Speaker 1: She's on the Money. She's on the Money.
Speaker 2: Hello, and welcome to She's on the Money, the podcast
Speaker 2: for millennials who want financial freedom. We are on the
Speaker 2: cusp of a mammoth intergenerational wealth transfer, with boomers expected
Speaker 2: to leave behind two hundred and twenty four billion dollars
Speaker 2: each year in inheritances by twenty fifty. To make sure
Speaker 2: we're all as prepared as possible, today we'll be diving
Speaker 2: deep into exactly how inheritances work. We'll be talking through
Speaker 2: tips for managing large sums of money, and we'll be
Speaker 2: getting to the bottom of why things so often get
Speaker 2: sticky in this space, particularly when it comes to our
Speaker 2: loved ones and money. Is Georgia King, and joining me
Speaker 2: as always is financial advisor Victoria Devine. You deal with
Speaker 2: this topic and advise people on how to manage their
Speaker 2: inheritances often, so I'm keen to pick your brain. But
Speaker 2: before we get there, I know you wanted to start
Speaker 2: today's pod with a couple of words.
Speaker 1: Oh my gosh, yes, I absolutely did. I feel like
Speaker 1: this topic can go one of two ways. One way,
Speaker 1: you're like, oh my gosh, that's the biggest sum of
Speaker 1: money you've never had any experience within inheritance, which if
Speaker 1: that's the case, you're very lucky to have not gone
Speaker 1: through that circumstance. I know that a lot of people
Speaker 1: will also see it as very privileged, which absolutely is,
Speaker 1: Like it's a very privileged thing to find yourself in
Speaker 1: a position where you're inheriting a whole heap of money.
Speaker 1: But the one thing that I want to I guess acknowledge,
Speaker 1: especially as a financial advisor who specializes in this space,
Speaker 1: I deal with lots of young people I guess you
Speaker 1: would say millennials, George, who get inheritances like that is
Speaker 1: my specialty as a financial advisor is dealing with large
Speaker 1: sums of money and investing it so that we can
Speaker 1: create more intergenerational wealth. But the one thing I think
Speaker 1: we really need to acknowledge here is that it's devastating.
Speaker 1: It's really hard. It is so hard to get an inheritance,
Speaker 1: and if you are in a situation where you're getting
Speaker 1: an inheritance, it definitely means that you've lost someone close
Speaker 1: to you, and that person means a lot, and it
Speaker 1: is it's really upsetting, and I think that a lot
Speaker 1: of people who haven't been in that situation will be like,
Speaker 1: oh my god, it's so lucky that you got x YZ.
Speaker 1: But what you don't know is that that person would
Speaker 1: trade all of that money or all of the things
Speaker 1: that they've inherited to get that loved one back in
Speaker 1: a heartbeat. Like that is exactly what everybody would want,
Speaker 1: But it's also a space where people feel a lot
Speaker 1: of guilt. George, Yeah, people feel a lot of guilt.
Speaker 1: And a lot of what I do around inheritances is
Speaker 1: not necessarily just the investing like that part, George is
Speaker 1: really easy, but it's about honoring the person that has
Speaker 1: passed away and make it sure that you're putting that
Speaker 1: money to work so that it is working as hard
Speaker 1: as your loved one did for it. And I just
Speaker 1: feel like when we talk about inheritances, a lot of
Speaker 1: people are like, oh my god, so privileged. Yep, got
Speaker 1: that completely understand, absolutely privileged. Let's put that to the side.
Speaker 1: But the next big thing when it comes to inheritance
Speaker 1: is really acknowledging that level of guilt and acknowledging that
Speaker 1: do you know what, I don't wish an inheritance on anybody,
Speaker 1: Like if you've got an inheritance because your mom passed away.
Speaker 1: I want my mom. I don't want my inheritance. I
Speaker 1: want that And do you know what, it's a very
Speaker 1: lucky position to be in. I totally, but do you
Speaker 1: know what, it is a very interesting position to find
Speaker 1: yourself in. But the important thing about in inheritance is
Speaker 1: honoring the person that gave you that inheritance, because they're
Speaker 1: giving it to you because they can't be there anymore.
Speaker 1: So it's to them, I guess the next best thing
Speaker 1: to being with you. And from my perspective as an advisor,
Speaker 1: we need to acknowledge that first. Like George, if something
Speaker 1: happened and you found your self in a position where
Speaker 1: you're getting an inheritance, it's not wow, ge how much
Speaker 1: was it? It's wow, g how do you feel? Yeah,
Speaker 1: you're okay? Like there's often a lot of semantics that
Speaker 1: sit around in inheritance, Like it might be very clean cut,
Speaker 1: like you knew what was coming, someone had been very
Speaker 1: sick for a very long time, or had been very
Speaker 1: old and had this really great life and had a
Speaker 1: really good innings and you've got no problems about it.
Speaker 1: But you know, there's a lot of money there. But
Speaker 1: then on the flip side, there are situations where one
Speaker 1: day you might get a call and dad that you
Speaker 1: haven't spoken to in fifteen years has passed away, and
Speaker 1: their lawyer's calling you to tell you that you're the
Speaker 1: next of kin and you're inheriting their money. And that
Speaker 1: can be a really fickle position to find yourself in
Speaker 1: because you're like, wow, like I didn't talk to him,
Speaker 1: I didn't have anything to do with him. Why am
Speaker 1: I getting all of his inheritance or why am I
Speaker 1: getting his life insurance or whatever it is. But I
Speaker 1: think it's really important to work through that first. And
Speaker 1: for a lot of people, I feel like they think
Speaker 1: an advisor is a really good place to start. I mean,
Speaker 1: I'm going to be a bit biased, George, my background's
Speaker 1: in psychology, I reckon I'm a pretty good place to start. Yeah, definitely,
Speaker 1: But I genuinely think that sometimes just putting that money
Speaker 1: to the side for a few months while you get
Speaker 1: your mental health sorted and you talk to a therapist
Speaker 1: about what you want to do is going to mean
Speaker 1: that you make better investment decisions in the long term.
Speaker 1: It's definitely not about just quick seeing advisor get investing.
Speaker 1: Really quickly, like you're not making it work. Like if
Speaker 1: the worst thing you do is put that money to
Speaker 1: the side and don't make any decisions on it for
Speaker 1: twelve months, that's a really good idea. But let's get
Speaker 1: into the show, because I feel like I could go
Speaker 1: on about this forever and ever, because as you know, Gee,
Speaker 1: this is I guess what would you call it, like
Speaker 1: a sweet spot. Yeah, it's just sweet spot.
Speaker 2: It's pure Elli, it's your wheelhouse.
Speaker 1: So I could talk about it literally all David, let's
Speaker 1: get into the show. I know you've got a whole
Speaker 1: heap of juicy questions for me, but I did want
Speaker 1: to just preface it with that because inheritances, I think
Speaker 1: can be often seen as very transactional, when from my
Speaker 1: perspective and my experience they are from that.
