to the sun, which
Speaker 3: is that's his prerogative. And actually the Sun was actually
Speaker 3: okay with it. And I guess what I'm saying is,
Speaker 3: don't put stuff off because you never know what's going
Speaker 3: to happen. And that really taught me that for me,
Speaker 3: Glenn James, I'm not waiting untill there's this magical line
Speaker 3: in the sand, when I'm going to start living, when
Speaker 3: I'm going to do this, let's try. And this was
Speaker 3: probably around the mindset peace and the first chapter in
Speaker 3: the book about I use the phrase lead life on
Speaker 3: your own terms book.
Speaker 1: Again, Yep, nice.
Speaker 3: Because I've had all these experiences either myself or through
Speaker 3: clients and life's.
Speaker 4: Too short, so we need to live on our own terms. Now.
Speaker 1: I feel like as financial advisors, you know, we sit
Speaker 1: on podcasts like this and talk about the importance of
Speaker 1: state planning. Can you guys go okay of problems? Thanks Victoria.
Speaker 1: But we're not talking about the importance of estate planning
Speaker 1: because we got taught that at financial advice school. It's
Speaker 1: because we sit down with clients every day and end
Speaker 1: up being a part of their journeys, whether that is positive, negative,
Speaker 1: or neutral. And you know, it's heartbreaking when a client
Speaker 1: picks up the phone and says, hey, Victoria, how have
Speaker 1: you been, Like, oh, I'm so good, how are you
Speaker 1: x y Z? And they're like, just been diagnosed with
Speaker 1: cancer and that happens like that's not something that we,
Speaker 1: you know, aren't privy to. It's not you know what
Speaker 1: if that happens, or what if that happens to me?
Speaker 1: Situation like it does happen and we have to manage
Speaker 1: those claims. But I'm so grateful to be part of
Speaker 1: their journeys and get to support them through that because
Speaker 1: being able to go no problems. Glenn, I've got you.
Speaker 1: I'm going to submit a claim. Can you give me
Speaker 1: x Y or you know what are you going through?
Speaker 1: Let me know. I'll chase it up to be like, Okay, Glenn,
Speaker 1: you've been diagnosed with cancer. Here's a one hundred thousand
Speaker 1: dollars trauma payout. Don't worry about work either, because we're
Speaker 1: going to claim on IP once you've been out of
Speaker 1: the workforce for XYZ and they're fine financially. Like knowing
Speaker 1: that that's not going to cripple them in the way
Speaker 1: that it could to so many other people is so empowering,
Speaker 1: But it actually just makes me feel like I'm having
Speaker 1: an impact. And so when we say get your estate
Speaker 1: plan in order, we're not saying that just because it's cute.
Speaker 1: We're saying that because we've seen when it doesn't go right.
Speaker 1: And I've seen clients before, and this wasn't technically a
Speaker 1: client of mine, and it's probably one that's really shaped
Speaker 1: my view of estate planning and what that means. But
Speaker 1: it wasn't a client of mine, and it was an
Speaker 1: older gentleman had younger kids, and in a stereotypical way,
Speaker 1: he was also dating a younger woman that arguably was
Speaker 1: the age of his child. And this woman, you know,
Speaker 1: from my perspective, wasn't in it for the right reasons.
Speaker 1: He was quite wealthy, and when he passed away, it
Speaker 1: came out that his will had been changed six months prior,
Speaker 1: and I don't think it was malicious. They didn't expect
Speaker 1: him to pass away so soon, but everything went to
Speaker 1: the new girlfriend. They weren't married. It was to the
Speaker 1: new girlfriend, and just knowing enough about that to be
Speaker 1: able to dispute something like that because maybe he wasn't
Speaker 1: in his right mind, and watching that process unfold, I
Speaker 1: was just like, wow, Like this is so much more
Speaker 1: complex than just reading a will and going okay, agreed,
Speaker 1: Like if it's written in a will, it makes sense.
