Latest / She's On The Money / Glen James and Victoria Devine answer YOUR questions!

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Glen James and Victoria Devine answer YOUR questions! · She's On The Money

• 0:00
  Speaker 1: Just before we get started, we'd like to acknowledge and
• 0:03
  Speaker 1: pay respect to Australia's Aboriginal and torrest Right islander peoples.
• 0:07
  Speaker 1: They're the traditional custodians of the lands, the waterways and
• 0:10
  Speaker 1: the skies all across Australia. We thank you for sharing
• 0:13
  Speaker 1: and for caring for the land on which we are
• 0:15
  Speaker 1: able to learn. We pay respects to elders past and present,
• 0:19
  Speaker 1: and we share our friendship and our kindness.
• 0:21
  Speaker 2: She's on the Money, She's on the Money.
• 0:45
  Speaker 1: Hello, and welcome to She's on the Money, the podcast
• 0:48
  Speaker 1: for millennials who want financial freedom. Welcome to a bonus
• 0:52
  Speaker 1: episode of the show where we are joined by the
• 0:55
  Speaker 1: one and only Glenn James from My Millennial Money. Glenn.
• 1:00
  Speaker 1: Welcome to She's on the Money again.
• 1:02
  Speaker 3: Hey Victoria, thanks so much for having me back on
• 1:05
  Speaker 3: your show. And to all my listeners. Hello, and you
• 1:09
  Speaker 3: better not be listening to this while.
• 1:10
  Speaker 1: You're at work, and also listen to it on Glenn's feed,
• 1:13
  Speaker 1: not Victoria's feed. For the downloads, right, no, I you
• 1:17
  Speaker 1: can have downloads. You've recently launched your own book, which
• 1:22
  Speaker 1: is very exciting. I mean, it's arguably even better than that.
• 1:26
  Speaker 1: She's on the Money book. Would you say so?
• 1:29
  Speaker 3: I would say they compliment each other perfectly.
• 1:32
  Speaker 1: I think they compliment each other perfectly, obviously, But I
• 1:35
  Speaker 1: also think that they're completely aimed at different not different audiences,
• 1:39
  Speaker 1: but different levels. All right, Glenn, Enough about the books,
• 1:43
  Speaker 1: because that's actually the first question that we have on
• 1:46
  Speaker 1: the show today, and this one comes from Michelle, and
• 1:49
  Speaker 1: she says, Guys, how do the books compare? What are
• 1:52
  Speaker 1: the similarities, what are the differences?
• 1:55
  Speaker 4: What do you think?
• 1:57
  Speaker 1: I think you're asking me because you know what I'm
• 1:59
  Speaker 1: going to say, and I would say that She's on
• 2:01
  Speaker 1: the Money. The book is just the basics. It is
• 2:05
  Speaker 1: talking about creating those foundational skills of budget and cash
• 2:10
  Speaker 1: flow and spending and understanding your money story and where
• 2:13
  Speaker 1: you're starting from. And you go a bit deeper on
• 2:16
  Speaker 1: topics like investing. And I feel like you compliment She's
• 2:19
  Speaker 1: on the Money, because if you were going to read
• 2:22
  Speaker 1: both books, I would want you to read She's on
• 2:24
  Speaker 1: the Money and then My Millennial Money.
• 2:26
  Speaker 4: It's actually called Sort your Money Out.
• 2:27
  Speaker 1: No I know it's called Sort your Money Out, but
• 2:29
  Speaker 1: it's like from you, I'll call it whatever I want
• 2:32
  Speaker 1: on my show.
• 2:33
  Speaker 3: I think, Yeah, like base. Like you said, yours covers
• 2:37
  Speaker 3: the basics. That's not a bad thing.
• 2:39
  Speaker 1: No, no, no, I've done it on purpose.
• 2:41
  Speaker 3: Yeah, exactly, like we need a baseline thing, and then
• 2:45
  Speaker 3: we need to go and learn on top of what
• 2:48
  Speaker 3: we've learned about baseline stuff. But the good thing about
• 2:51
  Speaker 3: what I've done and how it does complement your book,
• 2:54
  Speaker 3: I've done a heap of case studies on real world
• 2:56
  Speaker 3: investments and how they work. And I've done some case
• 3:01
  Speaker 3: studies on two different types of ethical investments. I've used
• 3:06
  Speaker 3: an active investment and an index investment and just compared.
• 3:10
  Speaker 1: The two, which I think is really powerful.
• 3:12
  Speaker 3: Yeah, so I really wanted to go at it from
• 3:14
  Speaker 3: a practical point of view. I did indulge myself and
• 3:18
  Speaker 3: do a heap on mindset and how to actually make money.
• 3:23
  Speaker 3: And I think the chapter is like get rich and
• 3:25
  Speaker 3: make it rain as a play on word. But we
• 3:28
  Speaker 3: both know that a lot of people who listen to
• 3:32
  Speaker 3: the podcast. Once we get our mindset in the direction
• 3:36
  Speaker 3: of oh, hang on, I can do something different than
• 3:38
  Speaker 3: what my parents told me, or hang on, it isn't
• 3:41
  Speaker 3: actually crazy to want to buy an investment property in
• 3:44
  Speaker 3: a different location and still rent in the city. Oh,
• 3:48
  Speaker 3: hang on, it's actually not crazy if I want to
• 3:50
  Speaker 3: invest one hundred dollars a month into a share investing platform,
• 3:56
  Speaker 3: because it's just a different world now.
• 3:59
  Speaker 4: So it's just I don't.
• 4:01
  Speaker 3: Know where I'm going with this, but I wanted to
• 4:02
  Speaker 3: make it really practical, and particularly around the mindset piece,
• 4:06
  Speaker 3: how we can start to change our mindset for our
• 4:09
  Speaker 3: own personal growth, our own personal career, and how we
• 4:13
  Speaker 3: can really maximize turning our human capital, which is what
• 4:18
  Speaker 3: we develop and the income that we generate at work
• 4:21
  Speaker 3: capital transferring that into investments. Because I don't know about you, Victoria,
• 4:24
  Speaker 3: but I was getting sick of all the entrepreneurial books
• 4:29
  Speaker 3: just telling everyone that they need to start their own business,
• 4:32
  Speaker 3: where there's a lot of people that just like their
• 4:34
  Speaker 3: job and like what they do and that's fine, and.
• 4:37
  Speaker 1: I feel like, genuinely there's pressure to be more than
• 4:40
  Speaker 1: what you are in twenty twenty one. Like I don't
• 4:43
  Speaker 1: agree with it, but I feel like everybody is having
• 4:46
  Speaker 1: this pressure put on them to be an entrepreneur, like
• 4:50
  Speaker 1: goal after your dreams, Like they always talk about things
• 4:53
  Speaker 1: like the four hour work week, and please don't get
• 4:55
  Speaker 1: me wrong, there's lots to learn from these things, but
• 4:57
  Speaker 1: there's such a benefit of being employees and having your
• 5:00
  Speaker 1: superpaid and being able to clock out at five pm
• 5:03
  Speaker 1: on a Friday and not worry about things over the weekend. Like,
• 5:06
  Speaker 1: I just don't think it's feasible for a lot of
• 5:09
  Speaker 1: people either, Like business is hard and it's not something
• 5:12
  Speaker 1: that you actually want everybody to be involved in because
• 5:16
  Speaker 1: you might not even enjoy it.
• 5:17
  Speaker 3: Can I read one thing that I wrote in the
• 5:20
  Speaker 3: book that from your own yeah, and this is an
• 5:22
  Speaker 3: example of the audiobook.
• 5:24
  Speaker 1: Go through it. It has to be as good as
• 5:26
  Speaker 1: the audiobook version. Though all right, here we go, get ready.
• 5:29
  Speaker 3: So I basically wanted people to have the best shot
• 5:33
  Speaker 3: at doing the best that they can with their career
• 5:37
  Speaker 3: being an employee. And I basically said, if you talk
• 5:40
  Speaker 3: with your team leader or boss and that's with respect, right,
• 5:44
  Speaker 3: and if things don't change in the medium term or
• 5:48
  Speaker 3: you know, the short term, because you need to give
• 5:50
  Speaker 3: your employer time and grace, so you know, if you've
• 5:54
  Speaker 3: got a problems like oh, it's not quite right here
• 5:57
  Speaker 3: and there's something up and I don't know if I
• 5:59
  Speaker 3: like this working environment, like it might be time to
• 6:02
  Speaker 3: move on. So I then went on to say you'll
• 6:06
  Speaker 3: have the best shot at doing well financially if the
• 6:09
  Speaker 3: following things are happening in your workplace. One you are
• 6:13
  Speaker 3: challenged in your role that have access to help when needed. Two,
• 6:18
  Speaker 3: you feel involved and your contribution is taken seriously at
• 6:21
  Speaker 3: team meetings. Three you are trusted, valued, appreciated and empowered.