Speaker 2: Yeah, exactly right, So thank you for clarifying that. I
Speaker 2: think it is super important. In terms of today's show,
Speaker 2: I've kind of structured it so that the first half
Speaker 2: will be us talking through how they work, what things
Speaker 2: we need to be mindful of, and then we're going
Speaker 2: to go into actually how we go about managing that
Speaker 2: money effectively, as well as like properties stuff like that.
Speaker 2: So we kick us off with exactly how inheritances work?
Speaker 1: All right, ge, So when we pass away, So say
Speaker 1: we passed away yesterday, all of our things are left
Speaker 1: to our loved ones, which, if we're super organized, we've
Speaker 1: spoken to someone like Lucy Percy, our state planning lawyer friend,
Speaker 1: and she's helped you to clearly outline a will and
Speaker 1: you have a detailed to date plan. So there's a
Speaker 1: whole heap of clarity when it comes to where your
Speaker 1: assets are going. Just just side note g Because someone
Speaker 1: mentioned this to me the other day. They're like, why
Speaker 1: did you say if we passed away yesterday. That's a
Speaker 1: weird thing to say. I was like, yeah, it is.
Speaker 1: I wouldn't want to like say, gee, if you passed
Speaker 1: away tomorrow, Like yeah, that just feels like, well, what
Speaker 1: if that happened? Like it just feels like that's very futuristic,
Speaker 1: like whereas you didn't pass away yesterday. So it's a
Speaker 1: very easy hypothetical. Yeah, there's it's like a hypothetical. There's
Speaker 1: no like wishful thinking in it by any stretch of
Speaker 1: the imagination. And I feel like when we're talking about
Speaker 1: people passing away, which unfortunately, as an advisor I talk
Speaker 1: about all the time. My examples are often past tense
Speaker 1: instead of future tents, and really that's a bit more
Speaker 1: of a respectful way to have a conversation about that.
Speaker 1: I know that that's a really weird side note, but no,
Speaker 1: that's interesting, is that Actually? Yeah, I will.
Speaker 2: I mean, you use that with your clients, So it's
Speaker 2: it's interesting for us as listeners to kind of get
Speaker 2: some insight into that, because it doesn't make sense if
Speaker 2: you were like, gee, if you died tomorrow, that's extremely
Speaker 2: negative and you know, quite shocking and scary.
Speaker 1: Yeah, Like, I don't ever want that to be like
Speaker 1: wishful thing. I wonder if other advisors do that. If
Speaker 1: you are an advisor and you do that, please to
Speaker 1: hear me and let me know, because I don't like
Speaker 1: it's not it's not in our training or anything. It's
Speaker 1: just something that I've picked up on over time because
Speaker 1: I just feel more comfortable saying it that way. I
Speaker 1: don't know, but I just wanted to preface it because
Speaker 1: I noticed I said it. Then anyway, good next one. Gee,
Speaker 1: if we don't have a will, which we've spoken about before.
Speaker 1: We did an estate planning episode recently and we obviously
Speaker 1: know how important it is to have a will, and
Speaker 1: if you don't know, or you haven't listened to that episode,
Speaker 1: please do. It is a really important episode. We also
Speaker 1: did want a little while ago Gee with Lucy Percy,
Speaker 1: who's an estate planning lawyer, and she is brilliant, like
Speaker 1: she she actually works with my clients, like she's not
Speaker 1: just a random estate planning lawyer that I know. She
Speaker 1: quite literally does most of my client's estate plans, and
Speaker 1: she is a wizard. But if we pass away and
Speaker 1: we don't have a will, all of our assets, if
Speaker 1: we have a spouse, will be past to our spouse,
Speaker 1: and then if there's no spouse, it will go to
Speaker 1: our children. And if you don't have a children, it'll
Speaker 1: go on from there to any living relatives left. But
Speaker 1: if you die without a will, we're is called dying intestate,
Speaker 1: which I think is really interesting because you often hear
Speaker 1: these terms thrown around and you're like, what is interesting.
Speaker 1: It means you die and you don't have a will,
Speaker 1: but the state absorbs your assets and then they look
Speaker 1: for the next of kin, and if they don't, all
Speaker 1: goes to the government, which is a very fun thing
Speaker 1: to think about. Because I don't think many people are like, well,
Speaker 1: what happens if you can't find someone to give my
Speaker 1: stuff to? However, inheritances do come in many different shapes
Speaker 1: and sizes. Just because you hear the word inheritance doesn't
Speaker 1: mean someone has gotten a million dollars in hot hot cash.
Speaker 1: It could be a property, it could be interest on
Speaker 1: super You might inherit someone's cash or cuz or some
Speaker 1: sentimental possessions, or maybe g some things that you don't want,
Speaker 1: those heaps of things that you can inherit. And IG
Speaker 1: have been very lucky historically to inherit some really special
Speaker 1: things from my grandparents. I have like some salad tongs
Speaker 1: that my grandma used that are silver, and I have
Speaker 1: a whole heap of like trinkets and jewelry and stuff
Speaker 1: that are really really special to me. So it's really
Speaker 1: important to also understand that an inheritance might not just
Speaker 1: be cash, because in my case, I didn't inherit cash
Speaker 1: or anything like that from grandparents because obviously that would
Speaker 1: have been divided up among the siblings or their kids. Yeah,
Speaker 1: direct children, so my parents, etc. But I ended up
Speaker 1: with some really special possessions. So if someone passes away.
Speaker 1: There are lots and lots of things to be divided
Speaker 1: up and organized, and you know, prioritized. It doesn't just
Speaker 1: mean that, Okay, George, you're going to end up with
Speaker 1: some cash. It could be an asset. It could be
Speaker 1: something really small but really sentimental. And to me, those
Speaker 1: things are some of my most important things. Like if
Speaker 1: my house was burning down, Jay, those are the things
Speaker 1: I would grab first. Yeah, after I'd grab my pets, pets,
Speaker 1: the solid tongues I love it pets and the salad tongues.
Speaker 2: Can you also inherit shares?
