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Speaker 1: She's on the Money. She's on the Money.

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Speaker 2: Hello, and welcome to She's on the Money, the podcast

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Speaker 2: for millennials who want financial freedom. We are on the

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Speaker 2: cusp of a mammoth intergenerational wealth transfer, with boomers expected

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Speaker 2: to leave behind two hundred and twenty four billion dollars

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Speaker 2: each year in inheritances by twenty fifty. To make sure

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Speaker 2: we're all as prepared as possible, today we'll be diving

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Speaker 2: deep into exactly how inheritances work. We'll be talking through

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Speaker 2: tips for managing large sums of money, and we'll be

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Speaker 2: getting to the bottom of why things so often get

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Speaker 2: sticky in this space, particularly when it comes to our

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Speaker 2: loved ones and money. Is Georgia King, and joining me

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Speaker 2: as always is financial advisor Victoria Devine. You deal with

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Speaker 2: this topic and advise people on how to manage their

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Speaker 2: inheritances often, so I'm keen to pick your brain. But

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Speaker 2: before we get there, I know you wanted to start

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Speaker 2: today's pod with a couple of words.

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Speaker 3: Oh my gosh, yes, I absolutely did. I feel like

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Speaker 3: this topic can go one of two ways. One way,

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Speaker 3: you're like, oh my gosh, that's the biggest sum of

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Speaker 3: money you've never had.

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Speaker 1: Any experience within inheritance.

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Speaker 3: Which if that's the case, you're very lucky to have

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Speaker 3: not gone through that circumstance. I know that a lot

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Speaker 3: of people will also see it as very privileged, which

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Speaker 3: absolutely is, Like it's a very privileged thing to find

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Speaker 3: yourself in a position where you're inheriting a whole heap

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Speaker 3: of money. But the one thing that I want to

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Speaker 3: I guess acknowledge, especially as a financial advisor who specializes

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Speaker 3: in this space, I deal with lots of young people

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Speaker 3: I guess you would say millennials, George, who get inheritances

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Speaker 3: like that is my specialty as a financial advisor is

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Speaker 3: dealing with large sums of money and investing it so

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Speaker 3: that we can create more intergenerational wealth. But the one

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Speaker 3: thing I think we really need to acknowledge here.

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Speaker 1: Is that it's devastating. It's really hard.

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Speaker 3: It is so hard to get an inheritance, and if

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Speaker 3: you are in a situation where you're getting an inheritance,

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Speaker 3: it definitely means that you've lost someone close to you,

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Speaker 3: and that person means a lot, and it is it's

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Speaker 3: really upsetting, and I think that a lot of people

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Speaker 3: who haven't been in that situation will be like, oh

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Speaker 3: my god, it's so lucky that you got x YZ.

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Speaker 3: But what you don't know is that that person would

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Speaker 3: trade all of that money or all of the things

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Speaker 3: that they've inherited to get that loved one back in

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Speaker 3: a heartbeat. Like that is exactly what everybody would want,

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Speaker 3: But it's also a space where people.

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Speaker 1: Feel a lot of guilt.

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Speaker 3: George, Yeah, people feel a lot of guilt. And a

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Speaker 3: lot of what I do around inheritances is not necessarily

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Speaker 3: just the investing like that part, George is really easy,

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Speaker 3: but it's about honoring the person that has passed away

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Speaker 3: and make it sure that you're putting that money to

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Speaker 3: work so that it is working as hard as your

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Speaker 3: loved one.

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Speaker 1: Did for it.

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Speaker 3: And I just feel like when we talk about inheritances,

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Speaker 3: a lot of people are like, oh my god, so privileged. Yep,

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Speaker 3: got that completely understand, absolutely privileged.

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Speaker 1: Let's put that to the side.

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Speaker 3: But the next big thing when it comes to inheritance

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Speaker 3: is really acknowledging that level of guilt and acknowledging that

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Speaker 3: do you know what, I don't wish an inheritance on anybody,

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Speaker 3: Like if you've got an inheritance because your mom passed away.

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Speaker 1: I want my mom. I don't want my inheritance.

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Speaker 3: I want that And do you know what, it's a

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Speaker 3: very lucky position to be in. I totally, but do

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Speaker 3: you know what, it is a very interesting position to

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Speaker 3: find yourself in. But the important thing about in inheritance

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Speaker 3: is honoring the person that gave you that inheritance, because

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Speaker 3: they're giving it to you because they can't be there anymore.

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Speaker 3: So it's to them, I guess the next best thing

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Speaker 3: to being with you. And from my perspective as an advisor,

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Speaker 3: we need to acknowledge that first. Like George, if something

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Speaker 3: happened and you found your self in a position where

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Speaker 3: you're getting an inheritance, it's not wow.

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Speaker 1: Ge how much was it? It's wow, g how do

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Speaker 1: you feel? Yeah, you're okay?

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Speaker 3: Like there's often a lot of semantics that sit around

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Speaker 3: in inheritance, Like it might be very clean cut, like

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Speaker 3: you knew what was coming, someone had been very sick

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Speaker 3: for a very long time, or had been very old

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Speaker 3: and had this really great life and had a really

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Speaker 3: good innings and you've got no problems about it.

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Speaker 1: But you know, there's a lot of money there. But

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Speaker 1: then on the flip side, there.

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Speaker 3: Are situations where one day you might get a call

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Speaker 3: and dad that you haven't spoken to in fifteen years

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Speaker 3: has passed away, and their lawyer's calling you to tell

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Speaker 3: you that you're the next of kin and you're inheriting

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Speaker 3: their money. And that can be a really fickle position

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Speaker 3: to find yourself in because you're like, wow, like I

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Speaker 3: didn't talk to him, I didn't have anything to do

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Speaker 3: with him. Why am I getting all of his inheritance

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Speaker 3: or why am I getting his life insurance or whatever

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Speaker 3: it is. But I think it's really important to work

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Speaker 3: through that first. And for a lot of people, I

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Speaker 3: feel like they think an advisor is a really good

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Speaker 3: place to start. I mean, I'm going to be a

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Speaker 3: bit biased, George, my background's in psychology, I reckon I'm a.

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Speaker 1: Pretty good place to start.

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Speaker 3: Yeah, definitely, But I genuinely think that sometimes just putting

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Speaker 3: that money to the side for a few months while

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Speaker 3: you get your mental health sorted and you talk to

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Speaker 3: a therapist about what you want to do is going

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Speaker 3: to mean that you make better investment decisions in the

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Speaker 3: long term. It's definitely not about just quick seeing advisor

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Speaker 3: get investing. Really quickly, like you're not making it work.

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Speaker 3: Like if the worst thing you do is put that

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Speaker 3: money to the side and don't make any decisions on

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Speaker 3: it for twelve months, that's a really good idea. But

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Speaker 3: let's get into the show, because I feel like I

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Speaker 3: could go on about this forever and ever, because as

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Speaker 3: you know, Gee, this is I guess what.

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Speaker 1: Would you call it, like a sweet spot. Yeah, it's

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Speaker 1: just sweet spot.

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Speaker 2: It's pure Elli, it's your wheelhouse.

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Speaker 3: So I could talk about it literally all David, let's

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Speaker 3: get into the show. I know you've got a whole

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Speaker 3: heap of juicy questions for me, but I did want

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Speaker 3: to just preface it with that because inheritances, I think

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Speaker 3: can be often seen as very transactional, when from my

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Speaker 3: perspective and my experience they are from that.

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Speaker 2: Yeah, exactly right, So thank you for clarifying that. I

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Speaker 2: think it is super important. In terms of today's show,

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Speaker 2: I've kind of structured it so that the first half

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Speaker 2: will be us talking through how they work, what things

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Speaker 2: we need to be mindful of, and then we're going

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Speaker 2: to go into actually how we go about managing that

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Speaker 2: money effectively, as well as like properties stuff like that.

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Speaker 2: So we kick us off with exactly how inheritances work?

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Speaker 3: All right, ge, So when we pass away, So say

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Speaker 3: we passed away yesterday, all of our things are left

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Speaker 3: to our loved ones, which, if we're super organized, we've

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Speaker 3: spoken to someone like Lucy Percy, our state planning lawyer friend,

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Speaker 3: and she's helped you to clearly outline a will and

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Speaker 3: you have a detailed to date plan. So there's a

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Speaker 3: whole heap of clarity when it comes to where your

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Speaker 3: assets are going. Just to side note g Because someone

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Speaker 3: mentioned this to me the other day. They're like, why

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Speaker 3: did you say if we passed away yesterday. That's a

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Speaker 3: weird thing to say.

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Speaker 1: I was like, yeah, it is. I wouldn't want to

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Speaker 1: like say, gee.

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Speaker 3: If you passed away tomorrow, Like yeah, that just feels like, well,

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Speaker 3: what if that happened? Like it just feels like that's

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Speaker 3: very futuristic, like whereas you didn't pass away yesterday.

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Speaker 1: So it's a very easy hypothetical. Yeah, there's it's like

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Speaker 1: a hypothetical.

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Speaker 3: There's no like wishful thinking in it by any stretch

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Speaker 3: of the imagination. And I feel like when we're talking

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Speaker 3: about people passing away, which unfortunately, as an advisor I

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Speaker 3: talk about.

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Speaker 1: All the time.

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Speaker 3: My examples are often past tense instead of future tents,

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Speaker 3: and really that's a bit more of a respectful way

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Speaker 3: to have a conversation about that. I know that that's

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Speaker 3: a really weird side note.

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Speaker 1: But no, that's interesting, is that Actually? Yeah, I will.

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Speaker 2: I mean, you use that with your clients, So it's

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Speaker 2: it's interesting for us as listeners to kind of get

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Speaker 2: some insight into that, because it doesn't make sense if

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Speaker 2: you were like, gee, if you died tomorrow, that's extremely

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Speaker 2: negative and you know, quite shocking and scary.

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Speaker 3: Yeah, Like, I don't ever want that to be like

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Speaker 3: wishful thing. I wonder if other advisors do that. If

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Speaker 3: you are an advisor and you do that, please to

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Speaker 3: hear me and let me know, because I don't like

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Speaker 3: it's not it's not in our training or anything. It's

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Speaker 3: just something that I've picked up on over time because

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Speaker 3: I just feel more comfortable saying it that way. I

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Speaker 3: don't know, but I just wanted to preface it because

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Speaker 3: I noticed I said it. Then anyway, good next one. Gee,

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Speaker 3: if we don't have a will, which we've spoken about before.