Speaker 1: So going through that process and just seeing it play
Speaker 1: out and going okay, cool. His kids did get what
Speaker 1: they deserved. They were so supportive. They were actually his carers,
Speaker 1: and this woman who wasn't caring for him at all
Speaker 1: seemed to end up benefiting. But knowing that we could,
Speaker 1: you know, say actually this is what it was and
Speaker 1: taking it to court and it was a long process,
Speaker 1: but knowing that family ended up keeping their wealth in
Speaker 1: their family, it just made me feel so much better.
Speaker 1: And in that moment, I knew that we'd done the
Speaker 1: right thing. It wasn't about making the kids rich, in fact,
Speaker 1: they were already. It just was about making sure that
Speaker 1: that family wealth and what he ultimately probably wanted still happened.
Speaker 1: And Yeah, I think that that's really important.
Speaker 4: Yeah.
Speaker 3: I think what we've kind of agreed on that the
Speaker 3: fun stories and all the good stuff, it's more about
Speaker 3: we've seen when you take care of the stuff that matters,
Speaker 3: that's when the real good stories come out.
Speaker 1: I don't know if I have quote favorite client stories,
Speaker 1: but when you ask that question, I have another one
Speaker 1: that was not necessarily a full financial planning client. She
Speaker 1: was someone that came to me really early on in
Speaker 1: my career, I think just through word of mouth if
Speaker 1: I remember correctly, and she wanted to leave her husband,
Speaker 1: but it turned out she was in an abusive relationship physically, emotionally, financially,
Speaker 1: and just being able to sit down with this person
Speaker 1: and go, Okay, let's create a plan, let's work out
Speaker 1: what this means. How can we afford it? How much
Speaker 1: money do you need? And you know, the partner was
Speaker 1: actually really wealthy, so it was going to be a
Speaker 1: really significant lifestyle change for this person. So just even
Speaker 1: being able to say, have you got your own bank accounts? No? Okay,
Speaker 1: let's set those up. How do you use a banking app?
Speaker 1: Didn't know how to do that, And just being able
Speaker 1: to sit with this person to be like, okay, cool,
Speaker 1: what else are you going to need? And I just
Speaker 1: remember racking my brain being like, okay, bills. Do you
Speaker 1: know how to pay bills? She was like no, sorry.
Speaker 1: It was just so empowering to sit down with this person.
Speaker 1: And you know, over three or four months, we just
Speaker 1: had a few coffee catch ups and I'd set her
Speaker 1: up and we'd organized it all. And I remember getting
Speaker 1: a text message. It wasn't a call, it was a
Speaker 1: text message one day and she's just like, I've done it.
Speaker 1: I was just like, oh, like I was so excited.
Speaker 1: I cried. And you know, it's stuff like that where
Speaker 1: you know you're having an impact and that you've been
Speaker 1: a really pivotal part of somebody y eating financial freedom
Speaker 1: or financial independence, or that a family is better off
Speaker 1: because of the work that you've done. I think, is
Speaker 1: you know, really empowering, but also not what you stereotypically
Speaker 1: think when you say I'm a financial advisor, Like, people
Speaker 1: don't I think they don't understand how integrated you become
Speaker 1: in a client's life.
Speaker 3: Yeah, And I kind of always have those thoughts well
Speaker 3: when I was practicing advisor, Like I've gone to hospitals
Speaker 3: after hours on weekends to see clients and I'm like, well,
Speaker 3: this is interesting that I'm going to a hospital and
Speaker 3: meeting extended family or whatnot. But I mean, the fun
Speaker 3: and we could probably we probably need to move on,
Speaker 3: but we could probably do another episode at some time
Speaker 3: about wild stories like the clients that I had that
Speaker 3: inherited close to fifty million dollars and kind of tried
Speaker 3: to did a good job of blowing it within five
Speaker 3: to seven years.
Speaker 1: That's really impassive. That's pretty good. I had a client
Speaker 1: that came to me because they actually didn't know their
Speaker 1: parents were billionaires and then it was sprung on them.