Speaker 1: You can inherit shares, And that's one thing that you
Speaker 1: need to be quite careful of because when it comes
Speaker 1: to shares and also property, you need to know the
Speaker 1: semantics of what's selling that asset means. And I've come
Speaker 1: into a few people before who are like, oh my gosh,
Speaker 1: I inherited the share portfolio. V need your help. Can
Speaker 1: we sit down and have a meeting. And I'm like, yeah,
Speaker 1: no problems, g sit down, let's have a chat. And
Speaker 1: they're like, I just want to sell it, not interested
Speaker 1: in shares at all. I'm like, Okay, no problems, let's
Speaker 1: calculate what that means in terms of tax implications. And
Speaker 1: you need to understand this because a lot of the time,
Speaker 1: if you're inheriting shares, they could have been owned for
Speaker 1: forty fifty plus years, which can you think of a
Speaker 1: compound interest on those shares over time? G very sexy,
Speaker 1: But when compound interest is involved and those things are
Speaker 1: increasing in value, you're very likely to have to pay
Speaker 1: capital gains tax, and we want to avoid that if possible,
Speaker 1: because often you might find yourself in a position where
Speaker 1: you're like, all right, so, g I don't really want
Speaker 1: to own shares, like this isn't what I want. It's
Speaker 1: not aligned to my values. But on the flip side,
Speaker 1: if I sell it, I'm up for a pretty hefty
Speaker 1: tax bill and I don't particularly want that. We're not
Speaker 1: just looking at what you want when it comes to
Speaker 1: an inheritance, also looking at what is in your best
Speaker 1: interest financially as well, because gee, if you have to
Speaker 1: give away half of the wealth to tax, do you
Speaker 1: want to get rid of it? Do you really want
Speaker 1: to do that or do we want to make a
Speaker 1: plan that makes the most of it.
Speaker 2: Okay, and other age limits when it comes to inheritances,
Speaker 2: as well, in terms of cash and shares and properties.
Speaker 1: Yeah, there are. So if you're a kid and you're
Speaker 1: under the age of eighteen, you're very unlikely to be
Speaker 1: allowed to access any of the inherited wealth, Like you're
Speaker 1: not going to be allowed to manage a property if
Speaker 1: you're twelve. But when they turn eighteen, g then all
Speaker 1: of that changes and you're treated as an adult. Except Gee,
Speaker 1: if someone who's put in the will that they don't
Speaker 1: want you to access that until a certain age, So
Speaker 1: they might say, all right, young adults, pretty crazy. I
Speaker 1: want them to inherit my property, or I want them
Speaker 1: to inherit this cash, but I don't want them to
Speaker 1: be able to access it until they're twenty five or
Speaker 1: till they're thirty. And that's actually quite common, especially when
Speaker 1: people have larger amounts of wealth that they know are
Speaker 1: going to go to younger kids. Gee. There's also clauses
Speaker 1: that some people put into wills, like, all right, it'll
Speaker 1: go to my son, I don't want him to access
Speaker 1: it until he's twenty five. But when he turns twenty five,
Speaker 1: if he doesn't have any addiction issues and he's all
Speaker 1: well and good, it can go to him. But if
Speaker 1: he is suffering from addiction issues, I don't want him
Speaker 1: to have access to a large amount of money. And
Speaker 1: the executor of the will is going to help organize
Speaker 1: all of this. But there are so many things and
Speaker 1: so much power that you have if you're writing a will,
Speaker 1: and I just don't think people understand. Like a lot
Speaker 1: of people just go, oh, inheritance, no problems. But I've
Speaker 1: got a couple of clients who I managed portfolios for
Speaker 1: and they're not allowed to access their portfolios yet because
Speaker 1: they're outlined that they can't have them until they're thirty. Really,
Speaker 1: a person who wrote the will wanted to make sure
Speaker 1: that they had established their own income streams and had
Speaker 1: a career and or started a career before they actually
Speaker 1: came into some significant wealth, which from their perspective is
Speaker 1: absolutely their wishes. And we are honoring.
Speaker 2: Those, yeah, one hundred percent. And with an executor, you
Speaker 2: just outline them in the will.
Speaker 1: Is that correct? Yeah, So you'll outline them in the
Speaker 1: will and they will know. And it could be someone
Speaker 1: that you know, or it could be someone like a
Speaker 1: financial advisor. So g For example, I've got a couple
Speaker 1: of clients where they've got a boyfriend, but they're not
Speaker 1: that close with the boyfriend yet, like it's a pretty
Speaker 1: fresh relationship, and both of their parents aren't around anymore,
Speaker 1: and they just didn't have someone to be the executor.
Speaker 1: And I'm actually the executor of rail, so you can
Speaker 1: nominate someone who is a professional executor. But in that circumstance,
Speaker 1: we'd also build into the will some fees and stuff
Speaker 1: like that. So when I'm working on that, then I
Speaker 1: will get paid from the state, which is from my
Speaker 1: perspective again, quite interesting. And I don't think that a
Speaker 1: lot of people consider that. They're like, oh, wow, I
Speaker 1: could just have my financial advisor do that.
Speaker 2: Yeah, And I mean financial advisors would presumably make very
Speaker 2: good decisions with the finances, So smart thing to do there.
Speaker 2: But we've touched on this in the past, but let's
Speaker 2: go over it again. If someone you love, say your mum,
Speaker 2: for example, they sadly passed away yesterday and they left
Speaker 2: all of their wealth, all of their millions to the
Speaker 2: Lost Dogs Home, happens. Yeah, so can you dispute that
Speaker 2: if you think perhaps you deserve that's.
Speaker 1: A money yes, and no, g there are a couple
Speaker 1: of things around that, and it depends on how I
Speaker 1: guess comprehensive they will in a state planning, you know,
Speaker 1: process was and if they've gone and seen a Laura
Speaker 1: and set all of that up, it's very likely that
Speaker 1: you might not be able to argue it. And I
Speaker 1: find it super interesting because I actually did have a situation.
Speaker 1: It wasn't me personally, it was another advisor that I
Speaker 1: used to work with. They had someone whose mother actually
Speaker 1: left I think it was like ninety percent of her
Speaker 1: wealth to the Lost Dogs Home and ten percent to
Speaker 1: the kids, and the kids were like, what the hell.
Speaker 1: They didn't know that that was the case until the
Speaker 1: mother passed away, because it was just in a will
Speaker 1: and that was her business. And you don't actually have
Speaker 1: to tell someone what is in your will unless you
Speaker 1: want to. Obviously, you're going to have to tell people
Speaker 1: if they're the executor of a will. But gee, if
Speaker 1: I leave you any money in my will, I don't
Speaker 1: have to tell you about that because I might change
Speaker 1: my mind later, who knows. Obviously, if it is completely
Speaker 1: leak proof, then you don't have a lot of wigal room.
Speaker 1: But according to Victoria Legal eight, if the person who
Speaker 1: made the will didn't have the capacity to make the
Speaker 1: will at the time they signed it, you could challenge it.
Speaker 1: Or if the will wasn't drafted and signed according to law,
Speaker 1: like there might be a little bit of a loophole
Speaker 1: if you're like, oh, like it was on the back
Speaker 1: of a napkin line, right, Probably probably not, so it
Speaker 1: needs to be the proper legal process. Or if one
Speaker 1: of the witnesses of the will are set to inherit
Speaker 1: something in the wheel, So that is an interesting loopholes.