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Speaker 3: We did an estate planning episode recently and we obviously

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Speaker 3: know how important it is to have a will, and

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Speaker 3: if you don't know, or you haven't listened to that episode,

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Speaker 3: please do. It is a really important episode. We also

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Speaker 3: did want a little while ago Gee with Lucy Percy,

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Speaker 3: who's an estate planning lawyer, and she is brilliant, like

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Speaker 3: she she actually works with my clients, like she's not

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Speaker 3: just a random estate planning lawyer that I know. She

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Speaker 3: quite literally does most of my client's estate plans, and

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Speaker 3: she is a wizard. But if we pass away and

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Speaker 3: we don't have a will, all of our assets, if

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Speaker 3: we have a spouse, will be past to our spouse,

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Speaker 3: and then if there's no spouse, it will go to

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Speaker 3: our children. And if you don't have a children, it'll

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Speaker 3: go on from there to any living relatives left. But

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Speaker 3: if you die without a will, we're is called dying intestate,

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Speaker 3: which I think is really interesting because you often hear

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Speaker 3: these terms thrown around.

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Speaker 1: And you're like, what is interesting.

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Speaker 3: It means you die and you don't have a will,

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Speaker 3: but the state absorbs your assets and then they look

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Speaker 3: for the next of kin, and if they don't, all

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Speaker 3: goes to the government, which is a very fun thing

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Speaker 3: to think about. Because I don't think many people are like, well,

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Speaker 3: what happens if you can't find someone to give my

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Speaker 3: stuff to? However, inheritances do come in many different shapes

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Speaker 3: and sizes. Just because you hear the word inheritance doesn't

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Speaker 3: mean someone has gotten a million dollars in hot hot cash.

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Speaker 3: It could be a property, it could be interest on

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Speaker 3: super You might inherit someone's cash or cuz or some

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Speaker 3: sentimental possessions, or maybe g some things that you don't want,

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Speaker 3: those heaps of things that you can inherit. And IG

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Speaker 3: have been very lucky historically to inherit some really special

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Speaker 3: things from my grandparents.

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Speaker 1: I have like some salad tongs that my grandma.

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Speaker 3: Used that are silver, and I have a whole heap

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Speaker 3: of like trinkets and jewelry and stuff that are really really.

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Speaker 1: Special to me.

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Speaker 3: So it's really important to also understand that an inheritance

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Speaker 3: might not just be cash, because in my case, I

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Speaker 3: didn't inherit cash or anything like that from grandparents because

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Speaker 3: obviously that would have been divided up among the siblings.

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Speaker 1: Or their kids.

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Speaker 3: Yeah, direct children, so my parents, etc. But I ended

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Speaker 3: up with some really special possessions. So if someone passes away.

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Speaker 3: There are lots and lots of things to be divided

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Speaker 3: up and organized, and you know, prioritized. It doesn't just

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Speaker 3: mean that, Okay, George, you're going to end up with

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Speaker 3: some cash.

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Speaker 1: It could be an asset.

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Speaker 3: It could be something really small but really sentimental. And

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Speaker 3: to me, those things are some of my most important things.

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Speaker 3: Like if my house was burning down, Jay, those are

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Speaker 3: the things I would grab first.

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Speaker 2: Yeah, after I'd grab my pets, pets, the solid tongues

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Speaker 2: I love it.

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Speaker 1: Pets and the salad tongues.

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Speaker 2: Can you also inherit shares?

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Speaker 3: You can inherit shares, And that's one thing that you

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Speaker 3: need to be quite careful of because when it comes

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Speaker 3: to shares and also property, you need to know the

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Speaker 3: semantics of what's selling that asset means. And I've come

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Speaker 3: into a few people before who are like, oh my gosh,

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Speaker 3: I inherited the share portfolio.

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Speaker 1: V need your help.

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Speaker 3: Can we sit down and have a meeting. And I'm like, yeah,

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Speaker 3: no problems, g sit down, let's have a chat. And

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Speaker 3: they're like, I just want to sell it, not interested

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Speaker 3: in shares at all. I'm like, Okay, no problems, let's

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Speaker 3: calculate what that means in terms of tax implications. And

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Speaker 3: you need to understand this because a lot of the time,

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Speaker 3: if you're inheriting shares, they could have been owned for

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Speaker 3: forty fifty plus years, which can you think of a

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Speaker 3: compound interest on those shares over time? G very sexy,

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Speaker 3: But when compound interest is involved and those things are

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Speaker 3: increasing in value, you're very likely to have to pay

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Speaker 3: capital gains tax, and we want to avoid that if possible,

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Speaker 3: because often you might find yourself in a position where

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Speaker 3: you're like, all right, so, g I don't really want

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Speaker 3: to own shares, like this isn't what I want. It's

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Speaker 3: not aligned to my values. But on the flip side,

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Speaker 3: if I sell it, I'm up for a pretty hefty

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Speaker 3: tax bill and I don't particularly want that. We're not

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Speaker 3: just looking at what you want when it comes to

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Speaker 3: an inheritance, also looking at what is in your best

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Speaker 3: interest financially as well, because gee, if you have to

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Speaker 3: give away half of the wealth to tax, do you

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Speaker 3: want to get rid of it? Do you really want

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Speaker 3: to do that or do we want to make a plan.

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Speaker 1: That makes the most of it.

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Speaker 2: Okay, and other age limits when it comes to inheritances,

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Speaker 2: as well, in terms of cash and shares and properties.

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Speaker 1: Yeah, there are.

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Speaker 3: So if you're a kid and you're under the age

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Speaker 3: of eighteen, you're very unlikely to be allowed to access

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Speaker 3: any of the inherited wealth, Like you're not going to

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Speaker 3: be allowed to manage a property if you're twelve. But

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Speaker 3: when they turn eighteen, g then all of that changes

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Speaker 3: and you're treated as an adult. Except Gee, if someone

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Speaker 3: who's put in the will that they don't want you

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Speaker 3: to access that until a certain age, So they might say,

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Speaker 3: all right, young adults, pretty crazy. I want them to

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Speaker 3: inherit my property, or I want them to inherit this cash,

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Speaker 3: but I don't want them to be able to access

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Speaker 3: it until they're twenty five or till they're thirty. And

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Speaker 3: that's actually quite common, especially when people have larger amounts

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Speaker 3: of wealth that they know are going to go to

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Speaker 3: younger kids. Gee. There's also clauses that some people put

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Speaker 3: into wills, like, all right, it'll go to my son,

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Speaker 3: I don't want him to access it until he's twenty five.

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Speaker 3: But when he turns twenty five, if he doesn't have

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Speaker 3: any addiction issues and he's all well.

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Speaker 1: And good, it can go to him.

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Speaker 3: But if he is suffering from addiction issues, I don't

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Speaker 3: want him to have access to a large amount of money.

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Speaker 3: And the executor of the will is going to help

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Speaker 3: organize all of this. But there are so many things

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Speaker 3: and so much power that you have if you're writing

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Speaker 3: a will, and I just don't.

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Speaker 1: Think people understand.

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Speaker 3: Like a lot of people just go, oh, inheritance, no problems.

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Speaker 3: But I've got a couple of clients who I managed

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Speaker 3: portfolios for and they're not allowed to access their portfolios

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Speaker 3: yet because they're outlined that they can't have them until

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Speaker 3: they're thirty. Really, a person who wrote the will wanted

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Speaker 3: to make sure that they had established their own income

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Speaker 3: streams and had a career and or started a career

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Speaker 3: before they actually came into some significant wealth, which from

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Speaker 3: their perspective is absolutely their wishes.

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Speaker 1: And we are honoring.

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Speaker 2: Those, yeah, one hundred percent. And with an executor, you

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Speaker 2: just outline them in the will.

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Speaker 1: Is that correct? Yeah, So you'll outline them in the

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Speaker 1: will and they will know.

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Speaker 3: And it could be someone that you know, or it

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Speaker 3: could be someone like a financial advisor. So g For example,

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Speaker 3: I've got a couple of clients where they've got a boyfriend,

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Speaker 3: but they're not that close with the boyfriend yet, like

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Speaker 3: it's a pretty fresh relationship, and both of their parents

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Speaker 3: aren't around anymore, and they just didn't have someone to.

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Speaker 1: Be the executor.

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Speaker 3: And I'm actually the executor of rail, so you can

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Speaker 3: nominate someone who is a professional executor. But in that circumstance,

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Speaker 3: we'd also build into the will some fees and stuff

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Speaker 3: like that. So when I'm working on that, then I

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Speaker 3: will get paid from the state, which is from my

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Speaker 3: perspective again, quite interesting, and I don't think that a

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Speaker 3: lot of people consider that. They're like, oh, wow, I

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Speaker 3: could just have my financial advisor do that.

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Speaker 2: Yeah, And I mean financial advisors would presumably make very

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Speaker 2: good decisions with the finances, so smart thing to do there.

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Speaker 2: We've touched on this in the past, but let's go

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Speaker 2: over it again. If someone you love, say your mum,

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Speaker 2: for example, they sadly passed away yesterday and they left

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Speaker 2: all of their wealth, all of their millions to the

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Speaker 2: Lost Dogs Home, happens, Yeah, so can you dispute that

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Speaker 2: if you think perhaps you deserve that's.

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Speaker 1: A money yes and no.

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Speaker 3: G There are a couple of things around that, and

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Speaker 3: it depends on how I guess comprehensive they will in

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Speaker 3: a state planning, you know, process was and if they've

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Speaker 3: gone and seen a Laura and set all of that up,

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Speaker 3: it's very likely that you might not be able to

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Speaker 3: argue it. And I find it super interesting because I

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Speaker 3: actually did have a situation. It wasn't me personally, it

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Speaker 3: was another advisor that I used to work with. They

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Speaker 3: had someone whose mother actually left I think it was

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Speaker 3: like ninety percent of her wealth to the Lost Dogs

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Speaker 3: Home and ten percent to the kids, and the kids

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Speaker 3: were like, what the hell. They didn't know that that

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Speaker 3: was the case until the mother passed away, because it

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Speaker 3: was just in a will and that was her business.

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Speaker 3: And you don't actually have to tell someone what is

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Speaker 3: in your will unless you want to. Obviously, you're going

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Speaker 3: to have to tell people if they're the executor of

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Speaker 3: a will. But gee, if I leave you any money

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Speaker 3: in my will, I don't have to tell you about

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Speaker 3: that because I might change my mind later, who knows. Obviously,

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Speaker 3: if it is completely leak proof, then you don't have

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Speaker 3: a lot of wigal room. But according to Victoria Legal eight,

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Speaker 3: if the person who made the will didn't have the

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Speaker 3: capacity to make the will at the time they signed it,

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Speaker 3: you could challenge it.