Speaker 1: So that was pretty good. That was really interesting, and
Speaker 1: just you know, that was one of those situations where
Speaker 1: I'm kind of hoping that that will happen, Like my
Speaker 1: parents were just teaching me to be humble and then
Speaker 1: they're going to turn around to be like, well, actually
Speaker 1: we're billionaires. But that actually happened to a client of mine,
Speaker 1: and you know, there was a lot of guilt and
Speaker 1: there was a lot of I don't want that money,
Speaker 1: but what can I do? And talking about impact and
Speaker 1: how much impact you can have through money because this person, Yeah,
Speaker 1: they just didn't know what to do with it, and
Speaker 1: it can be really overwhelming.
Speaker 3: Yeah, and I will say in my will, just remembering
Speaker 3: that I've actually put the kids because they won't get
Speaker 3: the money allocated to them until they're thirty years old.
Speaker 1: Yeah, genius, because.
Speaker 3: I don't want them hanging out for old Glenn who's
Speaker 3: died and his inheritance to us will solve all our problems.
Speaker 3: I want them to just be able to be functioning adults.
Speaker 3: And then in the will, I've written that you know,
Speaker 3: if they're incarcerated or add it to serious drugs. They're
Speaker 3: not fit to receive that money. There's heaps of conditions
Speaker 3: that the lawyers put.
Speaker 1: In there, Savage, uncle get savage.
Speaker 3: Well, I think it's just being responsible, Like I don't
Speaker 3: want to I don't.
Speaker 1: Want to support someone's drug addiction if I don't have.
Speaker 3: Exactly, So, I mean, these are the real things that
Speaker 3: you need to consider, you know. In the in the will,
Speaker 3: we only mention my sister's name because what if she's
Speaker 3: not with her partner ye when I pass away.
Speaker 4: We don't want some guy that's.
Speaker 3: My sister's ex or the father of money and nephews
Speaker 3: putting a claim in when he's not really in anyone's
Speaker 3: life anymore other than like, so, it's complex, but.
Speaker 4: Let's move Well, let's move on.
Speaker 1: So next question is from Jessica, and Jessica says, Hi,
Speaker 1: Victoria and Glenn would like to know your opinion on
Speaker 1: whether now is the time to buy a house or
Speaker 1: wait longer. And then in bracket, she says, until the
Speaker 1: market slows down, as I'm in a good position with
Speaker 1: my partner where we are renting a granny flat and
Speaker 1: able to save a good amount each pay and no
Speaker 1: rush to move any advice would be appreciated. I'm also
Speaker 1: in Perth, by the way. PS love the podcast and
Speaker 1: super keen to read Glenn's book.
Speaker 3: Jessica, you are getting a copy of the book. But
Speaker 3: thanks the question. I'll just I think we can. We
Speaker 3: just should hurry up because we're running against the clock
Speaker 3: and I don't want to apologize.
Speaker 4: They are welcome.
Speaker 1: No, that's okay. I appreciate this. I think my listeners
Speaker 1: appreciate this. I'm going to give my opinion on this first,
Speaker 1: and my opinion is that there's no right time to
Speaker 1: buy a house. There's a right time for you to
Speaker 1: invest in an asset, though, and that's when you're ready
Speaker 1: financially mentally, like you're in the life position to be
Speaker 1: able to do that. It's not actually a should you
Speaker 1: wait for the market, because timing the market never works
Speaker 1: for anybody. Regardless of whether people are saying that property
Speaker 1: is going up or down, you literally can't predict it.
Speaker 1: So if you're in a position where you and your
Speaker 1: partner are going to be able to comfortably buy a
Speaker 1: house and that's in line with your goals and your
Speaker 1: values and what you want to achieve, go with that.
Speaker 1: But if you're looking at it going, oh my gosh,
Speaker 1: like I'm so stressed about this, but I'm in a
Speaker 1: really good financial position right now, right that way, for
Speaker 1: as long as you want to. So I guess I've
Speaker 1: been helpful and really unhelpful. But I don't believe in
Speaker 1: watching the property markets at all. I just believe in
Speaker 1: working out what works for you best. What is your opinion?
Speaker 3: First and foremost, I would say, before you talk to
Speaker 3: a mortgage broker, you'd probably want to make sure you've
Speaker 3: got some savings behind you, cleared any consumer debt, credit cards,
Speaker 3: personal loans, car probably okay with that still hanging there.