• 6:27
  Speaker 3: Four there is a chance to be promoted and take
• 6:31
  Speaker 3: on more responsibilities. And five and this is an important
• 6:35
  Speaker 3: one that a lot of us need to really hear
• 6:37
  Speaker 3: and reflect on. You actually like going to work each day.
• 6:41
  Speaker 3: So if some or all of those things aren't happening
• 6:44
  Speaker 3: in your workplace, and you've approached your boss, employer, team
• 6:48
  Speaker 3: leader with dignity, because I don't think it's about kicking
• 6:51
  Speaker 3: down the door and doing a shakedown, and things don't
• 6:55
  Speaker 3: start to change, it might be time to move jobs.
• 7:00
  Speaker 3: A lot of us think, oh, this is my career.
• 7:02
  Speaker 3: Got a separate career and job, so you could still
• 7:05
  Speaker 3: be doing your career that you love, but it might
• 7:07
  Speaker 3: not be the right workplace. So I just want to
• 7:10
  Speaker 3: encourage people and let's shut up about the dumb book
• 7:14
  Speaker 3: now and get onto some listener questions.
• 7:15
  Speaker 1: But it's not a dumb book. Because we're giving away
• 7:18
  Speaker 1: a book to every person whose question is read out.
• 7:21
  Speaker 4: Yes, so I've got eight books to give away.
• 7:23
  Speaker 1: Eight books a questions, we get to give them away,
• 7:25
  Speaker 1: and I'm really excited about that. Okay, so let's get
• 7:28
  Speaker 1: into the next question. The next question comes from a
• 7:31
  Speaker 1: friend of ours, Maddie. She says, not to be morbid
• 7:34
  Speaker 1: at all. This is definitely the right podcast to be
• 7:37
  Speaker 1: morbid on. Like, Glenn and I I will have this chat,
• 7:40
  Speaker 1: but can you chat about what actually happens when you
• 7:43
  Speaker 1: are the beneficiary about to inherit in an estate, i e.
• 7:47
  Speaker 1: What happens with everything that you inherit in the estate,
• 7:50
  Speaker 1: like super and houses, et cetera.
• 7:53
  Speaker 3: Glenn take it away, imaging her follows and says, Hi,
• 7:57
  Speaker 3: both a bit of a morbid question. It's about debt
• 8:00
  Speaker 3: and inheritance. Say, my parents pass away prior to paying
• 8:04
  Speaker 3: off their debts, Like what happens? So I think and
• 8:07
  Speaker 3: again I actually cover this in the book. So it's
• 8:10
  Speaker 3: another shout out.
• 8:11
  Speaker 1: How many times can Glehn mention anymore?
• 8:15
  Speaker 4: Anymore?
• 8:15
  Speaker 1: But no, I want you.
• 8:16
  Speaker 3: To Maddie and Image and are getting a copy. How
• 8:19
  Speaker 3: do you know Maddie?
• 8:19
  Speaker 1: By the way, I don't she's a friend of the
• 8:21
  Speaker 1: show because she's in our community.
• 8:23
  Speaker 4: He just chatted like, oh, she's a friend anyway.
• 8:25
  Speaker 1: I thought everybody in my group was a friend of mine.
• 8:29
  Speaker 1: Are the people in your group not your friends? Probably?
• 8:32
  Speaker 1: Probably not there? You go, okay, straight under.
• 8:36
  Speaker 3: What we need to work out first and foremost? What's
• 8:39
  Speaker 3: an estate asset and what isn't an estate asset? So
• 8:42
  Speaker 3: an a state asset is something that you own individually.
• 8:47
  Speaker 3: So I own my house in my name, that's an
• 8:50
  Speaker 3: estate asset. I own my car in my name, that's
• 8:52
  Speaker 3: an estate asset. I own a lovely he's a furniture
• 8:58
  Speaker 3: that's worth one hundred dollars.
• 9:00
  Speaker 4: I'm talking about my secondhand lade.
• 9:02
  Speaker 1: You can have my ikea Calyx cadegically.
• 9:05
  Speaker 3: So everything that we own personally is an estate asset. Now,
• 9:10
  Speaker 3: one thing that's not in an estate is superannuation. So
• 9:14
  Speaker 3: your superannuation it's actually in a trust and there's a trustee,
• 9:18
  Speaker 3: which is the superannuation company, and they hold that money
• 9:21
  Speaker 3: on trust for you or your beneficiaries. Okay, so what
• 9:27
  Speaker 3: happens when somebody dies, Well, let's be really morbid here
• 9:31
  Speaker 3: and let's kill Glennoff Okay.
• 9:33
  Speaker 1: I thought you were going to try and kill me.
• 9:34
  Speaker 4: Of actually stuff here, I'll kill you.
• 9:39
  Speaker 3: So Victoria and Steve, you're going along happy. Victoria, I
• 9:46
  Speaker 3: think we are. You are unfortunate enough to die prematurely, Okay, okay,
• 9:52
  Speaker 3: So what happens is Steve will likely go to a solicitor.
• 9:57
  Speaker 3: I'd say, hey, Victoria's dead. This is her will. She
• 10:01
  Speaker 3: wants to leave everything to me. And I'm just being
• 10:03
  Speaker 3: heteronormative here, and you know, saying that you'll have a
• 10:07
  Speaker 3: you give each other everything.
• 10:09
  Speaker 1: So I didn't leave it all to one of my exactly. Okay.
• 10:12
  Speaker 3: So the will reads I would like to give everything
• 10:15
  Speaker 3: to Steve, and if if Steve dies before me, I
• 10:21
  Speaker 3: would like to give everything to my family evenly or
• 10:23
  Speaker 3: something like that.
• 10:24
  Speaker 4: Okay.
• 10:25
  Speaker 3: So basically what happens is your estate assets are everything
• 10:31
  Speaker 3: you own, so that then forms what we call the
• 10:34
  Speaker 3: estate of the late Victoria divine.
• 10:36
  Speaker 1: The late sounds like I'm fancy.
• 10:39
  Speaker 4: Yeah, that's right.
• 10:40
  Speaker 3: And effectively everything just goes in a pool and we
• 10:45
  Speaker 3: have to go because you have a property, we have
• 10:48
  Speaker 3: to go to court and get probate. And what that
• 10:50
  Speaker 3: means is we have to determine that the will is
• 10:53
  Speaker 3: valid and you're half the property, depending on how it's
• 10:57
  Speaker 3: set up, would go to Steve. Yeah, then all the
• 11:01
  Speaker 3: other stuff would also go to Steve. But if you said, oh,
• 11:04
  Speaker 3: I want to give my mother and father twenty percent
• 11:10
  Speaker 3: of my estate, that comes off the top first and
• 11:14
  Speaker 3: then the rest will go to Steve. When we talk
• 11:17
  Speaker 3: about debt, you can't inherit debt. If Victoria you because
• 11:21
  Speaker 3: you're the Victoria who died, she was actually a bit
• 11:25
  Speaker 3: of a fraud.
• 11:25
  Speaker 4: She had all these.
• 11:26
  Speaker 1: Personal loans, right, Yeah, I had a million credit cards.
• 11:30
  Speaker 1: She had person.
• 11:31
  Speaker 4: Fifty thousand dollars in credit cards. Oh, I had one.
• 11:34
  Speaker 1: Hundred thousand dollars in credit cards, and I have like
• 11:36
  Speaker 1: six personal loans.
• 11:38
  Speaker 3: Yeah. Yeah, So Victoria, you died with two hundred thousand
• 11:43
  Speaker 3: dollars worth of debt in your name, and.
• 11:46
  Speaker 1: Because I died, it looks a lot like not my problem.
• 11:48
  Speaker 4: Anymore, exactly.
• 11:50
  Speaker 3: But so you died with two hundred thousand dollars worth
• 11:52
  Speaker 3: of debt, your superbalance, and I'm going to make you
• 11:56
  Speaker 3: a bit older.
• 11:57
  Speaker 4: Now.
• 11:57
  Speaker 3: Your super balance and your cash in your bank totaled
• 12:01
  Speaker 3: three hundred thousand dollars.
• 12:02
  Speaker 1: Do you mean make me a bit older. What if
• 12:04
  Speaker 1: that was my superbalance right now.
• 12:08
  Speaker 4: It's not thirty. That's awesome, absolutely not.
• 12:12
  Speaker 3: It's actually basically the state the estate has to settle
• 12:17
  Speaker 3: the debts before it can pay out beneficiaries. So that's
• 12:22
  Speaker 3: practically you can't inherit debt in Australia.
• 12:25
  Speaker 1: You can in the US you can.
• 12:27
  Speaker 4: Yep.
• 12:28
  Speaker 3: If for example, Victoria had hex or help debt that
• 12:31
  Speaker 3: just gets cleared.
• 12:32
  Speaker 1: That's the only debt that dies with you though.
• 12:34
  Speaker 4: Yeah, and that's why.
• 12:35
  Speaker 3: I'm a bit of an advocate of not paying extra
• 12:38
  Speaker 3: hex and help debt off. Even if you've met all
• 12:42
  Speaker 3: your other financial goals.