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Speaker 1: Or if the will.

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Speaker 3: Wasn't drafted and signed according to law, like there might

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Speaker 3: be a little bit of a loophole if you're like, oh,

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Speaker 3: like it was on the back of a napkin line, right,

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Speaker 3: Probably probably not, so it needs to be the proper

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Speaker 3: legal process. Or if one of the witnesses of the

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Speaker 3: will are set to inherit something in the wheel, So

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Speaker 3: that is an interesting loopholes. You might just be helping

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Speaker 3: a mate out by signing it, but also creating a

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Speaker 3: loophole of someone being.

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Speaker 1: Able to challenge it.

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Speaker 3: Yeah, it can be challenged if you were making the

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Speaker 3: will under the influence of others. So for example, we've

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Speaker 3: had situations and thankfully not with any of my clients,

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Speaker 3: but you know, I have a lot of financial advisor

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Speaker 3: friends where you know, maybe the kids are asking the

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Speaker 3: parents to update the will while they're not well in

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Speaker 3: hospital and they know what they're doing. Could be challenged then.

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Speaker 3: Or if a person had a responsibility to provide for

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Speaker 3: someone and they don't believe that they've left their fair

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Speaker 3: share to that person. So for example, if they had

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Speaker 3: kids under the age of eighteen and they've left absolutely

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Speaker 3: nothing to that side of the family, and the kids

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Speaker 3: still have school fees and the cost of putting roof

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Speaker 3: over their head and stuff, and it's gone to maybe

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Speaker 3: they're lack young mistress or something like. You could definitely

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Speaker 3: challenge the will in that circumstance to say, did you

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Speaker 3: know that they actually had kids that they needed to

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Speaker 3: provide for? And that's probably not the most ethical of outcomes. However,

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Speaker 3: if someone has gone to the trouble of making sure

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Speaker 3: they have a watertight will, I also feel like sometimes

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Speaker 3: it's not worth challenging, not not worth, but we need

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Speaker 3: to also understand that, you know, you might not be

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Speaker 3: getting what you wanted, g Like, you might feel like

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Speaker 3: you're entitled to something. But I also think that when

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Speaker 3: we go through a process like this, we need to

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Speaker 3: check our entitlement a little bit and go what if

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Speaker 3: their wishes are being completely fulfilled? Like a will is

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Speaker 3: the wishes of someone who has passed away, and it

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Speaker 3: speaks for that person when they're not able to speak

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Speaker 3: for themselves anymore. And I just feel like sometimes I've

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Speaker 3: seen situations where people are challenging wills and I'm like, mm,

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Speaker 3: they really wanted that and not.

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Speaker 1: To get I guess too personal.

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Speaker 3: But I have had situations where, you know, someone might

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Speaker 3: have left all their money to the Lost Dogs Home

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Speaker 3: and not to any of their adult children, and they've

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Speaker 3: made that decision because their adult children weren't looking after

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Speaker 3: them and they you know, maybe had really disconnected relationships

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Speaker 3: and they hadn't talked to their kids in ten plus years,

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Speaker 3: and they're like, do you know what, I don't want

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Speaker 3: them to have that money. They don't have anything to

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Speaker 3: do with me. And I often feel a little bit

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Speaker 3: is the word iky like, when you hear that they're

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Speaker 3: challenging a will and I'm like, well, you didn't even

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Speaker 3: look after your mouth the last twenty years, but now

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Speaker 3: you want to know. Oh. I don't know. I'm a

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Speaker 3: big opinion on this, But at the same time, I

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Speaker 3: think it's all about respect and making sure we're respecting

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Speaker 3: the person that's passed away as well as you who

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Speaker 3: is potentially inheriting something.

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Speaker 2: Yeah, for sure, if anyone is interested in wills and

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Speaker 2: all of that kind of thing. We did do an

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Speaker 2: episode as you flagged earlier, V, so definitely go back

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Speaker 2: and have a listen to that one. You also mentioned

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Speaker 2: the tax implications briefly, V yes, sir, what's the goal there?

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Speaker 2: Like what types of inheritance do we need to pay

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Speaker 2: tax on? How does that work, what does it look like?

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Speaker 3: So this is where you probably should get some advice.

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Speaker 3: Like if you're inheriting a large sum of money and

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Speaker 3: you need some advice, I definitely would get it because

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Speaker 3: you don't want to get bitten.

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Speaker 1: With it later.

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Speaker 3: But in Australia, g you'll be very happy to know

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Speaker 3: there aren't any inheritance or estate taxes, which is kind

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Speaker 3: of cool. But as I said before, there might be

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Speaker 3: some tax obligations that you need to meet depending on

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Speaker 3: exactly what you inherit. So for example, as we were

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Speaker 3: talking about before, capital gains tax, like you might need

438
00:19:57,280 --> 00:19:59,920
Speaker 3: to pay capital gains tax if you inherit a property

439
00:20:00,040 --> 00:20:03,040
Speaker 3: and then sell it, but there are some exemptions to that.

440
00:20:03,440 --> 00:20:05,840
Speaker 3: So for example, I know that if you sell it

441
00:20:05,840 --> 00:20:08,200
Speaker 3: within the first two years, there might not be tax

442
00:20:08,280 --> 00:20:10,560
Speaker 3: payable on that, But if you sell it after that

443
00:20:10,680 --> 00:20:13,200
Speaker 3: two years but it was an inherited asset, you do

444
00:20:13,280 --> 00:20:16,000
Speaker 3: have to pay capital gains tax. I would be going

445
00:20:16,000 --> 00:20:18,560
Speaker 3: on to the ATO website and checking that because they

446
00:20:18,600 --> 00:20:20,959
Speaker 3: do have a really good detailed summary of what that

447
00:20:21,080 --> 00:20:23,720
Speaker 3: looks like. But I also think that it is really

448
00:20:23,760 --> 00:20:27,520
Speaker 3: important to understand that even if you're in the middle

449
00:20:27,560 --> 00:20:29,960
Speaker 3: of a grieving process, like as I said before, George,

450
00:20:29,960 --> 00:20:31,520
Speaker 3: it is not the worst thing to just park the

451
00:20:31,560 --> 00:20:34,360
Speaker 3: money or park the asset to the side and out

452
00:20:34,359 --> 00:20:36,239
Speaker 3: of sight, out of mind for a bit while you

453
00:20:36,280 --> 00:20:38,600
Speaker 3: go through your grief period, which I think is really

454
00:20:38,640 --> 00:20:41,480
Speaker 3: important because the last thing you need to do is

455
00:20:41,560 --> 00:20:45,000
Speaker 3: be making decisions on money and making really big investment

456
00:20:45,040 --> 00:20:48,199
Speaker 3: decisions when you're not in your right mind. And I

457
00:20:48,240 --> 00:20:51,560
Speaker 3: feel like George, one of the biggest red flags for

458
00:20:51,600 --> 00:20:54,959
Speaker 3: a financial advisor or anybody, right even if it's your

459
00:20:55,040 --> 00:20:57,879
Speaker 3: uncle John, who's you know in your ear and going George,

460
00:20:57,880 --> 00:20:59,840
Speaker 3: you need to see financial advisor asap.

461
00:21:00,520 --> 00:21:00,920
Speaker 1: You don't.

462
00:21:01,359 --> 00:21:05,640
Speaker 3: You absolutely don't just get through that period and be okay.

463
00:21:06,280 --> 00:21:09,879
Speaker 3: But do know the limitations of it. So parking it

464
00:21:09,960 --> 00:21:12,760
Speaker 3: for six to twelve months non issue. But if you

465
00:21:12,800 --> 00:21:14,880
Speaker 3: have a property, we need to make sure that you're

466
00:21:14,920 --> 00:21:17,520
Speaker 3: not missing out on something if you've got that two

467
00:21:17,640 --> 00:21:20,040
Speaker 3: year limit. So for example, we don't want to pay

468
00:21:20,080 --> 00:21:22,680
Speaker 3: capital gains tax when it comes to inheritance. I've had

469
00:21:22,680 --> 00:21:24,800
Speaker 3: a lot of people say things like, oh v, I

470
00:21:24,880 --> 00:21:27,840
Speaker 3: wish I'd known that earlier. So I think it's educate

471
00:21:27,880 --> 00:21:30,679
Speaker 3: yourself and then park the money to the side, because

472
00:21:30,720 --> 00:21:32,560
Speaker 3: we don't want to be in a fickle position.

473
00:21:32,760 --> 00:21:33,600
Speaker 1: But that is just me.

474
00:21:34,000 --> 00:21:36,400
Speaker 3: And then when it comes to g inherited shares, which

475
00:21:36,400 --> 00:21:39,119
Speaker 3: you and I were talking about before, you're very likely

476
00:21:39,280 --> 00:21:41,600
Speaker 3: to have to pay income tax on the dividends that

477
00:21:41,640 --> 00:21:43,920
Speaker 3: are paid on those shares. And the same thing goes

478
00:21:43,960 --> 00:21:46,959
Speaker 3: for property. If it is an income generating property like

479
00:21:47,000 --> 00:21:49,160
Speaker 3: it is leased out and you have an income through

480
00:21:49,200 --> 00:21:52,040
Speaker 3: having tenants in those properties, you're going to have to

481
00:21:52,040 --> 00:21:54,520
Speaker 3: pay income tax on that because that was the obligation

482
00:21:54,600 --> 00:21:58,240
Speaker 3: of the person who has now passed away. However, the

483
00:21:58,280 --> 00:22:01,480
Speaker 3: sale of those assets is treated differently, so I would

484
00:22:01,520 --> 00:22:03,800
Speaker 3: just be making sure that you're meeting your tax obligations

485
00:22:03,800 --> 00:22:05,840
Speaker 3: and you know what applies to you. So if you're

486
00:22:05,840 --> 00:22:08,080
Speaker 3: in that situation, have a chat to a financial advisor

487
00:22:08,119 --> 00:22:09,639
Speaker 3: and they will make sure that you are doing the

488
00:22:09,720 --> 00:22:12,639
Speaker 3: right thing. But as I said before, no need to

489
00:22:12,720 --> 00:22:16,160
Speaker 3: jump on it. I guessap if you've just inherited.