Speaker 3: For the purpose of this, try and have a target
Speaker 3: of five percent of the home deposit amount before you
Speaker 3: speak to a mortgage broker or for parental guarantees on
Speaker 3: the table. You don't technically need that five percent deposit,
Speaker 3: but I think it's still a good idea to clean
Speaker 3: up your consumer debt because you have consumer debt, because
Speaker 3: you've likely overspent.
Speaker 1: It's not a bad thing. You just spent more than
Speaker 1: you earn.
Speaker 3: Yeah, and we've all been there, but we just have
Speaker 3: to make sure that we change the habits and behaviors.
Speaker 3: But certainly there's no harm in speaking with the broker
Speaker 3: to is how much money you can get. But secondly,
Speaker 3: I think you're right, Victoria. You know, if you've got
Speaker 3: the money and it's a lifestyle play that you want
Speaker 3: to buy a house and live in and call it
Speaker 3: a home and the shoe fits, you can get the loan,
Speaker 3: you can get a house in the area you want
Speaker 3: to buy, go and buy a house and live in
Speaker 3: any joy. But if you're a bit agnostic and just
Speaker 3: want to really distill the goals a bit more like
Speaker 3: it might be a well, we've been told we need
Speaker 3: to buy a house, or well, maybe it is a well,
Speaker 3: let's just save some more and buy an investment property
Speaker 3: somewhere else in another area that's got some good growth
Speaker 3: longer term and we'll just go on rent next to
Speaker 3: the beach or in the city or so there's it's
Speaker 3: like whatever, if you've got the money and you want
Speaker 3: to buy a house, and you can go and buy it.
Speaker 1: But don't do it because you think the market's good.
Speaker 4: Yeah.
Speaker 1: Summary, All right, that was swift. I like it. Onto
Speaker 1: the next question, Glenn. This question is from Cash and
Speaker 1: Cat says, how do you know what you're doing on
Speaker 1: the stock market is working things grow so slowly? What
Speaker 1: if I've made bad choices? Will I not know for years?
Speaker 3: Well, they do say time reveals all of victoria terrifying inspiration.
Speaker 4: Look, so I think it's a great question.
Speaker 1: It is a really good question.
Speaker 3: But we know a couple of things. We know that
Speaker 3: if we buy an index, or we buy the ASEX
Speaker 3: two hundred index, you're really just going to do what
Speaker 3: the index does. Or if you invest with a Vanguard
Speaker 3: Diversified index fund, you know that fund manager has been
Speaker 3: around with that fund for over twenty years and basically
Speaker 3: does what's on the box. Now, past performance isn't an
Speaker 3: indication of future performance by no stretch of the imagination.
Speaker 3: But if there has been a company that has been
Speaker 3: managing people's money and in investing for a long term
Speaker 3: and basically doing what they say they will do, I'm
Speaker 3: willing to take that risk.
Speaker 4: I think, Cat, you're.
Speaker 3: Getting off the track into some wild territory if you
Speaker 3: start going, well, there's this new yogurt company that's about
Speaker 3: to list on the AX, and I want to buy that,
Speaker 3: And I can buy us stocks if we keep to
Speaker 3: the market and understanding concepts and in fact, I don't
Speaker 3: know if I'm allowed to, but I did a review
Speaker 3: just so people can understand how investments work.
Speaker 4: Victoria on YouTube.
Speaker 1: Oh, I was going to say the review in your
Speaker 1: book of how different assets perform You did that as well.
Speaker 4: Oh yeah, absolutely, I mean.
Speaker 1: To read so you getting a look in the.
Speaker 3: Book, Cat, But I did a review of there's a
Speaker 3: product called the Vanguard Personally Investor. Now we can't recommend
Speaker 3: products here, but I did a review on the platform
Speaker 3: Vanguard Personally Investor, only to start to show you the
Speaker 3: concepts of how investment platform.
Speaker 1: Work, which is really important to understand before you even
Speaker 1: get into investing.
Speaker 3: That's right, because the concepts I talk about with that
Speaker 3: YouTube review is the same concepts with any insert your
Speaker 3: brand here. So I mean you're welcome to I don't know.