• 12:44
  Speaker 1: Why you would I've never had a reason to do it.
• 12:47
  Speaker 3: Yeah, I think I may have mentioned it in the
• 12:50
  Speaker 3: book that just joking with you. I think if you
• 12:57
  Speaker 3: met all your other financial goals and you just wanted
• 12:59
  Speaker 3: to come back around for housekeeping, sure, but because that
• 13:03
  Speaker 3: debt dies with you, if you had paid an extra
• 13:06
  Speaker 3: ten thousand dollars a year over the last twenty years,
• 13:10
  Speaker 3: you've paid twenty thousand dollars into that debt and you've
• 13:13
  Speaker 3: died prematurely, So that's twenty thousand dollars that your state
• 13:16
  Speaker 3: doesn't get back.
• 13:17
  Speaker 1: It's a good way of looking at it. Actually, I
• 13:19
  Speaker 1: had not even thought about the like long game of that.
• 13:23
  Speaker 1: I'd always just looked at it and been like, it
• 13:25
  Speaker 1: actually has no financial benefit to me, or benefit at
• 13:29
  Speaker 1: all to me. To pay it off early like I
• 13:32
  Speaker 1: just gave it for me personally doesn't make sense.
• 13:35
  Speaker 3: I just think from an estate planning optimization point of view,
• 13:41
  Speaker 3: it's if you've got a young family and you do
• 13:44
  Speaker 3: have extra cash left over, unless you know you've got
• 13:47
  Speaker 3: five grand left on the hexahelp and you want to
• 13:49
  Speaker 3: just clear it to get the mortgage sold all services easier.
• 13:52
  Speaker 3: I'm not committing extra money to HEXE Help because at
• 13:55
  Speaker 3: least if I had died prematurely, my kids or my
• 13:59
  Speaker 3: spouse isn't miss out on that extra a little bit
• 14:01
  Speaker 3: of money.
• 14:02
  Speaker 1: I really like that perception, Like, I really like that
• 14:04
  Speaker 1: point of view because it really reiterates my point of view,
• 14:08
  Speaker 1: which we obviously like. But it also makes you think
• 14:12
  Speaker 1: a little bit more long term than me, going, yeah,
• 14:15
  Speaker 1: but what if you want to buy a house in
• 14:16
  Speaker 1: the next couple of years, Like, why would you do that?
• 14:18
  Speaker 1: It's actually, well, what if you have kids, wouldn't you
• 14:20
  Speaker 1: want them to have that extra ten grand.
• 14:22
  Speaker 3: Yeah, I know I would absolutely, But again, personal finance
• 14:27
  Speaker 3: is personal.
• 14:27
  Speaker 1: You might not want to do it, or you might
• 14:29
  Speaker 1: want to pay it off, and that's your choice.
• 14:30
  Speaker 3: And this is the funny thing Victoria, like, psychologically, you
• 14:34
  Speaker 3: might have a smaller hex or help left, so we'll
• 14:37
  Speaker 3: call it ten thousand dollars in relative to some people's forty.
• 14:40
  Speaker 1: Thousand Do you have any hex left?
• 14:43
  Speaker 3: No, never had it because I never went to university.
• 14:46
  Speaker 3: I'm a bogan and I did the private college and.
• 14:49
  Speaker 4: Just paid for it.
• 14:50
  Speaker 1: We fancy boy.
• 14:51
  Speaker 3: But psychologically, if you had a small amount of hex
• 14:55
  Speaker 3: debt left and just want to clear it because you're
• 14:58
  Speaker 3: sick of the withholding, like sure, knock yourself out, but
• 15:01
  Speaker 3: now you know that it dies with you and any
• 15:04
  Speaker 3: money paid in there could be lost if you did
• 15:07
  Speaker 3: die prematurely.
• 15:07
  Speaker 4: Well, it's a trade off. You need to think about
• 15:10
  Speaker 4: it and only.
• 15:10
  Speaker 1: You can make that decision as well. And as you
• 15:12
  Speaker 1: said before, personal fundance is just that it's personal. But
• 15:15
  Speaker 1: then it's important to remember that what we're saying is
• 15:17
  Speaker 1: just based on what we would do personally, not what
• 15:20
  Speaker 1: you should do. But also if you've chosen something else,
• 15:24
  Speaker 1: it's not us judging you. We don't care how you
• 15:26
  Speaker 1: spend your money, or we care about is the fact
• 15:28
  Speaker 1: that you're educated about this topic and know what the
• 15:31
  Speaker 1: other consequences were. So I think I would be more
• 15:34
  Speaker 1: upset if someone turned around and said, Victoria, like, I
• 15:36
  Speaker 1: listened to this podcast and I just paid off all
• 15:39
  Speaker 1: my HEX and put every single dollar that I had
• 15:41
  Speaker 1: in savings to that, and then I listened to your
• 15:44
  Speaker 1: podcast and wished I didn't. Like, I just don't want
• 15:46
  Speaker 1: someone to be in that situation where they don't have
• 15:49
  Speaker 1: the right tools and resources to make a decision based
• 15:51
  Speaker 1: on their financial lives.
• 15:53
  Speaker 3: Yeah, and I'm big on you know, that's exactly right.
• 15:56
  Speaker 3: Like if you have just paid off your HEX or help,
• 15:59
  Speaker 3: that's okay. Hey, we're here now, let's just get on
• 16:02
  Speaker 3: with Yeah, you're totally It's all good.
• 16:06
  Speaker 1: Are you gonna have better cash flow? It's not the
• 16:08
  Speaker 1: worst thing. Ever.
• 16:09
  Speaker 3: Hey, there's a question here from Anne Algae. Hi, Victoria
• 16:13
  Speaker 3: and Glenn love your friendship and respective pods.
• 16:16
  Speaker 1: Okay you are, we're friends, Glenn.
• 16:19
  Speaker 3: Yeah, yeah, so many people. Okay, So this is what's
• 16:22
  Speaker 3: going to happen everyone. People will comment in our respective
• 16:25
  Speaker 3: Facebook groups and say Glenn cut Victoria off.
• 16:29
  Speaker 4: He's rude. Victoria's a bitch to Glenn.
• 16:31
  Speaker 1: Hey, we are, Yeah, I am a bitch to Glenn
• 16:35
  Speaker 1: she is.
• 16:36
  Speaker 4: That's right.
• 16:36
  Speaker 1: Yeah, so yeah.
• 16:39
  Speaker 3: But we've got a very robust friendship that's been kicking
• 16:43
  Speaker 3: around the floor for a while.
• 16:44
  Speaker 5: Now.
• 16:44
  Speaker 1: He'll come to my wedding, guys, he'll come to my wedding.
• 16:48
  Speaker 1: Actually he'll be invited to filter.
• 16:50
  Speaker 4: I put the date in my diary.
• 16:52
  Speaker 1: Thank you, thank you. You just told everybody that I
• 16:54
  Speaker 1: picked a date.
• 16:56
  Speaker 4: Like hypothetical date.
• 16:57
  Speaker 1: No, I did pick a date, guys. It's so back
• 17:00
  Speaker 1: to what we're saying. Glenn and asked a question before
• 17:04
  Speaker 1: we went up on a tangent, and she said, I
• 17:06
  Speaker 1: know this is always asked in money diaries, but I'm
• 17:10
  Speaker 1: keen to know what Glenn's best and worst money habits are. So,
• 17:14
  Speaker 1: Glenn James, what is your best money habit?
• 17:18
  Speaker 3: My best money habit is removing Glenn James from any
• 17:22
  Speaker 3: type process, investing, managing cash flow, all that stuff, because
• 17:28
  Speaker 3: the problem is, if I haven't removed Glenn James from
• 17:34
  Speaker 3: the process, my worst money habit kicks in, which is impulse.
• 17:40
  Speaker 1: You are quite impulsive when it comes back.
• 17:42
  Speaker 4: Very impulsive.
• 17:44
  Speaker 3: Yeah, and I'm a spender. I'm a horrendous saver. So
• 17:49
  Speaker 3: I've had to learn to be an investor and I've
• 17:52
  Speaker 3: got my spending plan all set up. All I need
• 17:56
  Speaker 3: to worry about is what's in my daily or weekly
• 17:58
  Speaker 3: spending account and not use my brain for spending because
• 18:02
  Speaker 3: you know, yes, I run a money podcast and I've
• 18:05
  Speaker 3: got a money book, but it doesn't change the fact
• 18:08
  Speaker 3: that Glenn James as a behavioral entity. He's impulsive and
• 18:14
  Speaker 3: needs to remove any manual stuff throughout the week. I'll
• 18:19
  Speaker 3: give you an example, Victoria. Like on the podcast the
• 18:22
  Speaker 3: other day, I was talking about e bikes and I'll
• 18:25
  Speaker 3: say to John the co host, I'm like, oh, yeah,
• 18:27
  Speaker 3: I wouldn't mid getting into mountain biking and yeah, that'd
• 18:30
  Speaker 3: be swoot, like get the e bike and all that. Anyway,
• 18:33
  Speaker 3: I got an email the next week and I was
• 18:36
  Speaker 3: like eleven thirty pm at night. Soonem listening was like, oh, hey, Glenn,
• 18:39
  Speaker 3: listen to the podcast. I've got a business and we
• 18:42
  Speaker 3: import and build e bikes.