Speaker 1: You might just be helping a mate out by signing it,
Speaker 1: but also creating a loophole of someone being able to
Speaker 1: challenge it. Yeah, it can be challenged if you were
Speaker 1: making the will under the influence of others. So for example,
Speaker 1: we've had situations and thankfully not with any of my clients,
Speaker 1: but you know, I have a lot of financial advisor
Speaker 1: friends where you know, maybe the kids are asking the
Speaker 1: parents to update the will while they're not well in
Speaker 1: hospital and they know what they're doing. Could be challenged then.
Speaker 1: Or if a person had a responsibility to provide for
Speaker 1: someone and they don't believe that they've left their fair
Speaker 1: share to that person. So for example, if they had
Speaker 1: kids under the age of eighteen and they've left absolutely
Speaker 1: nothing to that side of the family, and the kids
Speaker 1: still have school fees and the cost of putting roof
Speaker 1: over their head and stuff, and it's gone to maybe
Speaker 1: they're lack young mistress or something like. You could definitely
Speaker 1: challenge the will in that circumstance to say, did you
Speaker 1: know that they actually had kids that they needed to
Speaker 1: provide for? And that's probably not the most ethical of outcomes. However,
Speaker 1: if someone has gone to the trouble of making sure
Speaker 1: they have a watertight will, I also feel like sometimes
Speaker 1: it's not worth challenging, not not worth, but we need
Speaker 1: to also understand that, you know, you might not be
Speaker 1: getting what you wanted, g Like, you might feel like
Speaker 1: you're entitled to something. But I also think that when
Speaker 1: we go through a process like this, we need to
Speaker 1: check our entitlement a little bit and go what if
Speaker 1: their wishes are being completely fulfilled? Like a will is
Speaker 1: the wishes of someone who has passed away, and it
Speaker 1: speaks for that person when they're not able to speak
Speaker 1: for themselves anymore. And I just feel like sometimes I've
Speaker 1: seen situations where people are challenging wills and I'm like, mm,
Speaker 1: they really wanted that and not to get I guess
Speaker 1: too personal, but I have had situations where, you know,
Speaker 1: someone might have left all their money to the Lost
Speaker 1: Dogs Home and not to any of their adult children,
Speaker 1: and they've made that decision because their adult children weren't
Speaker 1: looking after them and they you know, maybe had really
Speaker 1: disconnected relationships and they hadn't talked to their kids in
Speaker 1: ten plus years, and they're like, do you know what,
Speaker 1: I don't want them to have that money. They don't
Speaker 1: have anything to do with me. And I often feel
Speaker 1: a little bit is the word iky like, when you
Speaker 1: hear that they're challenging a will and I'm like, well,
Speaker 1: you didn't even look after your mouth the last twenty years,
Speaker 1: but now you want to know. Oh. I don't know.
Speaker 1: I'm a big opinion on this, But at the same time,
Speaker 1: I think it's all about respect and making sure we're
Speaker 1: respecting the person that's passed away as well as you
Speaker 1: who is potentially inheriting something.
Speaker 2: Yeah, for sure, if anyone is interested in wills and
Speaker 2: all of that kind of thing. We did do an
Speaker 2: episode as you flagged earlier, V, so definitely go back
Speaker 2: and have a listen to that one. You also mentioned
Speaker 2: the tax implications briefly, V yes, sir, what's the goal there?
Speaker 2: Like what types of inheritance do we need to pay
Speaker 2: tax on? How does that work, what does it look like?
Speaker 1: So this is where you probably should get some advice,
Speaker 1: Like if you're inheriting a large sum of money and
Speaker 1: you need some advice, I definitely would get it because
Speaker 1: you don't want to get bitten with it later. But
Speaker 1: in Australia, g you'll be very happy to know there
Speaker 1: aren't any inheritance or estate taxes, which is kind of cool.
Speaker 1: But as I said before, there might be some tax
Speaker 1: obligations that you need to meet depending on exactly what
Speaker 1: you inherit. So for example, as we were talking about before,
Speaker 1: capital gains tax, like you might need to pay capital
Speaker 1: gains tax if you inherit a property and then sell it,
Speaker 1: but there are some exemptions to that. So for example,
Speaker 1: I know that if you sell it within the first
Speaker 1: two years, there might not be tax payable on that,
Speaker 1: But if you sell it after that two years but
Speaker 1: it was an inherited asset, you do have to pay
Speaker 1: capital gains tax. I would be going on to the
Speaker 1: ATO website and checking that because they do have a
Speaker 1: really good detailed summary of what that looks like. But
Speaker 1: I also think that it is really important to understand
Speaker 1: that even if you're in the middle of a grieving process,
Speaker 1: like as I said before, George, it is not the
Speaker 1: worst thing to just park the money or park the
Speaker 1: asset to the side and out of sight, out of
Speaker 1: mind for a bit while you go through your grief period,
Speaker 1: which I think is really important because the last thing
Speaker 1: you need to do is be making decisions on money
Speaker 1: and making really big investment decisions when you're not in
Speaker 1: your right mind. And I feel like, George, one of
Speaker 1: the biggest red flags for a financial advisor or anybody, right,
Speaker 1: even if it's your uncle John, who's you know in
Speaker 1: your ear and going George, you need to see financial
Speaker 1: advisor asap. You don't. You absolutely don't just get through
Speaker 1: that period and be okay. But do know the limitations
Speaker 1: of it. So parking it for six to twelve months
Speaker 1: non issue. But if you have a property, we need
Speaker 1: to make sure that you're not missing out on something
Speaker 1: if you've got that two year limit. So for example,
Speaker 1: we don't want to pay capital gains tax when it
Speaker 1: comes to inheritance. I've had a lot of people say
Speaker 1: things like, oh v I wish I'd known that earlier.
Speaker 1: So I think it's educate yourself and then park the
Speaker 1: money to the side, because we don't want to be
Speaker 1: in a fickle position. But that is just me. And
Speaker 1: then when it comes to g inherited shares, which you
Speaker 1: and I were talking about before, you're very likely to
Speaker 1: have to pay income tax on the dividends that are
Speaker 1: paid on those shares. And the same thing goes for property.
Speaker 1: If it is an income generating property like it is
Speaker 1: leased out and you have an income through having tenants
Speaker 1: in those properties, you're going to have to pay income
Speaker 1: tax on that because that was the obligation of the
Speaker 1: person who has now passed away. However, the sale of
Speaker 1: those assets is treated differently, so I would just be
Speaker 1: making sure that you're meeting your tax obligations and you
Speaker 1: know what applies to you. So if you're in that situation,
Speaker 1: have a chat to a financial advisor and they will
Speaker 1: make sure that you are doing the right thing. But
Speaker 1: as I said before, no need to jump on it.
Speaker 1: I guessap if you've just inherited.