Speaker 3: Can you can just search Glenn James Vanguard Personally Investor
Speaker 3: on YouTube or we can give.
Speaker 1: You it straight away. We'll actually put the link to
Speaker 1: it in the show notes for you.
Speaker 2: Glenn.
Speaker 1: How about that?
Speaker 3: So I think it's a great question because like everything
Speaker 3: we've got to have.
Speaker 4: That's the first time I've ever called UV.
Speaker 3: I'm in the Zone're in the zone. We've got to
Speaker 3: have a healthy level of skepticism. We don't act until
Speaker 3: we're educated enough to make our own decision. And if
Speaker 3: I'm personally and this is just the Glenn James, I'm
Speaker 3: more gun shy with different staff if they've been around
Speaker 3: for one minute as opposed to something that's had five
Speaker 3: years in the trend chap and as simple as that.
Speaker 1: It's also why I'm really apprehensive of when people buy
Speaker 1: individual stocks on their own and then they go, yeah,
Speaker 1: I've got a portfolio. I've been building it, I've been
Speaker 1: picking these companies, and I go, okay, great, Like, I'm
Speaker 1: sure you know obviously there's an opportunity to do really well.
Speaker 1: But given that being a fund manager is literally a
Speaker 1: job and buying and selling stocks is their career. And
Speaker 1: then you maybe work in HR and you've been picking
Speaker 1: some stocks because you've been reading some stuff on a
Speaker 1: blog online one time, I just I really are on
Speaker 1: the side of caution of people picking individual shares and
Speaker 1: to create a portfolio for long term wealth generation out
Speaker 1: of that, because I just go, how do you know
Speaker 1: you have the right diversification? How do you know that
Speaker 1: those companies, regardless of how much you love them, are
Speaker 1: the right choices for you, when even fund managers don't
Speaker 1: get it right sometimes like how are you getting it right?
Speaker 1: So I think for me, I really like trusting the professionals.
Speaker 1: That's why I work with six Park to create portfolios
Speaker 1: to people and actually give advice. It's why I really
Speaker 1: agree with index funds and ETFs and things like that
Speaker 1: that really take that response stability off you, because I
Speaker 1: just think it's a responsibility that as individual investors we
Speaker 1: shouldn't be carrying. Because there's ETFs in index funds and
Speaker 1: investment portfolios that exist that are in line with your values.
Speaker 1: And it's not as though it's how do you say,
Speaker 1: It's not as though it's hard to find. You just
Speaker 1: need to do the research. You're an ethical investor, Great,
Speaker 1: they are ethical ETFs. You want women only boards, there's
Speaker 1: an ETF for that, Like there are ETFs for everything.
Speaker 1: You've just got a look, and it's not like it
Speaker 1: used to be historically, where if you just trucked the index,
Speaker 1: it was the standard index. You can check the index
Speaker 1: of anything. So I think it's very cool that we
Speaker 1: have access to that nowadays. But I'm also just really
Speaker 1: wary of individual investors ran over.
Speaker 3: Yeah, And you know, I get curious and want to
Speaker 3: be an individual investor, and I've just made the rule
Speaker 3: that I don't have over ten percent of my portfolio
Speaker 3: to individual stocks.
Speaker 1: I like that. Yeah, And I guess disclosure wise, I
Speaker 1: do invest in individual stuff. A majority of my portfolio
Speaker 1: is not that though. I would say ninety nine percent
Speaker 1: of my portfolio is you know, diversified, and you know
Speaker 1: managed by a fund manager. It's not managed by me.
Speaker 1: I actually have my own financial advisor, go figure. But
Speaker 1: I do have a bit of a play sometimes because
Speaker 1: I'm really interested in investing and I think it's really fun.
Speaker 1: And I see something and I'm like, oh, I want
Speaker 1: to be on that. I get it, I really really
Speaker 1: get it, and I get it because I do it.
Speaker 1: But I wouldn't ever want my entire wealth and my
Speaker 1: future to be based on the decisions that I'm making, because,
Speaker 1: to be honest, even as a financial advisor, I don't
Speaker 1: trust myself enough to do that.