• 18:45
  Speaker 4: Here's the catalog. Let me know. I'll hook you up.
• 18:47
  Speaker 1: Ah, And you were like catalog.
• 18:49
  Speaker 4: On the website. I'm like, yeah, that black one looks sweet.
• 18:52
  Speaker 3: I want that, And then next minute I'm like yep,
• 18:55
  Speaker 3: and I'm drafted him. I'm like, yeah, can I get
• 18:57
  Speaker 3: one of these? And like they are expensive? And I like,
• 19:03
  Speaker 3: hang on World War Wear.
• 19:04
  Speaker 1: Well, twenty four hours between Glenn and He's spending this
• 19:08
  Speaker 1: is one.
• 19:08
  Speaker 3: It's over my daily threshold without sleeping on it.
• 19:11
  Speaker 1: Yes.
• 19:12
  Speaker 3: Two it's eleven thirty pm and I've just watched two
• 19:14
  Speaker 3: episodes of Seinfeld because I'm going back and watching.
• 19:16
  Speaker 1: Them all Choice and Show by the Way.
• 19:20
  Speaker 3: And three I didn't wake up this morning with the
• 19:23
  Speaker 3: intention to buy an e by, So I went back
• 19:25
  Speaker 3: to him and said, hey, mate, really appreciate it.
• 19:28
  Speaker 4: I'm going to give it a miss just for now.
• 19:30
  Speaker 4: I'll let you know.
• 19:32
  Speaker 1: Oh, I'm proud of you. That's not a Glenn James
• 19:35
  Speaker 1: thing to do.
• 19:36
  Speaker 4: That's right.
• 19:37
  Speaker 3: So, because we're all just built on our habits and behaviors,
• 19:41
  Speaker 3: as soon as become self aware of our own proclivity
• 19:44
  Speaker 3: with money, the easier it is to govern. And thankfully
• 19:48
  Speaker 3: now in my life, when Glenn James has a blowout,
• 19:53
  Speaker 3: it's not a thousand dollar blowout. It's only a small
• 19:58
  Speaker 3: twenty or thirty dollars blow u yah, because you put.
• 20:00
  Speaker 1: Right framework in place so that you can't actually have
• 20:03
  Speaker 1: those thousand dollar blowouts.
• 20:05
  Speaker 4: That's right. So I walk into Bunnings.
• 20:08
  Speaker 1: That's central if you ask.
• 20:10
  Speaker 3: Yeah, okay, I've walked out with fifteen water and cans,
• 20:13
  Speaker 3: three power boars, and one hundred pack of batteries from
• 20:15
  Speaker 3: the boxes at the front of the store.
• 20:17
  Speaker 1: Genius.
• 20:18
  Speaker 4: I didn't need these, but hey, I mean the moment
• 20:20
  Speaker 4: and I need them in order.
• 20:22
  Speaker 1: Yes, And that's good vallet.
• 20:23
  Speaker 4: So I think it's just about for me.
• 20:27
  Speaker 3: The worst thing about my money personality is I overspend,
• 20:30
  Speaker 3: and I've had to make that into the best thing
• 20:33
  Speaker 3: about I systematically have an amount each week that goes
• 20:36
  Speaker 3: into my investments accounts. It's just systems and structures, and
• 20:41
  Speaker 3: I remove Glenn James from any of the day on
• 20:44
  Speaker 3: day processes.
• 20:45
  Speaker 1: And I think that's really relatable because a lot of
• 20:47
  Speaker 1: people are going to be listening to this and thinking, wow,
• 20:49
  Speaker 1: I'm really impulsive as well. And if you are, you
• 20:53
  Speaker 1: just need to set up a system that works for
• 20:55
  Speaker 1: you and your personality type. And everybody works differently. But
• 20:58
  Speaker 1: I know that Glenn James and my online programs are
• 21:03
  Speaker 1: both set up to put you guys in positions where
• 21:06
  Speaker 1: you're in control of your finances as opposed to not
• 21:09
  Speaker 1: being in control of it, or that you have to
• 21:12
  Speaker 1: manually do everything. Both of us are actually really pro automation.
• 21:16
  Speaker 1: If you're not into it, that's cool. We're not saying
• 21:18
  Speaker 1: it's perfect for everybody. I mean, I think it would
• 21:21
  Speaker 1: work for everybody. But you do you, and the most
• 21:25
  Speaker 1: important thing about doing you is really understanding what your
• 21:27
  Speaker 1: money personality is so that you can create a system
• 21:30
  Speaker 1: that works for you. I feel like in that answer, Glenn,
• 21:33
  Speaker 1: you actually answered what your worst money habit is. But
• 21:36
  Speaker 1: I'll ask you anyway, Glenn James, what is your worst
• 21:40
  Speaker 1: money habit? Is it impulsiveness or is there another one
• 21:43
  Speaker 1: that you haven't shared with us yet?
• 21:44
  Speaker 4: My worst Okay, this is really bad because it's bad
• 21:48
  Speaker 4: for my wallet and bad for my health.
• 21:51
  Speaker 3: Once a week only either a Friday or Saturday night,
• 21:55
  Speaker 3: because it's very naughty, I buy a little tub of
• 21:59
  Speaker 3: Ben and jer.
• 22:00
  Speaker 1: Little tub of Ben and Jerry's is your worst habit?
• 22:03
  Speaker 1: And you literally just told me before the show you
• 22:06
  Speaker 1: were eating a fish and chip shot burger. Alright, Glenn James.
• 22:10
  Speaker 4: Okay, you want to go there.
• 22:12
  Speaker 3: So I needed a fast bit of food because I
• 22:15
  Speaker 3: was running late to this interview.
• 22:17
  Speaker 4: Good work. I'd rather eat something than not have anything
• 22:20
  Speaker 4: on my tummy.
• 22:21
  Speaker 3: And I thought, Okay, do I get a sausage roll
• 22:24
  Speaker 3: or a pie from the pie shop shout out flour
• 22:27
  Speaker 3: and Co twombab, or do I get a burger? I
• 22:31
  Speaker 3: took the view that is probably less calorie dentse to
• 22:35
  Speaker 3: have a fresh hamburger from the Hamburger shop than a
• 22:40
  Speaker 3: pile sausage roll.
• 22:41
  Speaker 1: All right, I'll allow it. Did you have call? Yeah, yeah,
• 22:46
  Speaker 1: that's a health choice. That was a health decision. I
• 22:48
  Speaker 1: backed that one. But you eat Ben and Jerries and
• 22:52
  Speaker 1: that's your work.
• 22:53
  Speaker 3: Buy a tub of Ben and Jerry's and a bottle
• 22:55
  Speaker 3: of coconut sugar. The problem is it's a bad money
• 23:01
  Speaker 3: habit because I buy it from the seven eleven.
• 23:05
  Speaker 1: Down the word Yeah they're so expensive.
• 23:07
  Speaker 4: Yeah, where I could just go down to Woolworks or
• 23:09
  Speaker 4: cold get.
• 23:10
  Speaker 1: Like half the price exactly.
• 23:11
  Speaker 4: Yeah. Right, So it's and this is the problem, right
• 23:14
  Speaker 4: when when.
• 23:15
  Speaker 1: We convenez impulsively pay.
• 23:17
  Speaker 3: For convenience, and you know, you pay for convenience, and
• 23:21
  Speaker 3: this is the wild thing, right, people get all up
• 23:23
  Speaker 3: in arms about what's the cheapest ETF provider and I
• 23:27
  Speaker 3: need this in.
• 23:28
  Speaker 4: That or well, hang on one sec.
• 23:31
  Speaker 3: You want to buy just an ETF direct to the
• 23:34
  Speaker 3: market with a broker, that's going to be cheap. Or
• 23:37
  Speaker 3: if you want a platform and there's a higher fee,
• 23:41
  Speaker 3: but they do all the reporting and keep all you payperwork,
• 23:44
  Speaker 3: or you pay for that.
• 23:45
  Speaker 1: Yeah, you're always convenience. Pay for convenience, and sometimes people
• 23:48
  Speaker 1: don't want the convenience and that's okay, you don't have
• 23:50
  Speaker 1: to pay for it. But if you want to get
• 23:52
  Speaker 1: the seven eleven ice cream because it's one hundred meters
• 23:55
  Speaker 1: down the road from your house, well that's a premium.
• 23:58
  Speaker 3: Yeah, And I think we just need to understand that
• 24:01
  Speaker 3: with sometimes without bad habits, there's often cascading things. So
• 24:06
  Speaker 3: not only it's bad for my wallet, it's not that healthy.
• 24:08
  Speaker 1: So yeah, that's fair. I mean ice cream is pretty good,
• 24:12
  Speaker 1: all right, Glenn. Before we get to the next question,
• 24:14
  Speaker 1: let's head to a quick break and we'll be right back.