Speaker 2: Something, Okay, before we head to the break fee, how
Speaker 2: important is it that we see a financial advisor. I'm
Speaker 2: assuming like the larger the sum of money or the
Speaker 2: larger the inheritance, probably the more likely it is that
Speaker 2: we should see an advisor just to make sure we
Speaker 2: are making the correct decisions. Is there like a monetary
Speaker 2: minimum that we should inherit before we see an advisor,
Speaker 2: Like if we're if we just in quotation marks inherit
Speaker 2: like ten grand or something compared to one hundred grand,
Speaker 2: they're very different sums of money. Should we see an
Speaker 2: advisor if it is that larger sum?
Speaker 1: Gee, I'm very pro advice obviously, and I do believe
Speaker 1: deeply in making sure that you get the right advice.
Speaker 1: But as you know, when it comes to financial advice,
Speaker 1: there are fees associated with that, and that could sit
Speaker 1: from anywhere between four to like eight thousand dollars. If
Speaker 1: you're talking about an inheritance advisory piece, like you're getting
Speaker 1: a statement of advice to make sure that that is okay.
Speaker 1: So when it comes to inheriting, and you use the
Speaker 1: example of ten thousand dollars, going and seeing a financial
Speaker 1: advisor might not be a viable outcome for you because
Speaker 1: it's like, well, you've inherited ten grand, are you going
Speaker 1: to go and use half of that to pay the
Speaker 1: advisor for some advice, Like I just don't feel like
Speaker 1: that is putting you in the best financial position, which
Speaker 1: is why I'm such a strong advocate of self education
Speaker 1: and making sure that you know what your goals are
Speaker 1: and what that ten thousand dollars could do for you,
Speaker 1: and how you want to honor that and how you
Speaker 1: want to work with that. But when it comes to
Speaker 1: something like one hundred thousand dollars G, we have so
Speaker 1: much power, and a lot of people will do something
Speaker 1: like they'll go, all right, well, I got this inheritance,
Speaker 1: I'm going to spend it all on a property. And
Speaker 1: I mean, you're not going to spend one hundred thousand
Speaker 1: dollars G unfortunately and get a property and wham bam,
Speaker 1: you don't have any kind of debt associated with that.
Speaker 1: Like that could be a house deposit for you, which
Speaker 1: is really great, But we need to think of the
Speaker 1: implications of that. And I'm very aware that a lot
Speaker 1: of people who get large sums of money are often like,
Speaker 1: oh my god, I could buy a house outright. But
Speaker 1: the thing there is, all right, gee, let's say you
Speaker 1: inherit half a million dollars, Like, do you know what
Speaker 1: I'm going to do. I'm going to go buy a
Speaker 1: property completely outright, like money win right. But with that situation,
Speaker 1: you're putting yourself in a position where you're not generating
Speaker 1: cash flow. Like you might own the property out right,
Speaker 1: but you're still having to go to work every day
Speaker 1: to make sure that you're putting food on the table,
Speaker 1: and you don't have the luxury of I guess financial
Speaker 1: freedom in that way. Like, yes, you might own your
Speaker 1: property completely outright, and that's a very sexy option, but
Speaker 1: when it comes to inheriting money, I just don't think
Speaker 1: people see the power in that as much as I
Speaker 1: guess I do. And so say you inherit five hundred
Speaker 1: grand and instead of buying a property, gee, you go
Speaker 1: and invest that in the share market. And you're like, okay, well,
Speaker 1: I'm young, I've inherited this money. I'm going to invest
Speaker 1: it in the share market for the next thirty years
Speaker 1: and create financial freedom for myself over that time. You're
Speaker 1: going to put yourself in a position where that five
Speaker 1: hundred thousand dollars will turn into about four point seven
Speaker 1: million dollars. So if you own your property outright, today,
Speaker 1: is that going to generate four point seven million dollars
Speaker 1: for you in the future.
Speaker 2: Look into this climate maybe, look maybe maybe if you're
Speaker 2: buying in Sydney, but good luck buying a property in
Speaker 2: Sydney for half a million dollars.
Speaker 1: However, it's really important to understand the implications of the
Speaker 1: decisions you're making, George, because if you put that money
Speaker 1: in shares and invested that that's now generating you in income,
Speaker 1: and that income later down the track can buy you
Speaker 1: a property. So it's all about good financial planning and
Speaker 1: making sure that we're making the right decision for you,
Speaker 1: because often people will we'll just go all right, well,
Speaker 1: I'm just going to buy a property outright, and I go,
Speaker 1: oh my gosh, Like I can see how that makes
Speaker 1: a lot of sense, and you'd feel very gratified and
Speaker 1: properties aligned to your values. But are you making the
Speaker 1: right decision for future you?
Speaker 2: Okay, I think that is the perfect place to leave
Speaker 2: it for now, viv. But on the other side of
Speaker 2: the break, we will be hearing your thoughts on what
Speaker 2: to do if you do receive a inheritance, and we'll
Speaker 2: also be running through the common mistakes that you see
Speaker 2: people make so don't go anywhere, guys, back into it. V.
Speaker 2: Let's get straight into the juicy stuff. Oh, I love
Speaker 2: the juicy stuff. If we are receiving a huge lump
Speaker 2: sum of money, how can we make the most of
Speaker 2: it and just not blow it?
Speaker 1: Well, first, I think it's about breathing and taking a
Speaker 1: step back from that money. As I said before, it
Speaker 1: is not the worst thing to put some time between
Speaker 1: you and your decision making. I feel like people feel
Speaker 1: a lot of pressure when it comes to inheritances, and
Speaker 1: for good reason. It is a lot of money. It
Speaker 1: is life changing, and I feel like, you know, I
Speaker 1: touched on guilt earlier, a lot of people carry a
Speaker 1: lot of guilt for not doing something, going oh my gosh,
Speaker 1: I've got this amount of money or I've got this
Speaker 1: thing and I need to make the most of it,
Speaker 1: and I'm not making the most of it. And you're
Speaker 1: staying up at night really late, and you're not sleeping
Speaker 1: because of it. Like, be kind to yourself. It is hard,
Speaker 1: It is not easy. I think that if you've never
Speaker 1: been in that position, you are in no position to
Speaker 1: judge someone who is going through that. So I think
Speaker 1: that giving yourself space to grieve and to process that,
Speaker 1: and to even just step back and pretend the money
Speaker 1: doesn't exist for a little bit and go, you know, what,
Speaker 1: what do I want from life? How is this going
Speaker 1: to work? Step back for a little bit, g and
Speaker 1: have a think about life. You know, you're in a relationship,
Speaker 1: you're really young. Do you want to get married? Do
Speaker 1: you want to have kids at some point? Like? What
Speaker 1: are your views on property? Is that something you want
Speaker 1: to buy? Like what does retirement look like to you
Speaker 1: in the future, and how are you planning on achieving that?
Speaker 1: And then after you're clear on your goals and what
Speaker 1: you want to achieve, then go all right, now I've
Speaker 1: got this asset that could help me achieve all of
Speaker 1: those things that I know I want to achieve, Like,
Speaker 1: your goals don't have to change because you've got an inheritance.