490
00:22:15,600 --> 00:22:20,800
Speaker 2: Something, Okay, before we head to the break fee, how

491
00:22:20,880 --> 00:22:24,080
Speaker 2: important is it that we see a financial advisor. I'm

492
00:22:24,119 --> 00:22:27,680
Speaker 2: assuming like the larger the sum of money or the

493
00:22:27,760 --> 00:22:31,399
Speaker 2: larger the inheritance, probably the more likely it is that

494
00:22:31,480 --> 00:22:33,760
Speaker 2: we should see an advisor just to make sure we

495
00:22:33,800 --> 00:22:37,439
Speaker 2: are making the correct decisions. Is there like a monetary

496
00:22:37,920 --> 00:22:40,639
Speaker 2: minimum that we should inherit before we see an advisor,

497
00:22:40,720 --> 00:22:43,680
Speaker 2: Like if we're if we just in quotation marks inherit

498
00:22:43,800 --> 00:22:47,040
Speaker 2: like ten grand or something compared to one hundred grand,

499
00:22:47,640 --> 00:22:50,679
Speaker 2: they're very different sums of money. Should we see an

500
00:22:50,680 --> 00:22:52,480
Speaker 2: advisor if it is that larger sum?

501
00:22:52,640 --> 00:22:56,719
Speaker 3: Gee, I'm very pro advice obviously, and I do believe

502
00:22:56,800 --> 00:22:59,280
Speaker 3: deeply in making sure that you get the right advice.

503
00:22:59,600 --> 00:23:02,679
Speaker 3: But as you know, when it comes to financial advice,

504
00:23:02,720 --> 00:23:05,600
Speaker 3: there are fees associated with that, and that could sit

505
00:23:05,640 --> 00:23:09,040
Speaker 3: from anywhere between four to like eight thousand dollars. If

506
00:23:09,080 --> 00:23:12,320
Speaker 3: you're talking about an inheritance advisory piece, like you're getting

507
00:23:12,320 --> 00:23:14,879
Speaker 3: a statement of advice to make sure that that is okay. So,

508
00:23:14,960 --> 00:23:17,240
Speaker 3: when it comes to inheriting, and you use the example

509
00:23:17,240 --> 00:23:20,480
Speaker 3: of ten thousand dollars, going and seeing a financial advisor

510
00:23:20,800 --> 00:23:24,680
Speaker 3: might not be a viable outcome for you because it's like, well,

511
00:23:24,720 --> 00:23:26,399
Speaker 3: you've inherited ten grand, are you going to go and

512
00:23:26,480 --> 00:23:30,040
Speaker 3: use half of that to pay the advisor for some advice,

513
00:23:30,080 --> 00:23:31,679
Speaker 3: Like I just don't feel like that is putting you

514
00:23:31,720 --> 00:23:34,560
Speaker 3: in the best financial position, which is why I'm such

515
00:23:34,600 --> 00:23:37,240
Speaker 3: a strong advocate of self education and making sure that

516
00:23:37,280 --> 00:23:39,480
Speaker 3: you know what your goals are and what that ten

517
00:23:39,520 --> 00:23:41,560
Speaker 3: thousand dollars could do for you, and how you want

518
00:23:41,560 --> 00:23:43,720
Speaker 3: to honor that and how you want to work with that.

519
00:23:44,119 --> 00:23:46,600
Speaker 3: But when it comes to something like one hundred thousand

520
00:23:46,680 --> 00:23:51,280
Speaker 3: dollars G, we have so much power, and a lot

521
00:23:51,280 --> 00:23:54,080
Speaker 3: of people will do something like they'll go, all right, well,

522
00:23:54,200 --> 00:23:56,320
Speaker 3: I got this inheritance, I'm going to spend it all

523
00:23:56,359 --> 00:23:58,359
Speaker 3: on a property. And I mean, you're not going to

524
00:23:58,400 --> 00:24:01,719
Speaker 3: spend one hundred thousand dollars G unfortunately and get a

525
00:24:01,760 --> 00:24:04,399
Speaker 3: property and wham bam, you don't have any kind of

526
00:24:04,440 --> 00:24:06,520
Speaker 3: debt associated with that. Like that could be a house

527
00:24:06,520 --> 00:24:09,120
Speaker 3: deposit for you, which is really great, But we need

528
00:24:09,160 --> 00:24:12,080
Speaker 3: to think of the implications of that. And I'm very

529
00:24:12,200 --> 00:24:14,440
Speaker 3: aware that a lot of people who get large sums

530
00:24:14,480 --> 00:24:15,600
Speaker 3: of money are often like, oh.

531
00:24:15,440 --> 00:24:16,960
Speaker 1: My god, I could buy a house outright.

532
00:24:17,440 --> 00:24:20,960
Speaker 3: But the thing there is, all right, gee, let's say

533
00:24:21,040 --> 00:24:23,159
Speaker 3: you inherit half a million dollars, Like, do you know

534
00:24:23,240 --> 00:24:23,840
Speaker 3: what I'm going to do.

535
00:24:24,520 --> 00:24:25,960
Speaker 1: I'm going to go buy.

536
00:24:25,840 --> 00:24:30,480
Speaker 3: A property completely outright, like money win right. But with

537
00:24:30,680 --> 00:24:33,320
Speaker 3: that situation, you're putting yourself in a position where you're

538
00:24:33,400 --> 00:24:36,840
Speaker 3: not generating cash flow. Like you might own the property

539
00:24:36,840 --> 00:24:38,720
Speaker 3: out right, but you're still having to go to work

540
00:24:38,760 --> 00:24:40,399
Speaker 3: every day to make sure that you're putting food on

541
00:24:40,440 --> 00:24:42,639
Speaker 3: the table, and you don't have the luxury of I

542
00:24:42,640 --> 00:24:44,440
Speaker 3: guess financial freedom in that way.

543
00:24:44,520 --> 00:24:46,840
Speaker 1: Like, yes, you might own your property.

544
00:24:46,480 --> 00:24:50,040
Speaker 3: Completely outright, and that's a very sexy option, but when

545
00:24:50,040 --> 00:24:52,600
Speaker 3: it comes to inheriting money, I just don't think people

546
00:24:52,640 --> 00:24:55,119
Speaker 3: see the power in that as much as I guess

547
00:24:55,200 --> 00:24:58,480
Speaker 3: I do. And so say you inherit five hundred grand

548
00:24:59,600 --> 00:25:03,199
Speaker 3: and instead of buying a property, gee, you go and

549
00:25:03,240 --> 00:25:05,840
Speaker 3: invest that in the share market. And you're like, okay, well,

550
00:25:05,880 --> 00:25:08,359
Speaker 3: I'm young, I've inherited this money. I'm going to invest

551
00:25:08,400 --> 00:25:10,480
Speaker 3: it in the share market for the next thirty years

552
00:25:10,760 --> 00:25:14,480
Speaker 3: and create financial freedom for myself over that time. You're

553
00:25:14,520 --> 00:25:17,480
Speaker 3: going to put yourself in a position where that five

554
00:25:17,560 --> 00:25:20,280
Speaker 3: hundred thousand dollars will turn into about four point seven

555
00:25:20,359 --> 00:25:25,080
Speaker 3: million dollars. So if you own your property outright, today,

556
00:25:25,840 --> 00:25:28,560
Speaker 3: is that going to generate four point seven million dollars

557
00:25:28,560 --> 00:25:29,440
Speaker 3: for you in the future.

558
00:25:30,119 --> 00:25:34,080
Speaker 2: Look into this climate maybe, look maybe maybe if you're

559
00:25:34,080 --> 00:25:36,760
Speaker 2: buying in Sydney, but good luck buying a property in

560
00:25:36,800 --> 00:25:38,680
Speaker 2: Sydney for half a million dollars.

561
00:25:38,960 --> 00:25:42,080
Speaker 3: However, it's really important to understand the implications of the

562
00:25:42,119 --> 00:25:45,639
Speaker 3: decisions you're making, George, because if you put that money

563
00:25:45,640 --> 00:25:48,840
Speaker 3: in shares and invested that that's now generating you in income,

564
00:25:49,119 --> 00:25:52,159
Speaker 3: and that income later down the track can buy you

565
00:25:52,240 --> 00:25:52,840
Speaker 3: a property.

566
00:25:53,200 --> 00:25:54,520
Speaker 1: So it's all about.

567
00:25:54,160 --> 00:25:56,639
Speaker 3: Good financial planning and making sure that we're making the

568
00:25:56,720 --> 00:26:00,240
Speaker 3: right decision for you, because often people will we'll just

569
00:26:00,320 --> 00:26:01,639
Speaker 3: go all right, well, I'm just going to buy a

570
00:26:01,640 --> 00:26:03,600
Speaker 3: property outright, and I go, oh my gosh, Like I

571
00:26:03,640 --> 00:26:06,040
Speaker 3: can see how that makes a lot of sense, and

572
00:26:06,080 --> 00:26:09,520
Speaker 3: you'd feel very gratified and properties aligned to your values.

573
00:26:10,000 --> 00:26:12,800
Speaker 3: But are you making the right decision for future you?

574
00:26:13,520 --> 00:26:16,440
Speaker 2: Okay, I think that is the perfect place to leave

575
00:26:16,520 --> 00:26:18,359
Speaker 2: it for now. V. But on the other side of

576
00:26:18,400 --> 00:26:20,919
Speaker 2: the break, we will be hearing your thoughts on what

577
00:26:21,000 --> 00:26:24,640
Speaker 2: to do if you do receive a inheritance, and we'll

578
00:26:24,640 --> 00:26:27,480
Speaker 2: also be running through the common mistakes that you see

579
00:26:27,520 --> 00:26:31,520
Speaker 2: people make so don't go anywhere, guys, back into it. V.

580
00:26:32,200 --> 00:26:35,640
Speaker 2: Let's get straight into the juicy stuff. Oh, I love

581
00:26:35,720 --> 00:26:39,600
Speaker 2: the juicy stuff. If we are receiving a huge lump

582
00:26:39,600 --> 00:26:42,119
Speaker 2: sum of money, how can we make the most of

583
00:26:42,160 --> 00:26:43,560
Speaker 2: it and just not blow it?

584
00:26:44,320 --> 00:26:47,359
Speaker 3: Well, first, I think it's about breathing and taking a

585
00:26:47,359 --> 00:26:48,720
Speaker 3: step back from that money.

586
00:26:48,760 --> 00:26:49,440
Speaker 1: As I said.

587
00:26:49,280 --> 00:26:51,480
Speaker 3: Before, it is not the worst thing to put some

588
00:26:51,640 --> 00:26:53,959
Speaker 3: time between you and your decision making.

589
00:26:54,280 --> 00:26:54,840
Speaker 1: I feel like.

590
00:26:55,080 --> 00:26:58,359
Speaker 3: People feel a lot of pressure when it comes to inheritances,

591
00:26:58,760 --> 00:27:00,920
Speaker 3: and for good reason. It is a lot of money.