Speaker 3: Well. I think the problem is if we choose individual
Speaker 3: stocks and a heap of them do really well, we
Speaker 3: think that we are actually good at choosing stocks.
Speaker 1: We get this false sense of security.
Speaker 3: Yeah, where it's like, well, no, because then it's going
Speaker 3: to be like old Glenny boy over here getting a
Speaker 3: bit more spendy and want to oh yeah, all gambly
Speaker 3: with it. Because for me, I know, and this is
Speaker 3: not more than ten percent of my portfolio for individual stocks,
Speaker 3: because my personality has the proclivity to love the dovermine
Speaker 3: addiction more than others.
Speaker 4: I just know that.
Speaker 3: So I just you've got to know yourself before you
Speaker 3: can lead yourself.
Speaker 4: And Roll Dredge said that.
Speaker 1: So well, we both say that. That's why I put
Speaker 1: the first chapter of my book is Money Stories. That's
Speaker 1: why you talk about money personality so often and understanding it, Like,
Speaker 1: I just think that we really need to consider what
Speaker 1: our money personalities are and what that means to us
Speaker 1: before we do anything. Anyway, I'll roll on into the
Speaker 1: last but not least question, and this is from our
Speaker 1: friend Winni and it's not financially related at all. Winnie says,
Speaker 1: out of curiosity, which podcasts do you listen to for leisure? Glenn,
Speaker 1: what have you been listening to recently?
Speaker 3: Well, I just thought I would update, I would open
Speaker 3: my podcast play. I'm going to do it and just
Speaker 3: tell you what's in my library, right you can do
Speaker 3: the thing. Okay, think fast, talk smart, And I've actually
Speaker 3: organized him, he's a lecturer at Stanford to come on
Speaker 3: my podcast. Oh there's another one here, The Daily Bridgetown
Speaker 3: Audio podcast or are We Online? Marketing Made Easy with
Speaker 3: Amy Porterfield, The Future with Chris Doe, Strong Songs, Emotionally
Speaker 3: Healthy Leadership Podcast Making Sense with Sam Harris. I actually
Speaker 3: pay for that one, jen Z Money.
Speaker 1: That's your own podcast.
Speaker 4: Yeah, but it's in my opinion.
Speaker 1: Okay, but good one. Trying to slip that on in there.
Speaker 4: What's in Yours Hold?
Speaker 1: And I've just opened it every day. I've been listening
Speaker 1: to The Daily Oz. I really like that podcast. I
Speaker 1: also listen to a lot of true crime. I'm not
Speaker 1: so much. I love true crime. I'm obsessed with it.
Speaker 1: I'm The podcast that I have been listening to at
Speaker 1: the moment is Morbid and I'm up to episode two
Speaker 1: hundred and seventy nine. If that doesn't say something about me,
Speaker 1: I don't know what it does. I also really like
Speaker 1: Case File True Crime. That's another one of my favorites.
Speaker 1: And if you go through the entire list of what
Speaker 1: I've been listening to, I also listened to I catch
Speaker 1: Killers to completely flip that. I listen to Super Soul
Speaker 1: by Oprah. I really like that. I also really love
Speaker 1: Rene Brown. Anything that she has done I will listen to.
Speaker 1: And then I actually listen to a podcast every night
Speaker 1: when I go to bed because my mind never stops,
Speaker 1: so like if I don't have a podcast, I'm just
Speaker 1: thinking about work, I'm thinking about podcasting, I'm thinking about
Speaker 1: financial advice, and I just can't go to sleep. So
Speaker 1: I listen to a podcast. I think it's from the US,
Speaker 1: I don't actually know where it's from. And it's called
Speaker 1: Nothing Much Happens, and it's these beautiful stories where nothing
Speaker 1: much happens and you can fall asleep, and they always
Speaker 1: read it to you first normally, and then second they
Speaker 1: read it to a little bit slower, so like you
Speaker 1: know the story and what's going to come up, and
Speaker 1: I'm out like a light every single time. So I
Speaker 1: really like that. What else is in here?