Speaker 1: I feel like so often people like, oh my gosh,
Speaker 1: I didn't want property, but then I inherited something, and
Speaker 1: I guess I have to buy it now because I
Speaker 1: just have this mass amount of money. Like that's not
Speaker 1: the case, that's not true at all. So I think
Speaker 1: it's about not making hasty decisions and then getting some advice,
Speaker 1: whether that is doing some research on your own. So
Speaker 1: then the next step, George would be getting some advice
Speaker 1: and doing some research and making sure that you're making
Speaker 1: the most of it, whether it is you know, five
Speaker 1: grand that you inherited and you just don't want it
Speaker 1: to go to waste, and maybe you're setting up a
Speaker 1: share portfolio for the very first time, or you are,
Speaker 1: you know, putting it into getting out of debt. I
Speaker 1: don't think that is a bad thing by any stretch
Speaker 1: of the imagination. Or if it's a larger sum of
Speaker 1: money or a house or a property, or a whole
Speaker 1: heap of shares or whatever it is, I would get
Speaker 1: some advice and create a plan and make sure that
Speaker 1: you are taking future you into consideration. Obviously a lot
Speaker 1: of people will be like, treat yourself, but I just
Speaker 1: don't want you to go overboard with that, because it's
Speaker 1: really like, an inheritance is really about future you, and
Speaker 1: there's a lot of power in inheritances to create future
Speaker 1: wealth not just for you, but for your future children
Speaker 1: or your future families. And I just feel like it's
Speaker 1: so easy to have money slip through your fingers.
Speaker 2: Which leads me perfectly to my next question, which is
Speaker 2: the common mistakes you do see people making when it
Speaker 2: comes to inheritances. I feel like people spending it too quickly.
Speaker 2: It would probably be at the top of the list.
Speaker 1: Yes, absolutely, people do funny things when they're going through grief.
Speaker 1: G Yeah, I have seen a lot of people like
Speaker 1: a lot of money on fire because they are going
Speaker 1: through the throes of grief and they are not processing
Speaker 1: things properly, and they feel like maybe spending money is
Speaker 1: going to help them feel better. Spoiler alert, Monney isn't
Speaker 1: going to make you happy. It is not going to
Speaker 1: bring the person that you lost back. It is not
Speaker 1: going to make you feel any better if you're spending
Speaker 1: it on going out for lunch with a friend, or
Speaker 1: you know, doing something for yourself, which is obviously very important.
Speaker 1: But people do have a tendency when they get large
Speaker 1: lump sums of money to burn through it. Obviously, as
Speaker 1: I said, small indulgences here and there are not the
Speaker 1: worst thing to do. In fact, I encourage them, Georgia.
Speaker 1: But if you're finding yourself in a position where all
Speaker 1: of a sudden you can create financial freedom, or pay
Speaker 1: off your debts, or contribute to a deposit make sure
Speaker 1: that that is the right thing to be allocating that
Speaker 1: money towards, because sometimes what looks like the most logical
Speaker 1: answer is actually not the best financial answer.
Speaker 2: Okay, any other common mistakes you see.
Speaker 1: Oh my gosh, gee, there are heaps. The next one
Speaker 1: I feel like I've touched on throughout this entire episode,
Speaker 1: and that's making decisions while you're grieving and then regretting
Speaker 1: them because you felt either pressure to do it because
Speaker 1: Uncle John told you that you had to X Y Z,
Speaker 1: and you just felt a lot of pressure to make
Speaker 1: a decision. From my perspective, don't try to rush any
Speaker 1: type of decision, especially if you are particularly close to
Speaker 1: the person who has passed away. You have time take it,
Speaker 1: use it. It is your time to use. Another one
Speaker 1: is letting money get in the way of things that
Speaker 1: are important, like your relationship with your family. So often
Speaker 1: with inheritances, we let it get in the way of
Speaker 1: our loved ones, We let it get in the way of,
Speaker 1: you know, relationships that we've always held really close to ourselves.
Speaker 1: And when the topic of inheritances come up, it often
Speaker 1: gets really sticky, it gets really dramatic. People argue like
Speaker 1: money is the one thing that can completely divide a family.
Speaker 1: You know, you might have had a very close family
Speaker 1: and then a grandparent passes away and all of that
Speaker 1: dissolves because they can't get on the same page. So
Speaker 1: I think it's really important to remember who you are
Speaker 1: and what your values are. And as much as money
Speaker 1: is obviously something that can create wealth and freedom, I
Speaker 1: just think we need to not forget what is important
Speaker 1: and you need to know that you can be the
Speaker 1: bigger person. And it doesn't need to be dramatic. It
Speaker 1: can be very non emotional. But if you're going through that,
Speaker 1: I recommend getting some advice or talking to someone about
Speaker 1: that because it can be really, really hard. Gee, I
Speaker 1: have two more. The next one I have for you
Speaker 1: is not getting financial advice when you need it. So
Speaker 1: often people just go, oh, I don't need it, like
Speaker 1: it's not worth it. At the end of the day,
Speaker 1: if you're inheriting a really large sum of money, get
Speaker 1: some advice. If you don't take it, that's cool, but
Speaker 1: I promise you getting advice will make sure that you
Speaker 1: are making the right decision, whether you decide to invest
Speaker 1: in shares or just not do anything. And then the
Speaker 1: last one is something that I feel like I would do,
Speaker 1: Like I feel like I would just be incredibly generous.
Speaker 1: And I know that I guess that sounds like I've
Speaker 1: got lots of tickets on myself, and I promise you
Speaker 1: I don't. That is not the case at all. Just
Speaker 1: really like looking after other people, and I really like
Speaker 1: making sure other people are okay. And some people seem
Speaker 1: to think that they're Oprah when inheritances come up, Like
Speaker 1: you get a thousand dollars and you get a thousand
Speaker 1: dollars in ge you'll pay off your credit card. But
Speaker 1: I think it's important to make a plan for your
Speaker 1: money before going around and handing it out, because obviously
Speaker 1: there is a lot of power in a very large
Speaker 1: sum of money, but that power is going to diminish
Speaker 1: if you start giving it away or trying to help
Speaker 1: absolutely everybody with it. Like, obviously generosity is really important
Speaker 1: and I am all for it, but I think that
Speaker 1: we need to put ourselves first in this situation. And
Speaker 1: just because you can help somebody, I know it sounds terrible,
Speaker 1: doesn't mean you should be doing it.
Speaker 2: George, Yeah, it's tempting, it's age. Yeah, Okay, As we
Speaker 2: flagged before, you do have a background in psychology. Do
Speaker 2: you think there is a tendency to view inherited money
Speaker 2: as bonus money almost, and then therefore not treat it
Speaker 2: as cleverly as we could.