592
00:27:01,000 --> 00:27:02,879
Speaker 3: It is life changing, and I feel like, you know,

593
00:27:02,880 --> 00:27:05,040
Speaker 3: I touched on guilt earlier, a lot of people carry

594
00:27:05,040 --> 00:27:06,639
Speaker 3: a lot of guilt for not doing something, going oh

595
00:27:06,720 --> 00:27:08,360
Speaker 3: my gosh, I've got this amount of money or I've

596
00:27:08,400 --> 00:27:09,960
Speaker 3: got this thing and I need to make the most

597
00:27:09,960 --> 00:27:11,600
Speaker 3: of it, and I'm not making the most of it.

598
00:27:11,640 --> 00:27:13,400
Speaker 3: And you're staying up at night really late, and you're

599
00:27:13,400 --> 00:27:14,359
Speaker 3: not sleeping.

600
00:27:14,000 --> 00:27:14,520
Speaker 1: Because of it.

601
00:27:14,600 --> 00:27:17,800
Speaker 3: Like, be kind to yourself. It is hard, it is

602
00:27:17,920 --> 00:27:20,480
Speaker 3: not easy. I think that if you've never been in

603
00:27:20,520 --> 00:27:22,920
Speaker 3: that position, you are in no position to judge someone

604
00:27:22,960 --> 00:27:25,960
Speaker 3: who is going through that. So I think that giving

605
00:27:26,000 --> 00:27:29,480
Speaker 3: yourself space to grieve and to process that, and to

606
00:27:29,600 --> 00:27:32,280
Speaker 3: even just step back and pretend the money doesn't exist

607
00:27:32,320 --> 00:27:34,119
Speaker 3: for a little bit and go, you know, what, what

608
00:27:34,119 --> 00:27:36,639
Speaker 3: do I want from life? How is this going to work?

609
00:27:36,880 --> 00:27:38,520
Speaker 3: Step back for a little bit, g and have a

610
00:27:38,600 --> 00:27:39,480
Speaker 3: think about life.

611
00:27:39,600 --> 00:27:41,760
Speaker 1: You know, you're in a relationship, you're really young.

612
00:27:42,000 --> 00:27:43,480
Speaker 3: Do you want to get married? Do you want to

613
00:27:43,520 --> 00:27:44,679
Speaker 3: have kids at some point?

614
00:27:44,760 --> 00:27:44,840
Speaker 2: Like?

615
00:27:44,920 --> 00:27:47,000
Speaker 1: What are your views on property? Is that something you

616
00:27:47,040 --> 00:27:47,639
Speaker 1: want to buy?

617
00:27:47,880 --> 00:27:51,000
Speaker 3: Like what does retirement look like to you in the future,

618
00:27:51,320 --> 00:27:54,320
Speaker 3: and how are you planning on achieving that? And then

619
00:27:54,800 --> 00:27:57,440
Speaker 3: after you're clear on your goals and what you want

620
00:27:57,480 --> 00:28:00,560
Speaker 3: to achieve, then go all right, now I've got this

621
00:28:00,640 --> 00:28:02,640
Speaker 3: asset that could help me achieve all of those things

622
00:28:02,640 --> 00:28:05,080
Speaker 3: that I know I want to achieve, Like, your goals

623
00:28:05,080 --> 00:28:07,919
Speaker 3: don't have to change because you've got an inheritance. I

624
00:28:07,960 --> 00:28:10,040
Speaker 3: feel like so often people like, oh my gosh, I

625
00:28:10,040 --> 00:28:13,080
Speaker 3: didn't want property, but then I inherited something, and I

626
00:28:13,119 --> 00:28:15,159
Speaker 3: guess I have to buy it now because I just

627
00:28:15,280 --> 00:28:17,960
Speaker 3: have this mass amount of money. Like that's not the case,

628
00:28:18,000 --> 00:28:20,200
Speaker 3: that's not true at all. So I think it's about

629
00:28:20,240 --> 00:28:24,080
Speaker 3: not making hasty decisions and then getting some advice, whether

630
00:28:24,160 --> 00:28:27,280
Speaker 3: that is doing some research on your own. So then

631
00:28:27,280 --> 00:28:29,720
Speaker 3: the next step, George would be getting some advice and

632
00:28:29,880 --> 00:28:32,280
Speaker 3: doing some research and making sure that you're making the

633
00:28:32,320 --> 00:28:34,480
Speaker 3: most of it. Whether it is you know, five grand

634
00:28:34,560 --> 00:28:36,080
Speaker 3: that you inherited and you just don't want it to

635
00:28:36,119 --> 00:28:37,800
Speaker 3: go to waste, and maybe you're setting up a share

636
00:28:37,840 --> 00:28:40,920
Speaker 3: portfolio for the very first time, or you are, you know,

637
00:28:41,320 --> 00:28:44,080
Speaker 3: putting it into getting out of debt. I don't think

638
00:28:44,120 --> 00:28:46,440
Speaker 3: that is a bad thing by any stretch of the imagination.

639
00:28:47,080 --> 00:28:48,760
Speaker 3: Or if it's a larger sum of money or a

640
00:28:48,760 --> 00:28:50,800
Speaker 3: house or a property, or a whole heap of shares

641
00:28:50,920 --> 00:28:54,080
Speaker 3: or whatever it is, I would get some advice and

642
00:28:54,160 --> 00:28:57,000
Speaker 3: create a plan and make sure that you are taking

643
00:28:57,080 --> 00:29:00,760
Speaker 3: future you into consideration. Obviously a lot of people will

644
00:29:00,760 --> 00:29:03,640
Speaker 3: be like, treat yourself, but I just don't want you

645
00:29:03,680 --> 00:29:06,440
Speaker 3: to go overboard with that, because it's really like an

646
00:29:06,520 --> 00:29:09,400
Speaker 3: inheritance is really about future you, and there's a lot

647
00:29:09,440 --> 00:29:13,520
Speaker 3: of power in inheritances to create future wealth not just

648
00:29:13,600 --> 00:29:16,640
Speaker 3: for you, but for your future children or your future families.

649
00:29:16,720 --> 00:29:19,560
Speaker 3: And I just feel like it's so easy to have

650
00:29:19,640 --> 00:29:21,560
Speaker 3: money slip through your fingers.

651
00:29:21,680 --> 00:29:25,200
Speaker 2: Which leads me perfectly to my next question. Which is

652
00:29:25,320 --> 00:29:28,120
Speaker 2: the common mistakes you do see people making when it

653
00:29:28,160 --> 00:29:32,960
Speaker 2: comes to inheritances. I feel like people spending it too quickly.

654
00:29:32,960 --> 00:29:35,560
Speaker 2: It would probably be at the top of the list.

655
00:29:35,880 --> 00:29:39,640
Speaker 3: Yes, absolutely, people do funny things when they're going through grief.

656
00:29:39,720 --> 00:29:42,640
Speaker 3: G Yeah, I have seen a lot of people like

657
00:29:42,840 --> 00:29:45,920
Speaker 3: a lot of money on fire because they are going

658
00:29:46,000 --> 00:29:49,520
Speaker 3: through the throes of grief and they are not processing

659
00:29:49,520 --> 00:29:52,719
Speaker 3: things properly, and they feel like maybe spending money is

660
00:29:52,760 --> 00:29:56,760
Speaker 3: going to help them feel better. Spoiler alert, Monney isn't

661
00:29:56,800 --> 00:29:58,800
Speaker 3: going to make you happy. It is not going to

662
00:29:58,800 --> 00:30:01,120
Speaker 3: bring the person that you lost back. It is not

663
00:30:01,240 --> 00:30:04,200
Speaker 3: going to make you feel any better. My if you're

664
00:30:04,600 --> 00:30:06,640
Speaker 3: spending it on going out for lunch with a friend,

665
00:30:06,920 --> 00:30:10,280
Speaker 3: or you know, doing something for yourself, which is obviously

666
00:30:10,400 --> 00:30:13,680
Speaker 3: very important. But people do have a tendency when they

667
00:30:13,760 --> 00:30:18,400
Speaker 3: get large lump sums of money to burn through it. Obviously,

668
00:30:18,440 --> 00:30:21,160
Speaker 3: as I said, small indulgences here and there are not

669
00:30:21,240 --> 00:30:24,000
Speaker 3: the worst thing to do. In fact, I encourage them, Georgia.

670
00:30:24,560 --> 00:30:27,560
Speaker 3: But if you're finding yourself in a position where all

671
00:30:27,560 --> 00:30:30,640
Speaker 3: of a sudden you can create financial freedom, or pay

672
00:30:30,640 --> 00:30:34,360
Speaker 3: off your debts or contribute to a deposit make sure

673
00:30:34,360 --> 00:30:36,440
Speaker 3: that that is the right thing to be allocating that

674
00:30:36,560 --> 00:30:41,400
Speaker 3: money towards, because sometimes what looks like the most logical

675
00:30:41,480 --> 00:30:45,120
Speaker 3: answer is actually not the best financial answer.

676
00:30:46,200 --> 00:30:48,720
Speaker 2: Okay, any other common mistakes you see.

677
00:30:48,600 --> 00:30:51,280
Speaker 3: Oh my gosh, gee, there are heaps. The next one

678
00:30:51,360 --> 00:30:53,800
Speaker 3: I feel like I've touched on throughout this entire episode,

679
00:30:53,840 --> 00:30:56,600
Speaker 3: and that's making decisions while you're grieving and then regretting

680
00:30:56,680 --> 00:30:58,800
Speaker 3: them because you felt either pressure to do it because

681
00:30:58,960 --> 00:31:01,840
Speaker 3: Uncle John told you that you had to X Y Z,

682
00:31:02,040 --> 00:31:04,200
Speaker 3: and you just felt a lot of pressure to make

683
00:31:04,240 --> 00:31:07,960
Speaker 3: a decision. From my perspective, don't try to rush any

684
00:31:07,960 --> 00:31:10,960
Speaker 3: type of decision, especially if you are particularly close to

685
00:31:11,000 --> 00:31:13,840
Speaker 3: the person who has passed away. You have time take it,

686
00:31:14,160 --> 00:31:17,360
Speaker 3: use it. It is your time to use. Another one

687
00:31:17,520 --> 00:31:19,520
Speaker 3: is letting money get in the way of things that

688
00:31:19,600 --> 00:31:24,560
Speaker 3: are important, like your relationship with your family. So often

689
00:31:24,640 --> 00:31:27,720
Speaker 3: with inheritances, we let it get in the way of

690
00:31:28,280 --> 00:31:30,520
Speaker 3: our loved ones, We let it get in the way of,

691
00:31:30,760 --> 00:31:34,280
Speaker 3: you know, relationships that we've always held really close to ourselves.