Speaker 3: So for the e nt j's or the enneagram eight's
Speaker 3: out there like me, you'll get this that I don't
Speaker 3: love true crime because they'll take fifteen episodes to tell
Speaker 3: the story, where like no, it's.
Speaker 1: One Morbid's one episode, one story.
Speaker 3: Well some of them, like so the Teacher's pet right,
Speaker 3: Oh yeah, no, listen to the first three episodes. I
Speaker 3: get this guy's freaking guiltiest sin. Move on on board.
Speaker 1: Yeah they're great.
Speaker 4: So I just I just give me the headline cut
Speaker 4: down that time.
Speaker 1: I really like Morbid. So Morbid's really good because they
Speaker 1: talk through just like one case. Sometimes they do two
Speaker 1: episodes on one case if it's really big. But I'm
Speaker 1: I'm literally obsessed, like obsessed. Do you reckon? They'll let
Speaker 1: me on their podcast. We can talk about some kind
Speaker 1: of financial crime. I promise I'll do something, but I'm
Speaker 1: obsessed with them.
Speaker 4: So get this.
Speaker 3: I wanted to, and I won't because it's just it's
Speaker 3: probably a non starter because we do like my Millennial
Speaker 3: money and all that stuff.
Speaker 4: I'd love to do.
Speaker 3: My Millennial murder cover is like black and red with
Speaker 3: like blood dripping. I love that and get I actually
Speaker 3: asked an ABC journalist who's doing some investigative stuff the
Speaker 3: other day. I'm like, do you want to come and
Speaker 3: you know, find a crime? He goes, it's really hard
Speaker 3: to find crimes. I'm like, you'd have to go offshore
Speaker 3: to do it, Like to find a murder that or
Speaker 3: something that has been covered fair. But yeah, I would
Speaker 3: love to do my millennial murder. That's fun just because
Speaker 3: the alliteration and it rolls, you know.
Speaker 1: Yeah, No, that's fun. I've always wanted to do a podcast,
Speaker 1: and when I say always, like since starting podcasting, I've
Speaker 1: wanted to do a podcast like a series like Morbid,
Speaker 1: but it's on like financial crimes. So like each episode
Speaker 1: I cover like a really interesting financial crime.
Speaker 3: Like did you like to who the hell is HAMI? Yes,
Speaker 3: I did, and he listened to all of that and
Speaker 3: that was fascinating.
Speaker 1: Oh my gosh, that could be one episode like about
Speaker 1: him and what yeah and how that works and like
Speaker 1: all these other financial crimes because they exist, like people
Speaker 1: who have embezzled millions of dollars and then sailed off
Speaker 1: into the sunset like I want to hear it. Anyway,
Speaker 1: I'm obsessed with Ashan Elena from Morbid, and I think
Speaker 1: everybody else should be as well. And that wraps this
Speaker 1: episode really nicely as well, because the first or one
Speaker 1: of the first questions we got started and it was
Speaker 1: from Maddie and she said not to be morbid.
Speaker 3: And now we here, Glenn, we're here, So Michelle Barre Klow,
Speaker 3: Maddie Francis imaging kerr Annie Alga, Jenna Rainger. Sorry I
Speaker 3: don't know how to pronounce English. Jessica Smith, I know it,
Speaker 3: Jessica Smith. I don't know if it's the same. No,
Speaker 3: she's in Firth, Jess that I know is in Newcastle,
Speaker 3: Kat two and winn a Yip. If you guys reach
Speaker 3: out to do you want to just get them to
Speaker 3: email my team or something. Yeah either or yeah team
Speaker 3: as soort your money out dot com and we'll send
Speaker 3: you a book.
Speaker 1: Don't pretend to be these people. We have no way
Speaker 1: of checking it. But I mean all power.
Speaker 3: I've actually had to tell because when I've given away
Speaker 3: stuff in my Facebook group, because when you said, oh,
Speaker 3: do you have friends in your Facebook group?
Speaker 4: Aren't they all friends?