Speaker 1: Yeah, me through that?
Speaker 2: What is that?
Speaker 1: Well, it's not mine. I didn't earn it. I can
Speaker 1: do whatever I want with it. I'm going to buy
Speaker 1: a boat with my inheritance. I deserve it. I've worked
Speaker 1: hard all my life. I totally get it. And you
Speaker 1: know what, if that's what you want to do. I
Speaker 1: am so not judgmental with the way people spend money, George.
Speaker 1: I have seen it all. I have been involved in
Speaker 1: interactions where people are talking about buying maseratis for their mistresses,
Speaker 1: and I could not care less. It is not my money,
Speaker 1: not my circus, not my monkeys. My job as a
Speaker 1: financial advisor is to help you make the best decision
Speaker 1: for you, and if buying a maserati, George for your
Speaker 1: mistress is the best financial decision for you, let me
Speaker 1: help you do that properly.
Speaker 2: Okay.
Speaker 1: Obviously, Georgia, that one question to my ethics a fair
Speaker 1: bit and wasn't aligned to who I am as a
Speaker 1: financial advisor, which is why I now have my own
Speaker 1: financial advisory practice and I do whatever I want and
Speaker 1: see the clients that nourish me. However, a lot of
Speaker 1: people will see an inheritance as bonus money, but what
Speaker 1: we really need to see it as is an opportunity.
Speaker 1: It is an opportunity to put future you ahead. Is
Speaker 1: an opportunity to make sure that your life is completely
Speaker 1: sustainable and we are working towards financial freedom. Like obviously,
Speaker 1: inheritance could mean anything, and it could mean five hundred
Speaker 1: dollars or it could mean five million dollars. However, I
Speaker 1: think whatever it is, I just don't want you to
Speaker 1: treat it as bonus money. It needs to be respected.
Speaker 1: It's not money that you won. It's money that somebody
Speaker 1: worked incredibly hard to earn and now they're sharing it
Speaker 1: with you. And that, to me, is not a bonus.
Speaker 1: It is not something that you just throw down the drain.
Speaker 1: From my perspective, inheritances need to be respected, and that's
Speaker 1: I guess the premise I have, like every time I
Speaker 1: speak to a client, it is about making sure that
Speaker 1: we are respecting that money and we are respecting the
Speaker 1: person who earned it. Because you guys should know by
Speaker 1: now money is hard to earn, hard to keep, and
Speaker 1: if we have it, we should respect it.
Speaker 2: Yeah, for sure, And I feel like that would help
Speaker 2: relieve some of that inheritance Gill that you spoke about
Speaker 2: before as well. The money, as we touched on before, again,
Speaker 2: isn't the only thing that people can inherit. What are
Speaker 2: your thoughts on what we should do with inherited property?
Speaker 1: Oh my gosh, there are so many, so, so many
Speaker 1: options and there's no quote answer to this. Yeah, there's
Speaker 1: no like, oh, well, good, good question. Gee. People who
Speaker 1: inherit property should do X. Like there's no one size
Speaker 1: fits all approach to this. A lot of people who
Speaker 1: inherit property might actually be inheriting a really sentimental property
Speaker 1: which is very hard to part with. It might be
Speaker 1: the family home that you grew up in. It might
Speaker 1: be a holiday house that you have incredibly fond memories
Speaker 1: of and you've spent a lot of time there and
Speaker 1: you want to hold onto it for your kids and
Speaker 1: your future. And that's amazing. And as we've seen over
Speaker 1: the last twelve months in particular Georgia, property is pretty
Speaker 1: good investment, not bads. But we also need to make
Speaker 1: sure that we're making the right decision for us. Other people,
Speaker 1: they might not feel tied to it at all. They
Speaker 1: might want to sell it, they might want to get
Speaker 1: rid of it. They might want to hold on to
Speaker 1: it as an asset and lease it out or put
Speaker 1: it on Airbnb, or do something else with it. I
Speaker 1: guess the part that gets really complicated is where multiple
Speaker 1: people are listed on an inherited property, and then people
Speaker 1: have conflicting ideas on what to do with that property. So,
Speaker 1: for example, George, let's say we were siblings and we
Speaker 1: both inherit a property from our parents, and we're both
Speaker 1: in very different financial situations. Like you might be really
Speaker 1: financially comfortable, like you and your partner, George, you're completely
Speaker 1: financially free, You've got really good incomes, you're not worried.
Speaker 1: That house is really sentimental to you, and you just
Speaker 1: want to keep it because you want to go, you know,
Speaker 1: use it as a holiday house, you know, once or
Speaker 1: twice a year. It's not of any consequence to you.
Speaker 1: But on the flips, I might be in a whole
Speaker 1: heap of debt, and to me that property is a
Speaker 1: ticket to getting out of debt and setting myself up well.
Speaker 1: And so we need to come to a conclusion that
Speaker 1: works for both of us, because you'd be in that
Speaker 1: position where you're like, well, v I want to keep it.
Speaker 1: You know, it means so much to me. What do
Speaker 1: you mean? And I go, well, that's the ticket for
Speaker 1: me to get out of debt and create financial freedom.
Speaker 1: And obviously, from that perspective, it would be very hard
Speaker 1: to get on the same page. So if you can't
Speaker 1: come to an agreement, we might end up in court,
Speaker 1: which obviously ends up in usually having the property sold.
Speaker 1: It's never ever a cheap exercise. So if you can
Speaker 1: avoid it escalating to that, that would obviously be the
Speaker 1: recommended option. And there's obviously lots of options like I
Speaker 1: could sell my portion to you, Josh, or we could
Speaker 1: negotiate that over time, like there are lots of ways
Speaker 1: to do that, and I would be getting advice on it.
Speaker 1: But property can be quite dividing when one property gets
Speaker 1: inherited by multiple people.
Speaker 2: Yes, spy see, I did want to ask you a
Speaker 2: little bit more about family dynamics when it comes to inheritances,
Speaker 2: but I'm wary of the time. This has been quite
Speaker 2: a long episode, so I'm going to skip that question
Speaker 2: and finish with one that I think is extremely interesting,
Speaker 2: is it. Do you think vd that there is a
Speaker 2: danger in leaving your kids too much money? So celebs,
Speaker 2: for example, like Gordon Ramsey and Daniel Craig, they've been
Speaker 2: known to say in the past that they will not
Speaker 2: be leaving their incredible fortunes to their children. What's your
Speaker 2: take on that.