• 24:17
  Speaker 1: All right, we are back, Glenn. Our next question comes
• 24:21
  Speaker 1: from Jenna, and Jenna has a and or question, and
• 24:25
  Speaker 1: I'm going to do the end. So we're going to
• 24:27
  Speaker 1: answer both parts of her question. The first is what
• 24:31
  Speaker 1: were your parents' relationships with money and how has it
• 24:35
  Speaker 1: influenced you.
• 24:36
  Speaker 3: Just my parents never had a credit card, and Dad
• 24:39
  Speaker 3: and Mum if they didn't have the money, they didn't
• 24:42
  Speaker 3: buy it. And yeah, I've had a like I don't
• 24:46
  Speaker 3: have credit card at the moment. I've had them in
• 24:48
  Speaker 3: the past, but because I'm a spender, I can't control myself,
• 24:51
  Speaker 3: so the bank wins. And even if I could pay
• 24:53
  Speaker 3: it off each month, I just didn't like the vibe
• 24:55
  Speaker 3: of having money outstanding and owing month on month.
• 24:58
  Speaker 1: Yeah. I hate oweing people money as well, Like when
• 25:00
  Speaker 1: someone invoices you for something, I just get it done,
• 25:04
  Speaker 1: get it paid. I don't care if it's due in
• 25:06
  Speaker 1: three weeks. I just don't want to think about the
• 25:07
  Speaker 1: fact that I might owe somebody else money, like no,
• 25:10
  Speaker 1: thank you.
• 25:11
  Speaker 3: Yeah, So at the moment, like, I don't have a
• 25:13
  Speaker 3: credit card, and I think that was just drummed into
• 25:15
  Speaker 3: me from my parents. In fact, I actually need to
• 25:18
  Speaker 3: get one because I'm going overseas in February.
• 25:23
  Speaker 4: We're going, oh, just up to the States.
• 25:24
  Speaker 3: But last time I was in the States, last few
• 25:27
  Speaker 3: times without a credit card, it's actually fine.
• 25:31
  Speaker 4: But if you want to hire.
• 25:32
  Speaker 1: A car, oh yeah.
• 25:34
  Speaker 4: Well, and this is the thing.
• 25:35
  Speaker 3: If you want to hire a car, you technically don't
• 25:37
  Speaker 3: need a credit card, but when you want to hire
• 25:40
  Speaker 3: a car, there's some weird legislation, right, And this was
• 25:43
  Speaker 3: just totally threw me off guard, and it just wrecked
• 25:47
  Speaker 3: a heap of ours in my planning. If you go
• 25:50
  Speaker 3: to the airport in America, an airport, and I was
• 25:53
  Speaker 3: in Columbus, Ohio, I could have hired a car from
• 25:56
  Speaker 3: the airport, yes, and returned it to the airport and
• 26:00
  Speaker 3: used a debit card.
• 26:01
  Speaker 4: Okay, but I wanted.
• 26:02
  Speaker 3: To drive from Columbus, Ohio to Nashville and picking up
• 26:06
  Speaker 3: the car from the airport. That they wouldn't let you
• 26:09
  Speaker 3: do it with a debit card. You had to have
• 26:11
  Speaker 3: a credit card.
• 26:12
  Speaker 1: Oh why do they do that?
• 26:14
  Speaker 3: I think it might be some security thing if you
• 26:16
  Speaker 3: do the runner with the car or something.
• 26:19
  Speaker 1: And as if you couldn't do that if you'd said
• 26:21
  Speaker 1: you'd return it to the airport.
• 26:23
  Speaker 3: Yeah, so then I had to get like an uber
• 26:27
  Speaker 3: to like this other car yard, you know, half an
• 26:29
  Speaker 3: hour down the road and like anyway. So all in all,
• 26:34
  Speaker 3: that was probably the main habit. If you don't have
• 26:36
  Speaker 3: the money, you don't buy it. Yep, with exception of
• 26:39
  Speaker 3: a home mortgage.
• 26:40
  Speaker 1: I think that's really important. I really like that my
• 26:42
  Speaker 1: parents were a bit similar. I don't remember them having
• 26:45
  Speaker 1: any credit, which for me is obviously a good thing.
• 26:48
  Speaker 1: But my dad would also really instill saving in us,
• 26:51
  Speaker 1: and I've spoken about this in my book, but I
• 26:54
  Speaker 1: also have spoken about it hystorically on the podcast that
• 26:57
  Speaker 1: he used to just rum into us to always say
• 27:00
  Speaker 1: first and always save like five percent of your income.
• 27:03
  Speaker 1: I didn't really listen to him until I was older.
• 27:06
  Speaker 1: I wish i'd listened to him when I was younger,
• 27:08
  Speaker 1: but he definitely did try to instill really good money
• 27:10
  Speaker 1: habits in us. And my mum had instilled really great
• 27:13
  Speaker 1: money habits, like business habits in me. When I was fourteen,
• 27:18
  Speaker 1: thirteen or fourteen, she bought a business, a small business.
• 27:20
  Speaker 1: It was a coffee cut And the reason she did
• 27:23
  Speaker 1: that was because she wanted to teach us about money
• 27:26
  Speaker 1: and about running a business and how important cash flow
• 27:29
  Speaker 1: was and how to do things. And I remember at fourteen,
• 27:31
  Speaker 1: Mum would have me, you know, sitting down and I'd
• 27:33
  Speaker 1: have to work out the float, and then I'd have
• 27:35
  Speaker 1: to work out how much coffee cups cost and what
• 27:37
  Speaker 1: the coffee was, and how much it was going to
• 27:39
  Speaker 1: cost to get those like you remember those fancy individually
• 27:42
  Speaker 1: packeted Byron Bay cookies, Like I had to work out
• 27:45
  Speaker 1: how much profit you could get.
• 27:47
  Speaker 4: On these dotties. Love the dotties so good, but.
• 27:51
  Speaker 1: I had to work out how much we could sell
• 27:53
  Speaker 1: those for. And anyway, it was a whole thing, and
• 27:56
  Speaker 1: it really taught me a lot about money and the
• 27:58
  Speaker 1: importance of money. And I remember doing that with her and
• 28:01
  Speaker 1: then you know, wanting my sister to help and mumping like, oh, oh,
• 28:04
  Speaker 1: how much are you going to pay her for an hour?
• 28:06
  Speaker 1: If you asked her? And I'd be like, oh, what
• 28:07
  Speaker 1: you have to pay for labor? This is crazy. So
• 28:10
  Speaker 1: I feel like my parents instilled a really healthy relationship
• 28:14
  Speaker 1: with money with me, and you know a lot of
• 28:17
  Speaker 1: I'm very very lucky and very privileged that I got
• 28:20
  Speaker 1: to go through that. But both parents were really good
• 28:23
  Speaker 1: at saving. Like I even remember going on a holiday
• 28:26
  Speaker 1: once and Mum being like, I have been saving up
• 28:29
  Speaker 1: for this holiday and I have been paying this off
• 28:31
  Speaker 1: because my mum and dad had I think managed money
• 28:35
  Speaker 1: pretty separately. But Mum was like, nope, I've been saving
• 28:38
  Speaker 1: up for this and we've been doing this, and I
• 28:40
  Speaker 1: just remember being like, yeah, go Mum, you paid for
• 28:42
  Speaker 1: our holiday, Like that's real cool. So yeah, I had
• 28:46
  Speaker 1: a really good upbringing in that my parents were good
• 28:49
  Speaker 1: at talking about money in saying that. It wasn't like
• 28:53
  Speaker 1: we sat down and talked about superinuation or investing or
• 28:56
  Speaker 1: anything like that. It was definitely like cash flow and
• 28:59
  Speaker 1: budgeting and making sure that I had the money that
• 29:01
  Speaker 1: I needed. And yeah, had had good pocket money.
• 29:06
  Speaker 3: How's this my parent or my dad? So my dad's grandfather,
• 29:11
  Speaker 3: my dad's dad, and my dad, we're all self employed.
• 29:15
  Speaker 3: I'm like fourth generation self employed. Yeah, so it's just
• 29:20
  Speaker 3: this innate thing.
• 29:22
  Speaker 1: I'm still motivated. My parents owned a business for a
• 29:25
  Speaker 1: really long time as well, So I guess the apple
• 29:27
  Speaker 1: doesn't fall that far from the tree, does it, Glenn?
• 29:30
  Speaker 4: It doesn't.
• 29:30
  Speaker 3: And also, like when we're younger, we wanted it an
• 29:34
  Speaker 3: above or we wanted a pool. So my parents bought
• 29:36
  Speaker 3: a second hand above ground pool, which is awesome. That
• 29:41
  Speaker 3: you've got to dig him in like I don't know,
• 29:43
  Speaker 3: half a meter, it has to be my dad dug
• 29:46
  Speaker 3: it all by hand.
• 29:47
  Speaker 1: Yeah, don't pay someone for something you can do self.