Speaker 3: I'm like, yeah, I'll give like a single mom who's
Speaker 3: struggling with money a free online course, and I say, oh, hey,
Speaker 3: just email this address and say that Glenn said in
Speaker 3: the Facebook group, and some guy will just email like,
Speaker 3: oh hey, Glenn said, I can have it audacity, you
Speaker 3: don't take advantage of my generosity. So now what I
Speaker 3: do I say to people? Hey, please screenshot this here. Yeah,
Speaker 3: all right, that's and sent.
Speaker 1: If there's no screenshot, no receipts not happening.
Speaker 3: Yeah, Like it's just wild that people take advantage of
Speaker 3: my generosity.
Speaker 4: But whatever.
Speaker 1: Someone tried to email us the other day and said
Speaker 1: that they couldn't log into their online course and I
Speaker 1: was like, you know, problems, I can reset it. What's
Speaker 1: your email? And they're like, oh, I don't know, Like
Speaker 1: like what email did you sign up with? And they
Speaker 1: didn't know, and I was like, okay, well I can't
Speaker 1: bought to your name. Then like what name did you
Speaker 1: sign up with? Because obviously I keep track of that.
Speaker 1: It's the Internet, it's twenty twenty one. You weren't anywhere.
Speaker 1: And they were like, just send me a new log in.
Speaker 1: I don't know why being so difficult, Like, well, because
Speaker 1: I think you're trying to scam me.
Speaker 3: So to bring this full circle, I felt really guilty.
Speaker 3: I'm giving away fifty books to different organizations around Australia
Speaker 3: like community centers and that, and I'm put in the
Speaker 3: Facebook group. I'm like, look, I'm really sorry that you're
Speaker 3: going to have to send us proof that you work
Speaker 3: at that you know, special needs community center or something
Speaker 3: like that or the high school scary. I'm only sending
Speaker 3: it to that address.
Speaker 4: Yep.
Speaker 1: Great, because people are dodgy, Glenn. People are dodgy. That's
Speaker 1: not how we should end this episode. But joke's on you.
Speaker 1: That's exactly how we're ending this episode. And we'll have
Speaker 1: you back on the podcast again, Glenn. As a thank
Speaker 1: you so so much for joining us. Thank you for
Speaker 1: answering our listeners questions. I feel like we should do
Speaker 1: more episodes like this more often.
Speaker 4: I like this deep dive format.
Speaker 1: It's really fun because I feel like you can just
Speaker 1: kind of.
Speaker 3: Dig deeper and you can camp on questions like the
Speaker 3: estate planning stuff. We camp there for like fifteen minutes.
Speaker 1: Yeah, but that's really important. I love it.
Speaker 3: But yeah, I just want to thank all your audience
Speaker 3: for their support of what we're doing at MA Milinnial Money.
Speaker 3: There's a lot of overlap, which is awesome because you know,
Speaker 3: Victoria and I the mum and dad of money. We
Speaker 3: can't always be all things to people, but we are
Speaker 3: your parents and we care and love you.
Speaker 1: We know best apparently. But if you haven't read it yet,
Speaker 1: Sort Your Money Out is available at all Good Book
Speaker 1: retailers and via Glenn's Amazon link, which I'm sure he
Speaker 1: makes money from, which is why you should buy it
Speaker 1: through that link, and we'll put that in the show
Speaker 1: notes as well.
Speaker 4: You use your Amazon leak.
Speaker 1: I've never used my Amazon link before. I didn't even
Speaker 1: know you could do it. I'm learning something every day.
Speaker 3: I told Victoria to buy a new microphone and I'm like,
Speaker 3: I'll just send you my Amazon affiliate.
Speaker 1: Link when I bought it, and he made money off
Speaker 1: me buying a new microphone. Impressive twenty bucks. But as always, guys,
Speaker 1: that is all we have time for today.
Speaker 5: Bye, and remember the advice shared on She's on the
Speaker 5: Money is generally nature and does not consider your individual circumstances.
Speaker 5: She's on the money existecurely for educational purposes and should
Speaker 5: not be relied upon to make an investment or a
Speaker 5: financial decision. And we promise Victoria Divine is an authorized
Speaker 5: representative of Infocused Securities Australia Proprietary Limited ABN four seven
Speaker 5: oh nine seven seven ninety seven oh fort nine AFSL
Speaker 5: two three six five two three