Speaker 1: Oh, this is such a spicy one because I'm so
Speaker 1: opinionated on this just because I'm like, that's not what
Speaker 1: I would do. But again, like it's their circus, it's
Speaker 1: their monkeys. They can do whatever they want. And I
Speaker 1: totally understand where someone like Gordon Ramsey is coming from
Speaker 1: because historically he said he wants his kids to work
Speaker 1: for their wealth and he wants them to go through
Speaker 1: the same I guess character cre eating process that he
Speaker 1: went through. And I totally get that. But I sit
Speaker 1: on both sides of the fence, right like, if you're
Speaker 1: not going to leave your fortune to your kids, where's
Speaker 1: it going? So I don't know where Daniel Craigil Gordon
Speaker 1: Ramsey are planning on putting their money, but it does
Speaker 1: have to go somewhere. Is it going somewhere? That means
Speaker 1: a lot to you. If that's the case, fantastic. If
Speaker 1: you're giving it away just so your kids have to
Speaker 1: work harder, I'm a bit on the fence about that,
Speaker 1: because with a good estate planner, with a really good
Speaker 1: will and estate plan behind you, that wealth can become
Speaker 1: whatever you want it to become, and you have the
Speaker 1: opportunity of creating generational wealth, like your inheritance or your
Speaker 1: family wealth is not just helping your kids. It could
Speaker 1: be helping you know, your kid's kids and your kids
Speaker 1: kids kids kids like it can create a legacy, and
Speaker 1: for me, legacy is so important. Like if you have
Speaker 1: the ability to make life better for others, especially others
Speaker 1: that you love, wouldn't you be doing that. So one
Speaker 1: of the things that you could do is, you know, say, okay,
Speaker 1: well we're not giving them a lump sum of money,
Speaker 1: but my entire inheritance will be invested, and the dividends
Speaker 1: from that investment will be divided among my kids as
Speaker 1: an income stream, so that they're never financially pressed. It
Speaker 1: might end up being you know, I'm sure this is
Speaker 1: not the case for Gordon Ramsey because he has lots
Speaker 1: of dollars gging, But I have situations where I've got
Speaker 1: clients and they have inheritances, and their inheritances are all
Speaker 1: invested and they get an income stream of like thirty
Speaker 1: grand a year from that investment. So all of the
Speaker 1: kids in the family all have thirty grand a year
Speaker 1: coming in. That would obviously take off some very significant
Speaker 1: financial pressure. Like imagine going through life knowing that at
Speaker 1: a base level you always had thirty thousand dollars a
Speaker 1: year coming in. It would mean that you are more
Speaker 1: likely to make good property decisions because you know you
Speaker 1: have that cash flow to fall back on even if
Speaker 1: you don't have a job. Means that you might be
Speaker 1: able to send your kids to a better school was
Speaker 1: in line with your values. Like for me, it's not
Speaker 1: necessarily about spoiling them with wealth, but having a structure
Speaker 1: that means they are supported because I'm just of the
Speaker 1: opinion that if I had the ability to support my
Speaker 1: kids in the future, I would want to. But I
Speaker 1: totally understand, you know Gordon Ramsay saying I want my
Speaker 1: kids to work for wealth. I don't want them to
Speaker 1: be spoilt. I want them to work, and I want
Speaker 1: them to have good work ethics. But I feel like
Speaker 1: with good advice you can achieve both.
Speaker 2: Yeah, interesting, I feel like that one. I feel like
Speaker 2: the listeners would probably be quite divided on that. I
Speaker 2: feel like it is.
Speaker 1: Totally unrelatable, Like how many times are you like, oh, well,
Speaker 1: we've got millions and millions and millions of dollars? What
Speaker 1: are we going to do with it? Like I totally
Speaker 1: get giving it to the Lost Dogs home, but what
Speaker 1: are you going to do with it? How are you
Speaker 1: creating your legacy? And something that is really important when
Speaker 1: it comes to inheritances for me is legacy, Like what
Speaker 1: are you leaving behind? What does that mean? What is
Speaker 1: your impact on the world, Because impacts so much more
Speaker 1: than money, Like how you made people feel is going
Speaker 1: to be the thing that they remember about you, not
Speaker 1: how rich you were. And yeah, it's time to wrap
Speaker 1: it up. Hopefully everyone got a little something out of
Speaker 1: today's episode. Now that we're at the end of it V,
Speaker 1: I'm thinking that maybe it would be worth us dedicating
Speaker 1: an episode to kind of class issues almost in a way,
Speaker 1: because I'm also imagining people are listening to this and thinking, yeah, well,
Speaker 1: I'm happy for Gordon Ramsey and Daniel Craig, but my
Speaker 1: kids aren't going to inherit millions, They would be lucky
Speaker 1: to inherit thousands. So I think that's kind of an
Speaker 1: interesting piece of this discussion that we haven't really had
Speaker 1: time to touch on today. It absolutely is there's so
Speaker 1: much privilege that plays into it, and I think class
Speaker 1: issues is something we need to discuss because there's also
Speaker 1: so many barriers to advice as well. Like, you know,
Speaker 1: someone like Gordon Ramsey is going to set his kids
Speaker 1: up for generational wealth and they won't have to worry
Speaker 1: ever again, and there's just so much privilege that plays
Speaker 1: into that. But someone who you know has never created
Speaker 1: wealth and they're not going to get an inheritance from
Speaker 1: their parents, and they're working their asses off, but their
Speaker 1: kids are still not going to inherit anything. Like I
Speaker 1: totally get that, and it comes down to me to legacy,
Speaker 1: like what you leave behind doesn't have to be financial.
Speaker 1: But you're right, we do really need to break down
Speaker 1: the class issues because obviously there's a lot of privilege
Speaker 1: in being able to access advice as well, which is
Speaker 1: why I do what I do, George, which is why
Speaker 1: we give away so much free advice and so many
Speaker 1: free resources on cheese on the money because I just
Speaker 1: want people to have access to the advice that I
Speaker 1: know wealthy people can afford. Yeah for sure. All right,
Speaker 1: let's wrap it anyway. Gee, that is all we have
Speaker 1: time for today. So before we head off, we'd like
Speaker 1: to acknowledge and pay respect to Australia's Aboriginal and torrest
Speaker 1: Rate islander people's. They're the traditional custodians of the lands,
Speaker 1: the waterways and the skies all across Australia. We thank
Speaker 1: you for sharing and for caring for the land on
Speaker 1: which we are able to learn. We pay our respects
Speaker 1: to elders past and present, and we share our friendship
Speaker 1: and our kindness.
Speaker 2: And remember, guys, the advice shared on She's on the
Speaker 2: Money is general in nature and does not consider your
Speaker 2: individual circumstances. She's on the Money exists purely for educational
Speaker 2: purposes and should not be relied upon to make an
Speaker 2: investment or a financial decision. And we promise Victoria Divine
Speaker 2: is an authorized representative of InFocus Securities Australia Proprietary Limited
Speaker 2: ABN four seven zero nine seven seven nine seven zero
Speaker 2: four nine AFOSL two three six five two three.
Speaker 1: Okay, you You're getting better at.
Speaker 2: Those number two three off the tongue.
Speaker 1: See you next week, Guys by Guys,