• 29:50
  Speaker 4: Exactly. That apple fell very far from the tree, let
• 29:53
  Speaker 4: me tell you.
• 29:54
  Speaker 3: Yeah.
• 29:55
  Speaker 1: All right, Well, let's move on to the second part
• 29:57
  Speaker 1: of Jenna's question. What's your favorite clients story that you've
• 30:01
  Speaker 1: helped out throughout your career? She said, it's really motivating
• 30:05
  Speaker 1: to hear other people's stories. Glenn, do you have one
• 30:08
  Speaker 1: that really stands out?
• 30:10
  Speaker 3: I've actually got Gosh, I've got three that actually really
• 30:18
  Speaker 3: stand out that I'll always remember. I've got one.
• 30:22
  Speaker 4: Of them is boring, two of them are sad.
• 30:28
  Speaker 1: Tell me about the boring one first.
• 30:31
  Speaker 3: Well, the boring one, like clients working class Australia, really
• 30:35
  Speaker 3: good example of living on less than you earn for
• 30:38
  Speaker 3: a long period of time, keeping it simple. They just
• 30:41
  Speaker 3: salary sacrifice the super just rinse and repeat, rinse and repeat.
• 30:46
  Speaker 1: Getting it done.
• 30:47
  Speaker 3: Get to age fifty sixty have well over a million
• 30:51
  Speaker 3: dollars in superannuation. They didn't overcook anything, and they didn't
• 30:56
  Speaker 3: try and get rich quick anything like that. Spend less
• 30:59
  Speaker 3: than you earn, invest the rest over a long period
• 31:01
  Speaker 3: of time. You'll have a great lifestyle. When you want
• 31:05
  Speaker 3: to hang up the tools. So that was just a
• 31:07
  Speaker 3: really good example of long term financial discipline. The other one,
• 31:13
  Speaker 3: it's really a sad one and it just speaks about
• 31:18
  Speaker 3: you know, estate planning and stuff like this. And that's
• 31:21
  Speaker 3: why I liked talking about the estate planning stuff and
• 31:24
  Speaker 3: you know, paying hex off early could impact the estate
• 31:27
  Speaker 3: and whatnot. I had a client where I was working
• 31:31
  Speaker 3: with the power of attorney and her mother was in
• 31:35
  Speaker 3: a nursing home and her mother was under sixty so
• 31:39
  Speaker 3: early onset dementia like crazy, right, And we were basically
• 31:46
  Speaker 3: and this was a very wealthy family, so I was
• 31:48
  Speaker 3: doing the financial advice with mum's money and basically there
• 31:55
  Speaker 3: was stuff in the family that wasn't settled. And this client,
• 32:00
  Speaker 3: her sibling had this undertone of jealousy that this sibling
• 32:07
  Speaker 3: wasn't executor or power of attorney other and executor. And
• 32:13
  Speaker 3: it got to the point where because there was so
• 32:17
  Speaker 3: much money involved and this sibling hadn't set his own
• 32:22
  Speaker 3: life up, got hungry for the money. And I was
• 32:25
  Speaker 3: in a meeting with the accountant and the two siblings
• 32:29
  Speaker 3: and they were a bit of strange and and this
• 32:34
  Speaker 3: is just you know, the power of attorney. She's crying
• 32:38
  Speaker 3: because she's only a young lady yourself. Mum's in nursing
• 32:41
  Speaker 3: home early on set dementia. Over two million dollars, wow,
• 32:45
  Speaker 3: all this crazy stuff, and he's going, oh, we just
• 32:49
  Speaker 3: I just need to do this, this, this, and I
• 32:52
  Speaker 3: want to do that. And I had to have I
• 32:54
  Speaker 3: had to stand up and say to him, Hey, mate,
• 32:58
  Speaker 3: you were here as a courtesy. You have no legal
• 33:01
  Speaker 3: right to have any say with respect. It's your mum's
• 33:06
  Speaker 3: bloody money. She's still alive. We are managing this for
• 33:09
  Speaker 3: her benefit if and when your mother does pass away.
• 33:14
  Speaker 3: We carried out as per the will, and it was
• 33:19
  Speaker 3: really important to me that scenarios.
• 33:22
  Speaker 1: Set the tone and said just.
• 33:24
  Speaker 4: To be like, hey, back off. And we actually found
• 33:28
  Speaker 4: out the reason, the whole reason why he was like that.
• 33:34
  Speaker 3: Most of it was there was an old piece of
• 33:36
  Speaker 3: furniture in the will that wasn't left to him.
• 33:40
  Speaker 4: What it was left to her.
• 33:42
  Speaker 1: Wait, he was mad because of a piece of furniture. Yeah, Like,
• 33:47
  Speaker 1: it wasn't the two million dollar estate.
• 33:49
  Speaker 4: It was a piece of well, it was a bit
• 33:50
  Speaker 4: of both.
• 33:51
  Speaker 1: But the kicker was whatever it is, the thing camel's
• 33:55
  Speaker 1: back or something like that.
• 33:56
  Speaker 3: So that was for me a client story about you've
• 33:59
  Speaker 3: got to make sure that you're very clear with your affairs.
• 34:04
  Speaker 3: Like when I did my will, I told my family, Hey, guys,
• 34:08
  Speaker 3: you're not the executor of my will, Tim Cooper, my
• 34:12
  Speaker 3: best friend is the executor.
• 34:14
  Speaker 1: He the boss.
• 34:15
  Speaker 3: You guys can manage the living will, the medical stuff.
• 34:19
  Speaker 4: Yeah, I'm just letting you know it right now.
• 34:22
  Speaker 3: Because I don't want to stress you out because there's
• 34:23
  Speaker 3: a lot going on here.
• 34:25
  Speaker 1: Because like Glenn's really really rich, so if it would
• 34:28
  Speaker 1: be stressed.
• 34:29
  Speaker 3: Well, it's more the I just don't want to put
• 34:31
  Speaker 3: the paperwork on my parents.
• 34:33
  Speaker 4: Or my sister.
• 34:33
  Speaker 1: I wouldn't want to do that either.
• 34:35
  Speaker 3: And I told them in an email, I'm like, the
• 34:37
  Speaker 3: will's kept it auvery bround lawyers there. And this is
• 34:41
  Speaker 3: what's happening. The kids are getting one hundred grand each
• 34:44
  Speaker 3: or whatever that is. And it's not like I've got
• 34:46
  Speaker 3: heaps of money. It's more that I've got some life
• 34:48
  Speaker 3: insurance as well.
• 34:49
  Speaker 1: A nice life insurance policy if it's set up properly,
• 34:53
  Speaker 1: would be significant for anybody.
• 34:56
  Speaker 3: Yeah, the kids are getting x amount each the you know,
• 35:00
  Speaker 3: and then the rest is being split with you two
• 35:02
  Speaker 3: mum and dad and my sister, and there's a charity
• 35:05
  Speaker 3: that's getting some And I wrote in the email, if
• 35:08
  Speaker 3: you've got a problem with all this, I suggest you
• 35:10
  Speaker 3: tell me now.
• 35:11
  Speaker 1: Yeah, because I've written it so well that you can't
• 35:14
  Speaker 1: argue with it down the track, So please let us
• 35:17
  Speaker 1: know exactly.
• 35:18
  Speaker 3: So for me that the important story was around the
• 35:24
  Speaker 3: have the communications that matter now before it's too late.
• 35:28
  Speaker 1: It's really important to do that. So that was one
• 35:33
  Speaker 1: more to go.
• 35:34
  Speaker 3: We did some pre retirement planning for a gentleman who
• 35:38
  Speaker 3: he worked all his life to age sixty five, had
• 35:40
  Speaker 3: significant wealth. I did all the financial planning for him.
• 35:43
  Speaker 3: We retired him, had his money set up. He retired
• 35:48
  Speaker 3: in the February of a year. He then retired in February.
• 35:57
  Speaker 3: By July he had passed away and it was the
• 36:01
  Speaker 3: flu common flu. And he was a single man, had
• 36:06
  Speaker 3: a daughter who was not his daughter. Yeah, okay, he
• 36:10
  Speaker 3: had a son that he was estranged from for several years.
• 36:16
  Speaker 3: And he didn't leave any money to the sun, which
• 36:18
  Speaker 3: is that's his prerogative. And actually the Sun was actually
• 36:22
  Speaker 3: okay with it. And I guess what I'm saying is
• 36:29
  Speaker 3: don't put stuff off because you never know what's going
• 36:31
  Speaker 3: to happen? And that really taught me that for me,
• 36:36
  Speaker 3: Glenn James, I'm not waiting untill there's this magical line
• 36:39
  Speaker 3: in the sand. When I'm going to start living, when
• 36:42
  Speaker 3: I'm going to do this, let's try. And this was
• 36:44
  Speaker 3: probably around the mindset peace and the first chapter in
• 36:48
  Speaker 3: the book about I use the phrase lead life on
• 36:50
  Speaker 3: your own terms book.
• 36:51
  Speaker 1: Again, Yep.