692
00:31:34,360 --> 00:31:37,440
Speaker 3: And when the topic of inheritances come up, it often

693
00:31:37,520 --> 00:31:41,920
Speaker 3: gets really sticky, it gets really dramatic. People argue like

694
00:31:42,280 --> 00:31:45,560
Speaker 3: money is the one thing that can completely divide a family.

695
00:31:46,000 --> 00:31:48,320
Speaker 3: You know, you might have had a very close family

696
00:31:48,480 --> 00:31:51,280
Speaker 3: and then a grandparent passes away and all of that

697
00:31:51,360 --> 00:31:54,800
Speaker 3: dissolves because they can't get on the same page. So

698
00:31:54,880 --> 00:31:57,280
Speaker 3: I think it's really important to remember who you are

699
00:31:57,400 --> 00:32:00,400
Speaker 3: and what your values are. And as much as money

700
00:32:00,560 --> 00:32:03,440
Speaker 3: is obviously something that can create wealth and freedom, I

701
00:32:03,480 --> 00:32:06,320
Speaker 3: just think we need to not forget what is important

702
00:32:06,680 --> 00:32:08,640
Speaker 3: and you need to know that you can be the

703
00:32:08,640 --> 00:32:11,080
Speaker 3: bigger person. And it doesn't need to be dramatic. It

704
00:32:11,080 --> 00:32:14,640
Speaker 3: can be very non emotional. But if you're going through that,

705
00:32:14,760 --> 00:32:18,440
Speaker 3: I recommend getting some advice or talking to someone about

706
00:32:18,440 --> 00:32:20,640
Speaker 3: that because it can be really, really hard.

707
00:32:21,440 --> 00:32:22,840
Speaker 1: Gee, I have two more.

708
00:32:23,120 --> 00:32:25,280
Speaker 3: The next one I have for you is not getting

709
00:32:25,320 --> 00:32:28,960
Speaker 3: financial advice when you need it. So often people just go, oh,

710
00:32:28,960 --> 00:32:31,560
Speaker 3: I don't need it, like it's not worth it. At

711
00:32:31,560 --> 00:32:33,200
Speaker 3: the end of the day, if you're inheriting a really

712
00:32:33,240 --> 00:32:35,840
Speaker 3: large sum of money, get some advice. If you don't

713
00:32:35,880 --> 00:32:38,440
Speaker 3: take it, that's cool, but I promise you getting advice

714
00:32:38,520 --> 00:32:41,080
Speaker 3: will make sure that you are making the right decision,

715
00:32:41,080 --> 00:32:43,760
Speaker 3: whether you decide to invest in shares or just not

716
00:32:43,840 --> 00:32:47,400
Speaker 3: do anything. And then the last one is something that

717
00:32:47,480 --> 00:32:50,160
Speaker 3: I feel like I would do, Like I feel like

718
00:32:50,280 --> 00:32:54,200
Speaker 3: I would just be incredibly generous. And I know that

719
00:32:54,480 --> 00:32:56,160
Speaker 3: I guess that sounds like I've got lots of tickets

720
00:32:56,200 --> 00:32:58,520
Speaker 3: on myself, and I promise you I don't. That is

721
00:32:58,560 --> 00:33:01,600
Speaker 3: not the case at all. Just really like looking after

722
00:33:01,680 --> 00:33:04,120
Speaker 3: other people, and I really like making sure other people

723
00:33:04,200 --> 00:33:07,880
Speaker 3: are okay. And some people seem to think that they're

724
00:33:07,960 --> 00:33:11,520
Speaker 3: Oprah when inheritances come up, Like you get a thousand

725
00:33:11,560 --> 00:33:13,520
Speaker 3: dollars and you get a thousand dollars in ge you'll

726
00:33:13,560 --> 00:33:17,440
Speaker 3: pay off your credit card. But I think it's important

727
00:33:17,440 --> 00:33:19,760
Speaker 3: to make a plan for your money before going around

728
00:33:19,800 --> 00:33:22,840
Speaker 3: and handing it out, because obviously there is a lot

729
00:33:22,880 --> 00:33:24,800
Speaker 3: of power in a very large sum of money, but

730
00:33:24,960 --> 00:33:27,320
Speaker 3: that power is going to diminish if you start giving

731
00:33:27,360 --> 00:33:30,680
Speaker 3: it away or trying to help absolutely everybody with it. Like,

732
00:33:30,720 --> 00:33:33,800
Speaker 3: obviously generosity is really important and I am all for it,

733
00:33:34,040 --> 00:33:36,200
Speaker 3: but I think that we need to put ourselves first

734
00:33:36,200 --> 00:33:39,840
Speaker 3: in this situation. And just because you can help somebody,

735
00:33:40,160 --> 00:33:42,880
Speaker 3: I know it sounds terrible, doesn't mean you should be

736
00:33:42,920 --> 00:33:43,280
Speaker 3: doing it.

737
00:33:43,320 --> 00:33:50,400
Speaker 2: George, Yeah, it's tempting. Its yeah, okay, as we flagged

738
00:33:50,440 --> 00:33:54,160
Speaker 2: before you do have a background in psychology. Do you

739
00:33:54,520 --> 00:33:58,560
Speaker 2: think there is a tendency to view inherited money as

740
00:33:59,040 --> 00:34:03,760
Speaker 2: bonus money almost, and then therefore not treat it as

741
00:34:03,800 --> 00:34:04,680
Speaker 2: cleverly as we could.

742
00:34:04,800 --> 00:34:05,920
Speaker 1: Yeah, me through that?

743
00:34:05,920 --> 00:34:06,440
Speaker 2: What is that?

744
00:34:06,920 --> 00:34:08,560
Speaker 1: Well, it's not mine. I didn't earn it.

745
00:34:09,200 --> 00:34:11,080
Speaker 3: I can do whatever I want with it. I'm going

746
00:34:11,160 --> 00:34:14,279
Speaker 3: to buy a boat with my inheritance. I deserve it.

747
00:34:14,600 --> 00:34:15,640
Speaker 3: I've worked hard.

748
00:34:15,440 --> 00:34:15,960
Speaker 1: All my life.

749
00:34:16,080 --> 00:34:18,040
Speaker 3: I totally get it. And you know what, if that's

750
00:34:18,040 --> 00:34:21,279
Speaker 3: what you want to do. I am so not judgmental

751
00:34:21,440 --> 00:34:23,879
Speaker 3: with the way people spend money, George. I have seen

752
00:34:23,920 --> 00:34:27,840
Speaker 3: it all. I have been involved in interactions where people

753
00:34:27,880 --> 00:34:31,799
Speaker 3: are talking about buying maseratis for their mistresses, and I

754
00:34:31,880 --> 00:34:34,920
Speaker 3: could not care less. It is not my money, not

755
00:34:35,040 --> 00:34:38,360
Speaker 3: my circus, not my monkeys. My job as a financial

756
00:34:38,360 --> 00:34:41,160
Speaker 3: advisor is to help you make the best decision for you,

757
00:34:41,480 --> 00:34:44,640
Speaker 3: and if buying a maserati, George for your mistress is

758
00:34:44,680 --> 00:34:48,000
Speaker 3: the best financial decision for you, let me help you

759
00:34:48,080 --> 00:34:48,920
Speaker 3: do that properly.

760
00:34:49,040 --> 00:34:49,440
Speaker 2: Okay.

761
00:34:50,000 --> 00:34:52,959
Speaker 3: Obviously, Georgia, that one question to my ethics a fair

762
00:34:53,040 --> 00:34:55,400
Speaker 3: bit and wasn't aligned to who I am as a

763
00:34:55,400 --> 00:34:57,920
Speaker 3: financial advisor, which is why I now have my own

764
00:34:58,000 --> 00:35:00,880
Speaker 3: financial advisory practice, and I do whatever I want and

765
00:35:00,920 --> 00:35:02,120
Speaker 3: see the clients.

766
00:35:01,719 --> 00:35:02,600
Speaker 1: That nourish me.

767
00:35:03,200 --> 00:35:05,480
Speaker 3: However, a lot of people will see an inheritance as

768
00:35:05,560 --> 00:35:08,000
Speaker 3: bonus money. But what we really need to see it

769
00:35:08,040 --> 00:35:10,959
Speaker 3: as is an opportunity. It is an opportunity to put

770
00:35:11,000 --> 00:35:14,080
Speaker 3: future you ahead, is an opportunity to make sure that

771
00:35:14,200 --> 00:35:18,040
Speaker 3: your life is completely sustainable and we are working towards

772
00:35:18,080 --> 00:35:22,520
Speaker 3: financial freedom. Like obviously, inheritance could mean anything, and it

773
00:35:22,520 --> 00:35:26,200
Speaker 3: could mean five hundred dollars or it could mean five

774
00:35:26,320 --> 00:35:30,360
Speaker 3: million dollars. However, I think whatever it is, I just

775
00:35:30,360 --> 00:35:32,600
Speaker 3: don't want you to treat it as bonus money. It

776
00:35:32,640 --> 00:35:33,759
Speaker 3: needs to be respected.

777
00:35:33,960 --> 00:35:36,399
Speaker 1: It's not money that you won. It's money that.

778
00:35:36,719 --> 00:35:41,040
Speaker 3: Somebody worked incredibly hard to earn and now they're sharing

779
00:35:41,080 --> 00:35:44,280
Speaker 3: it with you. And that, to me, is not a bonus.

780
00:35:44,360 --> 00:35:46,959
Speaker 3: It is not something that you just throw down the drain.

781
00:35:47,640 --> 00:35:52,120
Speaker 3: From my perspective, inheritances need to be respected, and that's

782
00:35:52,440 --> 00:35:55,319
Speaker 3: I guess the premise I have, like every time I

783
00:35:55,360 --> 00:35:58,040
Speaker 3: speak to a client, it is about making sure that

784
00:35:58,040 --> 00:36:01,520
Speaker 3: we are respecting that money and we are respecting the

785
00:36:01,600 --> 00:36:04,600
Speaker 3: person who earned it. Because you guys should know by now,

786
00:36:04,719 --> 00:36:07,600
Speaker 3: money is hard to earn, hard to keep, and if

787
00:36:07,640 --> 00:36:09,319
Speaker 3: we have it, we should respect it.

