1 00:00:01,320 --> 00:00:04,560 Speaker 1: My Heart podcasts, hear more Gold one on one point 2 00:00:04,640 --> 00:00:06,320 Speaker 1: seven podcasts. 3 00:00:05,720 --> 00:00:10,400 Speaker 2: Playlists and listen live on the free iHeart app, and 4 00:00:10,480 --> 00:00:12,720 Speaker 2: Amanda jam Nation down. 5 00:00:12,720 --> 00:00:14,920 Speaker 3: The Jonesy demand of arms. The pub test today. Giving 6 00:00:14,960 --> 00:00:17,360 Speaker 3: your kids money early does it pass the pub test? 7 00:00:17,400 --> 00:00:17,520 Speaker 2: Well. 8 00:00:17,560 --> 00:00:20,360 Speaker 1: Koshi has come out saying we should rethink this, that 9 00:00:20,440 --> 00:00:23,560 Speaker 1: many baby boomers have this feeling and their kids might 10 00:00:23,600 --> 00:00:27,560 Speaker 1: be pressuring them too to hand over some cash before 11 00:00:28,120 --> 00:00:33,920 Speaker 1: you before you've passed away. And he's saying, rethink transferring 12 00:00:33,920 --> 00:00:36,239 Speaker 1: your wealth to your kids, because you may be interfering 13 00:00:36,240 --> 00:00:39,480 Speaker 1: with your own your own retirement lifestyle. He's saying, guilt 14 00:00:39,520 --> 00:00:41,760 Speaker 1: ridden baby boomer parents want to help their kids, but 15 00:00:41,760 --> 00:00:44,760 Speaker 1: they could be putting their own later years at risk. 16 00:00:45,120 --> 00:00:47,840 Speaker 1: You shouldn't feel obliged to pass on money, he says. 17 00:00:48,040 --> 00:00:50,320 Speaker 1: You've given them an education, a stable family life, a 18 00:00:50,320 --> 00:00:53,239 Speaker 1: good upbringing, but you may need that money. I know 19 00:00:53,360 --> 00:00:56,040 Speaker 1: that we have cares at home with Harley. My dad's 20 00:00:56,080 --> 00:00:58,840 Speaker 1: just gone into aged care, end of life. I'm not 21 00:00:58,840 --> 00:01:02,000 Speaker 1: saying Harley's there that end of life experience. Our aged 22 00:01:02,080 --> 00:01:04,800 Speaker 1: life is much more expensive than we think it will. 23 00:01:04,600 --> 00:01:08,960 Speaker 3: Be, and particularly compared to the old days. You know 24 00:01:09,840 --> 00:01:12,240 Speaker 3: it wasn't as expensive back in the old days as 25 00:01:12,280 --> 00:01:14,319 Speaker 3: far as age care and those things. 26 00:01:14,240 --> 00:01:15,760 Speaker 4: And looking after our loved ones. 27 00:01:15,840 --> 00:01:19,319 Speaker 1: These days it's, you know, it's everything is just so 28 00:01:19,400 --> 00:01:22,560 Speaker 1: much more expensive. So yes, I'm sure we'd all like 29 00:01:22,600 --> 00:01:24,240 Speaker 1: to give our kids a leg up, but don't forget 30 00:01:24,240 --> 00:01:27,240 Speaker 1: yourself in the process. Giving your kids money early. Does 31 00:01:27,240 --> 00:01:28,560 Speaker 1: it pass the pub test. 32 00:01:28,880 --> 00:01:30,800 Speaker 5: If you've got the money, go ahead and do it. 33 00:01:30,840 --> 00:01:32,920 Speaker 5: But if you're in my situation where my husband had 34 00:01:32,920 --> 00:01:35,520 Speaker 5: a failed business and my super is the only one 35 00:01:35,520 --> 00:01:38,039 Speaker 5: we've got and the house we live in, then I 36 00:01:38,040 --> 00:01:40,080 Speaker 5: can't give my kids any money. I can give them 37 00:01:40,080 --> 00:01:42,200 Speaker 5: a house to live in until they can afford their own, 38 00:01:42,240 --> 00:01:44,679 Speaker 5: because it's big enough, but I can't give them cash, 39 00:01:44,680 --> 00:01:47,120 Speaker 5: and I shouldn't be expected to. I sold my home 40 00:01:47,240 --> 00:01:50,240 Speaker 5: four years ago for the whole purpose of giving my 41 00:01:50,360 --> 00:01:53,760 Speaker 5: children our head start with a deposit. Even now, they 42 00:01:53,880 --> 00:01:57,360 Speaker 5: still can't buy a home with over one hundred thousand 43 00:01:57,440 --> 00:01:59,840 Speaker 5: dollars each. So I think it's. 44 00:01:59,720 --> 00:02:03,440 Speaker 6: A bit No, it doesn't pass the pub test because 45 00:02:03,680 --> 00:02:07,600 Speaker 6: I think kids these days don't appreciate the value of money. 46 00:02:07,680 --> 00:02:09,520 Speaker 6: And then I'll just go and spend it on whatever. 47 00:02:10,840 --> 00:02:12,960 Speaker 1: But you know that first call was interesting because you 48 00:02:13,040 --> 00:02:14,840 Speaker 1: might think, oh, my husband's gone a business. 49 00:02:14,840 --> 00:02:16,440 Speaker 4: We're all set for our retirement. 50 00:02:16,600 --> 00:02:18,680 Speaker 3: He loses the business, and then all of a sudden, 51 00:02:18,720 --> 00:02:20,679 Speaker 3: you're eating soup coup of soup. 52 00:02:20,720 --> 00:02:22,200 Speaker 4: There's a recipe in a book that I know.