• 36:52
  Speaker 3: Nice because I've had all these experiences, either myself or
• 36:56
  Speaker 3: through clients and life's.
• 36:59
  Speaker 4: Too short, so we need to live on our own terms. Now.
• 37:02
  Speaker 1: I feel like as financial advisors, you know, we sit
• 37:04
  Speaker 1: on podcasts like this and talk about the importance of
• 37:07
  Speaker 1: state planning. Can you guys go o kind of problems?
• 37:09
  Speaker 1: Thanks Victoria, But we're not talking about the importance of
• 37:12
  Speaker 1: estate planning because we got taught that at financial advice school.
• 37:15
  Speaker 1: It's because we sit down with clients every day and
• 37:18
  Speaker 1: end up being a part of their journeys, whether that
• 37:21
  Speaker 1: is positive, negative, or neutral. And you know, it's heartbreaking
• 37:26
  Speaker 1: when a client picks up the phone and says, hey, Victoria,
• 37:29
  Speaker 1: how have you been? Like, Oh, I'm so good, how
• 37:31
  Speaker 1: are you x y Z? And they're like, just been
• 37:33
  Speaker 1: diagnosed with cancer? And that happens, Like, that's not something
• 37:38
  Speaker 1: that we you know, aren't privy to. It's not you know,
• 37:42
  Speaker 1: what if that happens, or what if that happens to me?
• 37:44
  Speaker 1: Situation Like it does happen and we have to manage
• 37:46
  Speaker 1: those claims. But I'm so grateful to be part of
• 37:50
  Speaker 1: their journeys and get to support them through that because
• 37:54
  Speaker 1: being able to go no problems. Glenn, I've got you.
• 37:57
  Speaker 1: I'm going to submit a claim. Can you give me
• 37:59
  Speaker 1: x y or you know what are you going through?
• 38:02
  Speaker 1: Let me know. I'll chase it up to be like, Okay, Glenn,
• 38:06
  Speaker 1: you've been diagnosed with cancer. Here's a one hundred thousand
• 38:08
  Speaker 1: dollars trauma payout. Don't worry about work either, because we're
• 38:11
  Speaker 1: going to claim on IP once you've been out of
• 38:14
  Speaker 1: the workforce for XYZ and they're fine financially. Like knowing
• 38:18
  Speaker 1: that that's not going to cripple them in the way
• 38:20
  Speaker 1: that it could to so many other people is so empowering,
• 38:23
  Speaker 1: but it actually just makes me feel like I'm having
• 38:26
  Speaker 1: an impact. And so when we say get your estate
• 38:29
  Speaker 1: plan in order, we're not saying that just because it's cute.
• 38:31
  Speaker 1: We're saying that because we've seen when it doesn't go right,
• 38:35
  Speaker 1: and I've seen clients before, and this wasn't technically a
• 38:39
  Speaker 1: client of mine, and it's probably one that's really shaped
• 38:42
  Speaker 1: my view of estate planning and what that means. But
• 38:46
  Speaker 1: it wasn't a client of mine, and it was an
• 38:49
  Speaker 1: older gentleman had younger kids, and in a stereotypical way,
• 38:52
  Speaker 1: he was also dating a younger woman that arguably was
• 38:55
  Speaker 1: the age of his child. And this woman, you know,
• 39:00
  Speaker 1: from my perspective, wasn't in it for the right reasons.
• 39:03
  Speaker 1: He was quite wealthy, and when he passed away, it
• 39:07
  Speaker 1: came out that his will had been changed six months prior,
• 39:11
  Speaker 1: and I don't think it was malicious. They didn't expect
• 39:15
  Speaker 1: him to pass away so soon, but everything went to
• 39:17
  Speaker 1: the new girlfriend. They weren't married. It was to the
• 39:20
  Speaker 1: new girlfriend. And just knowing enough about that to be
• 39:23
  Speaker 1: able to dispute something like that because maybe he wasn't
• 39:26
  Speaker 1: in his right mind, and watching that process unfold, I
• 39:31
  Speaker 1: was just like, wow, Like this is so much more
• 39:33
  Speaker 1: complex than just reading a will and going okay, agreed,
• 39:37
  Speaker 1: Like if it's written in a will, it makes sense.
• 39:39
  Speaker 1: So going through that process and just seeing it play
• 39:42
  Speaker 1: out and going okay, cool, his kids did get what
• 39:45
  Speaker 1: they deserved. They were so supportive, they were actually his carers,
• 39:48
  Speaker 1: and this woman who wasn't caring for him at all
• 39:51
  Speaker 1: seemed to end up benefiting. But knowing that we could,
• 39:54
  Speaker 1: you know, say actually this is what it was and
• 39:57
  Speaker 1: taking it to court and it was a long process,
• 39:59
  Speaker 1: but knowing that family ended up keeping their wealth in
• 40:02
  Speaker 1: their family, it just made me feel so much better.
• 40:05
  Speaker 1: And in that moment, I knew that we'd done the
• 40:07
  Speaker 1: right thing. It wasn't about making the kids rich, in fact,
• 40:10
  Speaker 1: they were already. It just was about making sure that
• 40:13
  Speaker 1: that family wealth and what he ultimately probably wanted still happened.
• 40:18
  Speaker 1: And yeah, I think that that's really important.
• 40:20
  Speaker 4: Yeah.
• 40:21
  Speaker 3: I think what we've kind of agreed on that the
• 40:24
  Speaker 3: fun stories and all the good stuff, it's more about
• 40:29
  Speaker 3: we've seen when you take care of the stuff that matters,
• 40:32
  Speaker 3: that's when the real good stories come out.
• 40:34
  Speaker 1: I don't know if I have quote favorite client stories,
• 40:37
  Speaker 1: but when you ask that question, I have another one
• 40:40
  Speaker 1: that was not necessarily a full financial planning client. She
• 40:44
  Speaker 1: was someone that came to me really early on in
• 40:46
  Speaker 1: my career. I think just through word of mouth. If
• 40:49
  Speaker 1: I remember correctly, and she wanted to leave her husband,
• 40:54
  Speaker 1: but it turned out she was in an abusive relationship physically, emotionally, financially,
• 41:00
  Speaker 1: And just being able to sit down with this person
• 41:02
  Speaker 1: and go, okay, let's create a plan, let's work out
• 41:05
  Speaker 1: what this means. How can we afford it? How much
• 41:07
  Speaker 1: money do you need? And you know, the partner was
• 41:09
  Speaker 1: actually really wealthy, so it was going to be a
• 41:12
  Speaker 1: really significant lifestyle change for this person. So just even
• 41:16
  Speaker 1: being able to say, have you got your own bank accounts? No? Okay,
• 41:19
  Speaker 1: let's set those up. How do you use a banking app?
• 41:22
  Speaker 1: Didn't know how to do that, And just being able
• 41:24
  Speaker 1: to sit with this person to be like, okay, cool,
• 41:26
  Speaker 1: what else are you going to need? And I just
• 41:28
  Speaker 1: remember racking my brain being like, okay, bills. Do you
• 41:31
  Speaker 1: know how to pay bills? She was like no, sorry.
• 41:33
  Speaker 1: It was just so empowering to sit down with this person.
• 41:36
  Speaker 1: And you know, over three or four months, we just
• 41:39
  Speaker 1: had a few coffee catch ups and I'd set her
• 41:41
  Speaker 1: up and we'd organized it all and I remember getting
• 41:44
  Speaker 1: a text message. It wasn't a call, it was a
• 41:45
  Speaker 1: text message one day and she's just like, I've done it.
• 41:48
  Speaker 1: I was just like, oh, Like, I was so excited.
• 41:51
  Speaker 1: I cried. And you know, it's stuff like that where
• 41:54
  Speaker 1: you know you're having an impact and that you've been
• 41:57
  Speaker 1: a really pivotal part of somebody y eating financial freedom
• 42:01
  Speaker 1: or financial independence, or that a family is better off
• 42:04
  Speaker 1: because of the work that you've done. I think is
• 42:07
  Speaker 1: you know, really empowering, but also not what you stereotypically
• 42:12
  Speaker 1: think when you say I'm a financial advisor, Like, people
• 42:15
  Speaker 1: don't I think they don't understand how integrated you become
• 42:19
  Speaker 1: in a client's life.
• 42:20
  Speaker 3: Yeah, And I kind of always have those thoughts well
• 42:24
  Speaker 3: when I was practicing advisor, Like I've gone to hospitals
• 42:28
  Speaker 3: after hours on weekends to see clients, and I'm like, well,
• 42:32
  Speaker 3: this is interesting that I'm going to a hospital and
• 42:35
  Speaker 3: meeting extended family or whatnot. But I mean, the fun
• 42:39
  Speaker 3: and we could probably we probably need to move on,
• 42:41
  Speaker 3: but we could probably do another episode at some time
• 42:44
  Speaker 3: about wild stories like the clients that I had that
• 42:46
  Speaker 3: inherited close to fifty million dollars and kind of tried
• 42:49
  Speaker 3: to did a good job of blowing it within five
• 42:51
  Speaker 3: to seven years.