788
00:36:09,840 --> 00:36:11,439
Speaker 2: Yeah, for sure, And I feel like that would help

789
00:36:11,520 --> 00:36:14,400
Speaker 2: relieve some of that inheritance Gill that you spoke about

790
00:36:14,440 --> 00:36:19,120
Speaker 2: before as well the money, as we touched on before. Again,

791
00:36:19,280 --> 00:36:22,520
Speaker 2: isn't the only thing that people can inherit. What are

792
00:36:22,520 --> 00:36:25,560
Speaker 2: your thoughts on what we should do with inherited property?

793
00:36:25,760 --> 00:36:28,880
Speaker 3: Oh my gosh, there are so many, so, so many

794
00:36:29,000 --> 00:36:33,759
Speaker 3: options And there's no quote answer to this. Yeah, there's

795
00:36:33,800 --> 00:36:37,319
Speaker 3: no like, oh, well, good, good question. Gee. People who

796
00:36:37,400 --> 00:36:40,759
Speaker 3: inherit property should do X. Like there's no one size

797
00:36:40,760 --> 00:36:42,600
Speaker 3: fits all approach to this. A lot of people who

798
00:36:42,640 --> 00:36:46,520
Speaker 3: inherit property might actually be inheriting a really sentimental property

799
00:36:46,760 --> 00:36:49,279
Speaker 3: which is very hard to part with. It might be

800
00:36:49,320 --> 00:36:50,839
Speaker 3: the family home that you grew up in.

801
00:36:50,920 --> 00:36:51,440
Speaker 1: It might be.

802
00:36:51,600 --> 00:36:55,920
Speaker 3: A holiday house that you have incredibly fond memories of

803
00:36:56,040 --> 00:36:57,920
Speaker 3: and you've spent a lot of time there and you

804
00:36:57,960 --> 00:37:00,720
Speaker 3: want to hold onto it for your kids and your future.

805
00:37:00,760 --> 00:37:03,640
Speaker 3: And that's amazing. And as we've seen over the last

806
00:37:03,680 --> 00:37:07,600
Speaker 3: twelve months in particular Georgia, property is pretty good investment,

807
00:37:07,920 --> 00:37:10,880
Speaker 3: not bad to SS. But we also need to make

808
00:37:10,880 --> 00:37:13,520
Speaker 3: sure that we're making the right decision for us. Other people,

809
00:37:13,680 --> 00:37:15,440
Speaker 3: they might not feel tied to it at all. They

810
00:37:15,480 --> 00:37:16,920
Speaker 3: might want to sell it, they might want to get

811
00:37:16,960 --> 00:37:18,640
Speaker 3: rid of it. They might want to hold on to

812
00:37:18,719 --> 00:37:20,879
Speaker 3: it as an asset and lease it out or put

813
00:37:20,960 --> 00:37:23,840
Speaker 3: it on Airbnb, or do something else with it. I

814
00:37:23,880 --> 00:37:27,080
Speaker 3: guess the part that gets really complicated is where multiple

815
00:37:27,160 --> 00:37:30,520
Speaker 3: people are listed on an inherited property, and then people

816
00:37:30,600 --> 00:37:33,200
Speaker 3: have conflicting ideas on what to do with that property. So,

817
00:37:33,280 --> 00:37:36,080
Speaker 3: for example, George, let's say we were siblings and we

818
00:37:36,160 --> 00:37:39,799
Speaker 3: both inherit a property from our parents, and we're both

819
00:37:39,880 --> 00:37:43,040
Speaker 3: in very different financial situations. Like you might be really

820
00:37:43,160 --> 00:37:46,719
Speaker 3: financially comfortable, Like you and your partner, George, you're completely

821
00:37:46,760 --> 00:37:49,600
Speaker 3: financially free, You've got really good incomes, you're not worried.

822
00:37:49,719 --> 00:37:52,080
Speaker 3: That house is really sentimental to you, and you just

823
00:37:52,120 --> 00:37:53,719
Speaker 3: want to keep it because you want to go, you know,

824
00:37:53,840 --> 00:37:56,360
Speaker 3: use it as a holiday house, you know, once or

825
00:37:56,360 --> 00:37:57,040
Speaker 3: twice a year.

826
00:37:57,080 --> 00:37:58,920
Speaker 1: It's not of any consequence to you.

827
00:37:59,280 --> 00:38:02,200
Speaker 3: But on the flips, I might be in a whole

828
00:38:02,200 --> 00:38:04,960
Speaker 3: heap of debt, and to me that property is a

829
00:38:05,000 --> 00:38:09,120
Speaker 3: ticket to getting out of debt and setting myself up well.

830
00:38:09,520 --> 00:38:12,520
Speaker 3: And so we need to come to a conclusion that

831
00:38:12,560 --> 00:38:14,319
Speaker 3: works for both of us, because you'd be in that

832
00:38:14,320 --> 00:38:16,160
Speaker 3: position where you're like, well, V I want to keep it.

833
00:38:16,400 --> 00:38:17,920
Speaker 3: You know, it means so much to me, what do

834
00:38:17,960 --> 00:38:20,400
Speaker 3: you mean? And I go, well, that's the ticket for

835
00:38:20,440 --> 00:38:22,800
Speaker 3: me to get out of debt and create financial freedom.

836
00:38:22,880 --> 00:38:26,640
Speaker 3: And obviously from that perspective, it would be very hard

837
00:38:26,680 --> 00:38:29,040
Speaker 3: to get on the same page. So if you can't

838
00:38:29,080 --> 00:38:31,240
Speaker 3: come to an agreement, we might end up in court,

839
00:38:31,320 --> 00:38:34,720
Speaker 3: which obviously ends up in usually having the property sold.

840
00:38:35,080 --> 00:38:37,400
Speaker 3: It's never ever a cheap exercise. So if you can

841
00:38:37,400 --> 00:38:39,680
Speaker 3: avoid it escalating to that, that would obviously be the

842
00:38:39,680 --> 00:38:43,319
Speaker 3: recommended option. And there's obviously lots of options like I

843
00:38:43,320 --> 00:38:46,040
Speaker 3: could sell my portion to you, Josh, or we could

844
00:38:46,120 --> 00:38:48,960
Speaker 3: negotiate that over time, like there are lots of ways

845
00:38:49,000 --> 00:38:51,040
Speaker 3: to do that, and I would be getting advice on it.

846
00:38:51,200 --> 00:38:54,480
Speaker 3: But property can be quite dividing when one property gets

847
00:38:54,480 --> 00:38:56,200
Speaker 3: inherited by multiple people.

848
00:38:56,440 --> 00:38:59,400
Speaker 2: Yes, spy see, I did want to ask you a

849
00:38:59,440 --> 00:39:02,480
Speaker 2: little bit more about family dynamics when it comes to inheritances,

850
00:39:02,480 --> 00:39:04,879
Speaker 2: but I'm wary of the time. This has been quite

851
00:39:04,880 --> 00:39:07,920
Speaker 2: a long episode, so I'm going to skip that question

852
00:39:08,160 --> 00:39:12,279
Speaker 2: and finish with one that I think is extremely interesting,

853
00:39:13,000 --> 00:39:16,719
Speaker 2: is it. Do you think vd that there is a

854
00:39:16,880 --> 00:39:21,320
Speaker 2: danger in leaving your kids too much money? So celebs,

855
00:39:21,320 --> 00:39:26,120
Speaker 2: for example, like Gordon Ramsey and Daniel Craig, they've been

856
00:39:26,200 --> 00:39:27,839
Speaker 2: known to say in the past that they will not

857
00:39:27,920 --> 00:39:32,480
Speaker 2: be leaving their incredible fortunes to their children. What's your

858
00:39:32,520 --> 00:39:33,000
Speaker 2: take on that.

859
00:39:33,320 --> 00:39:37,320
Speaker 3: Oh, this is such a spicy one because I'm so

860
00:39:37,640 --> 00:39:40,600
Speaker 3: opinionated on this just because I'm like, that's.

861
00:39:40,440 --> 00:39:41,400
Speaker 1: Not what I would do.

862
00:39:41,520 --> 00:39:45,359
Speaker 3: But again, like it's their circus, it's their monkeys. They

863
00:39:45,360 --> 00:39:49,080
Speaker 3: can do whatever they want. And I totally understand where

864
00:39:49,120 --> 00:39:52,600
Speaker 3: someone like Gordon Ramsey is coming from because historically he

865
00:39:52,719 --> 00:39:55,320
Speaker 3: said he wants his kids to work for their wealth

866
00:39:55,360 --> 00:39:57,719
Speaker 3: and he wants them to go through the same I

867
00:39:57,760 --> 00:40:02,480
Speaker 3: guess character cre eating process that he went through. And

868
00:40:02,520 --> 00:40:05,400
Speaker 3: I totally get that. But I sit on both sides

869
00:40:05,400 --> 00:40:06,960
Speaker 3: of the fence, right like, if you're not going to

870
00:40:07,040 --> 00:40:10,319
Speaker 3: leave your fortune to your kids, where's it going? So

871
00:40:10,640 --> 00:40:13,400
Speaker 3: I don't know where Daniel Craigil Gordon Ramsey are planning

872
00:40:13,480 --> 00:40:16,120
Speaker 3: on putting their money, but it does have to go somewhere.

873
00:40:16,360 --> 00:40:18,120
Speaker 3: Is it going somewhere? That means a lot to you.

874
00:40:18,200 --> 00:40:20,680
Speaker 3: If that's the case, fantastic. If you're giving it away

875
00:40:21,239 --> 00:40:23,480
Speaker 3: just so your kids have to work harder, I'm a

876
00:40:23,480 --> 00:40:26,320
Speaker 3: bit on the fence about that, because with a good

877
00:40:26,480 --> 00:40:30,200
Speaker 3: estate planner, with a really good will and estate plan

878
00:40:30,360 --> 00:40:33,600
Speaker 3: behind you, that wealth can become whatever you want it

879
00:40:33,640 --> 00:40:38,040
Speaker 3: to become, and you have the opportunity of creating generational wealth,

880
00:40:38,640 --> 00:40:42,000
Speaker 3: like your inheritance or your family wealth is not just

881
00:40:42,120 --> 00:40:45,279
Speaker 3: helping your kids. It could be helping you know, your

882
00:40:45,360 --> 00:40:48,279
Speaker 3: kid's kids and your kids kids kids kids like it

883
00:40:48,360 --> 00:40:53,799
Speaker 3: can create a legacy, and for me, legacy is so important.

884
00:40:53,920 --> 00:40:57,280
Speaker 3: Like if you have the ability to make life better

885
00:40:57,360 --> 00:41:00,719
Speaker 3: for others, especially others that you love, wouldn't you be

886
00:41:00,800 --> 00:41:03,680
Speaker 3: doing that. So one of the things that you could

887
00:41:03,760 --> 00:41:05,919
Speaker 3: do is, you know, say, okay, well we're not giving

888
00:41:05,920 --> 00:41:08,880
Speaker 3: them a lump sum of money, but my entire inheritance

889
00:41:08,920 --> 00:41:11,719
Speaker 3: will be invested, and the dividends from that investment will

890
00:41:11,719 --> 00:41:14,600
Speaker 3: be divided among my kids as an income stream, so

891
00:41:14,640 --> 00:41:18,120
Speaker 3: that they're never financially pressed. It might end up being

892
00:41:18,239 --> 00:41:19,880
Speaker 3: you know, I'm sure this is not the case for

893
00:41:19,920 --> 00:41:23,279
Speaker 3: Gordon Ramsey because he has lots of dollars gging, But

894
00:41:23,760 --> 00:41:27,760
Speaker 3: I have situations where I've got clients and they have inheritances,

895
00:41:27,880 --> 00:41:30,920
Speaker 3: and their inheritances are all invested and they get an

896
00:41:31,000 --> 00:41:34,600
Speaker 3: income stream of like thirty grand a year from that investment.

897
00:41:34,920 --> 00:41:36,839
Speaker 3: So all of the kids in the family all have

898
00:41:36,960 --> 00:41:40,120
Speaker 3: thirty grand a year coming in. That would obviously take

899
00:41:40,239 --> 00:41:44,560
Speaker 3: off some very significant financial pressure. Like imagine going through

900
00:41:44,600 --> 00:41:47,480
Speaker 3: life knowing that at a base level you always had

901
00:41:47,520 --> 00:41:50,080
Speaker 3: thirty thousand dollars a year coming in. It would mean

902
00:41:50,120 --> 00:41:52,720
Speaker 3: that you are more likely to make good property decisions

903
00:41:52,719 --> 00:41:54,879
Speaker 3: because you know you have that cash flow to fall

904
00:41:54,880 --> 00:41:56,479
Speaker 3: back on even if you don't have a job.

905
00:41:56,800 --> 00:41:57,760
Speaker 1: Means that you might.

906
00:41:57,640 --> 00:41:59,680
Speaker 3: Be able to send your kids to a better school

907
00:42:00,200 --> 00:42:02,719
Speaker 3: was in line with your values. Like for me, it's

908
00:42:02,719 --> 00:42:06,040
Speaker 3: not necessarily about spoiling them with wealth, but having a

909
00:42:06,120 --> 00:42:09,200
Speaker 3: structure that means they are supported because I'm just of

910
00:42:09,200 --> 00:42:11,400
Speaker 3: the opinion that if I had the ability to support

911
00:42:11,400 --> 00:42:13,360
Speaker 3: my kids in the future, I would want to. But

912
00:42:13,440 --> 00:42:17,480
Speaker 3: I totally understand, you know Gordon Ramsay saying I want

913
00:42:17,560 --> 00:42:20,319
Speaker 3: my kids to work for wealth. I don't want them

914
00:42:20,320 --> 00:42:22,319
Speaker 3: to be spoilt. I want them to work, and I

915
00:42:22,360 --> 00:42:24,840
Speaker 3: want them to have good work ethics. But I feel

916
00:42:24,880 --> 00:42:27,080
Speaker 3: like with good advice you can achieve both.

917
00:42:27,320 --> 00:42:30,600
Speaker 2: Yeah, interesting, I feel like that one. I feel like

918
00:42:30,680 --> 00:42:33,560
Speaker 2: the listeners would probably be quite divided on that. I

919
00:42:33,560 --> 00:42:35,319
Speaker 2: feel like it is totally.

920
00:42:35,080 --> 00:42:38,520
Speaker 3: Unrelatable, Like how many times are you like, oh, well,

921
00:42:38,560 --> 00:42:41,120
Speaker 3: we've got millions and millions and millions of dollars?

922
00:42:41,200 --> 00:42:42,319
Speaker 1: What are we going to do with it?

923
00:42:42,800 --> 00:42:45,319
Speaker 3: Like I totally get giving it to the Lost Dogs home,

924
00:42:45,680 --> 00:42:48,160
Speaker 3: but what are you going to do with it? How

925
00:42:48,160 --> 00:42:51,720
Speaker 3: are you creating your legacy? And something that is really

926
00:42:51,760 --> 00:42:55,400
Speaker 3: important when it comes to inheritances for me is legacy,

927
00:42:55,560 --> 00:42:58,120
Speaker 3: Like what are you leaving behind? What does that mean?

928
00:42:58,360 --> 00:43:01,239
Speaker 3: What is your impact on the world, Because impacts so

929
00:43:01,360 --> 00:43:04,400
Speaker 3: much more than money, Like how you made people feel

930
00:43:04,600 --> 00:43:06,960
Speaker 3: is going to be the thing that they remember about you,

931
00:43:07,040 --> 00:43:10,560
Speaker 3: not how rich you were. And yeah, it's time to

932
00:43:10,680 --> 00:43:14,760
Speaker 3: wrap it up. Hopefully everyone got a little something out

933
00:43:14,800 --> 00:43:18,000
Speaker 3: of today's episode. Now that we're at the end of

934
00:43:18,040 --> 00:43:20,680
Speaker 3: it V, I'm thinking that maybe it would be worth

935
00:43:20,880 --> 00:43:26,200
Speaker 3: us dedicating an episode to kind of class issues almost

936
00:43:26,239 --> 00:43:28,560
Speaker 3: in a way, because I'm also imagining people are listening

937
00:43:28,640 --> 00:43:31,320
Speaker 3: to this and thinking, yeah, well, I'm happy for Gordon

938
00:43:31,400 --> 00:43:34,759
Speaker 3: Ramsey and Daniel Craig, but my kids aren't going to

939
00:43:34,800 --> 00:43:38,640
Speaker 3: inherit millions, They would be lucky to inherit thousands. So

940
00:43:39,040 --> 00:43:41,279
Speaker 3: I think that's kind of an interesting piece of this

941
00:43:41,320 --> 00:43:44,280
Speaker 3: discussion that we haven't really had time to touch on today.

942
00:43:44,360 --> 00:43:47,719
Speaker 3: It absolutely is there's so much privilege that plays into it,

943
00:43:47,760 --> 00:43:50,080
Speaker 3: and I think class issues is something we need to

944
00:43:50,160 --> 00:43:56,480
Speaker 3: discuss because there's also so many barriers to advice as well. Like,

945
00:43:56,960 --> 00:43:59,440
Speaker 3: you know, someone like Gordon Ramsey is going to set

946
00:43:59,480 --> 00:44:01,719
Speaker 3: his kids up for generational wealth and they won't have

947
00:44:01,760 --> 00:44:04,120
Speaker 3: to worry ever again, and there's just so much privilege

948
00:44:04,200 --> 00:44:07,359
Speaker 3: that plays into that. But someone who you know has

949
00:44:07,400 --> 00:44:09,359
Speaker 3: never created wealth and they're not going to get an

950
00:44:09,400 --> 00:44:12,560
Speaker 3: inheritance from their parents, and they're working their asses off,

951
00:44:12,600 --> 00:44:14,600
Speaker 3: but their kids are still not going to inherit anything.

952
00:44:14,600 --> 00:44:17,040
Speaker 3: Like I totally get that, and it comes down to

953
00:44:17,120 --> 00:44:20,759
Speaker 3: me to legacy, like what you leave behind doesn't have

954
00:44:20,840 --> 00:44:24,120
Speaker 3: to be financial. But you're right, we do really need

955
00:44:24,280 --> 00:44:27,480
Speaker 3: to break down the class issues because obviously there's a

956
00:44:27,480 --> 00:44:29,799
Speaker 3: lot of privilege in being able to access advice as well,

957
00:44:30,080 --> 00:44:32,120
Speaker 3: which is why I do what I do, George, which

958
00:44:32,160 --> 00:44:34,680
Speaker 3: is why we give away so much free advice and

959
00:44:34,840 --> 00:44:37,520
Speaker 3: so many free resources on cheese on the money because

960
00:44:37,520 --> 00:44:40,640
Speaker 3: I just want people to have access to the advice

961
00:44:40,719 --> 00:44:43,560
Speaker 3: that I know wealthy people can afford. Yeah for sure.

962
00:44:44,000 --> 00:44:47,480
Speaker 3: All right, let's wrap it anyway. Gee, that is all

963
00:44:47,520 --> 00:44:49,879
Speaker 3: we have time for today. So before we head off,

964
00:44:49,920 --> 00:44:53,200
Speaker 3: we'd like to acknowledge and pay respect to Australia's Aboriginal

965
00:44:53,239 --> 00:44:56,920
Speaker 3: and torrest Rate islander people's. They're the traditional custodians of

966
00:44:57,000 --> 00:44:58,640
Speaker 3: the lands, the waterways and.

967
00:44:58,560 --> 00:45:02,120
Speaker 1: The skies all across Australia. We thank you for sharing

968
00:45:02,160 --> 00:45:03,000
Speaker 1: and for caring for.

969
00:45:03,000 --> 00:45:05,640
Speaker 3: The land on which we are able to learn. We

970
00:45:05,680 --> 00:45:08,239
Speaker 3: pay our respects to elders past and present, and we

971
00:45:08,280 --> 00:45:10,360
Speaker 3: share our friendship and our kindness.

972
00:45:10,440 --> 00:45:13,120
Speaker 2: And remember, guys, the advice shared on She's on the

973
00:45:13,120 --> 00:45:16,200
Speaker 2: Money is general in nature and does not consider your

974
00:45:16,280 --> 00:45:20,680
Speaker 2: individual circumstances. She's on the Money exists purely for educational

975
00:45:20,719 --> 00:45:23,279
Speaker 2: purposes and should not be relied upon to make an

976
00:45:23,280 --> 00:45:27,720
Speaker 2: investment or a financial decision. And we promise Victoria Divine

977
00:45:27,800 --> 00:45:32,680
Speaker 2: is an authorized representative of InFocus Securities Australia Proprietary Limited

978
00:45:32,800 --> 00:45:36,560
Speaker 2: ABN four seven zero nine seven seven nine seven zero

979
00:45:36,680 --> 00:45:39,719
Speaker 2: four nine AFSL two three six five two three.

980
00:45:40,040 --> 00:45:41,839
Speaker 1: Okay, you You're getting better at.

981
00:45:41,719 --> 00:45:44,120
Speaker 2: Those number two three off the tongue.

982
00:45:44,280 --> 00:45:53,280
Speaker 3: See you next week, Guys by Guys,