• 42:52
  Speaker 1: That's really impassive. That's pretty good. I had a client
• 42:54
  Speaker 1: that came to me because they actually didn't know their
• 42:57
  Speaker 1: parents were billionaires and then it was sprung on them.
• 43:00
  Speaker 1: So that was pretty good. That was really interesting, and
• 43:03
  Speaker 1: just you know, that was one of those situations where
• 43:06
  Speaker 1: I'm kind of hoping that that will happen, like my
• 43:08
  Speaker 1: parents were just teaching me to be humble and then
• 43:10
  Speaker 1: they're going to turn around to and be like, well,
• 43:12
  Speaker 1: actually we're billionaires. But that actually happened to a client
• 43:15
  Speaker 1: of mine, and you know, there was a lot of
• 43:17
  Speaker 1: guilt and there was a lot of I don't want
• 43:19
  Speaker 1: that money, but what can I do? And talking about
• 43:21
  Speaker 1: impact and how much impact you can have through money
• 43:24
  Speaker 1: because this person, yeah, they just didn't know what to
• 43:26
  Speaker 1: do with it, and it can be really overwhelming.
• 43:28
  Speaker 3: Yeah, And I will say in my will, just remembering
• 43:31
  Speaker 3: that I've actually put the kids because they won't get
• 43:36
  Speaker 3: the money allocated to them until they're thirty years old. Yeah, genius,
• 43:41
  Speaker 3: because I don't want them hanging out for old Glenn
• 43:44
  Speaker 3: who's died and his inheritance to us will solve all
• 43:48
  Speaker 3: our problems. I want them to just be able to
• 43:50
  Speaker 3: be functioning adults. And then in the will, I've written
• 43:53
  Speaker 3: that you know, if they're incarcerated or add it to
• 43:58
  Speaker 3: serious drugs, they're not fit to receive that money. There's
• 44:01
  Speaker 3: heaps of conditions that the lawyers put in.
• 44:03
  Speaker 1: There, Savage, uncle, get savage.
• 44:06
  Speaker 3: Well, I think it's just being responsible, Like I don't
• 44:09
  Speaker 3: want to I don't.
• 44:11
  Speaker 1: Want to support someone's drug addiction if I don't have.
• 44:13
  Speaker 3: Exactly, So, I mean, these are the real things that
• 44:16
  Speaker 3: you need to consider, you know. In the in the will,
• 44:20
  Speaker 3: we only mention my sister's name because what if she's
• 44:24
  Speaker 3: not with her partner, ye when I pass away, we
• 44:28
  Speaker 3: don't want some guy that's my sister's ex or the
• 44:31
  Speaker 3: father of money and nephews putting a claim in when
• 44:35
  Speaker 3: he's not really in anyone's life anymore other than like, so,
• 44:38
  Speaker 3: it's complex, but.
• 44:41
  Speaker 4: Let's move Well, let's move on.
• 44:42
  Speaker 1: So next question is from Jessica, and Jessica says, Hi,
• 44:46
  Speaker 1: Victoria and Glenn would like to know your opinion on
• 44:49
  Speaker 1: whether now is the time to buy a house or
• 44:52
  Speaker 1: wait longer. And then in bracket, she says, until the
• 44:54
  Speaker 1: market slows down, as I'm in a good position with
• 44:57
  Speaker 1: my partner where we are renting a granny flat and
• 45:00
  Speaker 1: able to save a good amount each pay and no
• 45:02
  Speaker 1: rush to move. Any advice would be appreciated. I'm also
• 45:06
  Speaker 1: in Perth by the way, PS love the podcast and
• 45:09
  Speaker 1: super keen to read Glenn's book.
• 45:11
  Speaker 3: Jessica, you are getting a copy of the book. But
• 45:14
  Speaker 3: thanks the question. I'll just I think we can. We
• 45:17
  Speaker 3: just should hurry up because we're running against the clock
• 45:19
  Speaker 3: and I don't want to apologize.
• 45:21
  Speaker 4: They are welcome.
• 45:22
  Speaker 1: No, that's okay. I appreciate this. I think my listeners
• 45:24
  Speaker 1: appreciate this. I'm going to give my opinion on this first,
• 45:27
  Speaker 1: and my opinion is that there's no right time to
• 45:30
  Speaker 1: buy a house. There's a right time for you to
• 45:32
  Speaker 1: invest in an asset, though, and that's when you're ready
• 45:34
  Speaker 1: financially mentally, like you're in the life position to be
• 45:38
  Speaker 1: able to do that. It's not actually a should you
• 45:40
  Speaker 1: wait for the market, because timing the market never works
• 45:43
  Speaker 1: for anybody. Regardless of whether people are saying that property
• 45:47
  Speaker 1: is going up or down, you literally can't predict it.
• 45:49
  Speaker 1: So if you're in a position where you and your
• 45:51
  Speaker 1: partner are going to be able to comfortably buy a house,
• 45:53
  Speaker 1: and that's in line with your goals and your values
• 45:55
  Speaker 1: and what you want to achieve, go with that. But
• 45:58
  Speaker 1: if you're looking at it going oh my gosh, like
• 46:00
  Speaker 1: I'm so stressed about this, but I'm in a really
• 46:03
  Speaker 1: good financial position right now, right that way, for as
• 46:06
  Speaker 1: long as you want to. So I guess I've been
• 46:08
  Speaker 1: helpful and really unhelpful. But I don't believe in watching
• 46:10
  Speaker 1: the property markets at all. I just believe in working
• 46:13
  Speaker 1: out what works for you best, what is your opinion.
• 46:18
  Speaker 3: First and foremost, I would say, before you talk to
• 46:21
  Speaker 3: a mortgage broker, you'd probably want to make sure you've
• 46:25
  Speaker 3: got some savings behind you, cleared any consumer debt, credit cards,
• 46:29
  Speaker 3: personal loans, car probably okay with that still hanging there.
• 46:33
  Speaker 3: For the purpose of this, try and have a target
• 46:37
  Speaker 3: of five percent of the home deposit amount before you
• 46:41
  Speaker 3: speak to a mortgage broker or for parental guarantees on
• 46:44
  Speaker 3: the table. You don't technically need that five percent deposit,
• 46:47
  Speaker 3: but I think it's still a good idea to clean
• 46:49
  Speaker 3: up your consumer debt because you have consumer debt, because
• 46:53
  Speaker 3: you've likely overspent.
• 46:54
  Speaker 1: It's not a bad thing. You just spent more than
• 46:56
  Speaker 1: you earn.
• 46:56
  Speaker 3: Yeah, and we've all been there, but we just have
• 46:59
  Speaker 3: to make sure that we change the habits and behaviors.
• 47:04
  Speaker 3: But certainly there's no harm in speaking with the broker
• 47:06
  Speaker 3: to how much money you can get.
• 47:08
  Speaker 4: But secondly, I think you're right, Victoria.
• 47:10
  Speaker 3: You know, if you've got the money and it's a
• 47:13
  Speaker 3: lifestyle play that you want to buy a house and
• 47:15
  Speaker 3: live in and call it a home and the shoe fits,
• 47:18
  Speaker 3: you can get the loan, you can get a house
• 47:21
  Speaker 3: in the area you want to buy, go and buy
• 47:22
  Speaker 3: a house and live in any joy. But if you're
• 47:26
  Speaker 3: a bit agnostic and just want to really distill the
• 47:30
  Speaker 3: goals a bit more like it might be a well,
• 47:34
  Speaker 3: we've been told we need to buy a house, or
• 47:37
  Speaker 3: well maybe it is a well, let's just save some
• 47:39
  Speaker 3: more and buy an investment property somewhere else in another
• 47:42
  Speaker 3: area that's got some good growth longer term and we'll
• 47:45
  Speaker 3: just go on rent next to the beach or in
• 47:46
  Speaker 3: the city or so there's it's like whatever, if you've
• 47:49
  Speaker 3: got the money and you want to buy a house,
• 47:51
  Speaker 3: and you can go and buy it.
• 47:53
  Speaker 1: But don't do it because you think the market's good. Yeah, summary,
• 47:57
  Speaker 1: All right, that was swift. I like it. Onto the
• 47:59
  Speaker 1: next question, Glenn. This question is from Cash and Cat
• 48:03
  Speaker 1: says how do you know what you're doing on the
• 48:05
  Speaker 1: stock market is working? Things grow so slowly? What if
• 48:09
  Speaker 1: I've made bad choices? Will I not know for years?
• 48:13
  Speaker 3: Well, they do say time reveals all of victoria terrifying inspiration.
• 48:18
  Speaker 4: Look, so I think it's a great question.
• 48:23
  Speaker 1: It is a really good question.
• 48:24
  Speaker 3: But we know a couple of things. We know that
• 48:28
  Speaker 3: if we buy an index, or we buy the ASEX
• 48:31
  Speaker 3: two hundred index, you're really just going to do what
• 48:34
  Speaker 3: the index does. Or if you invest with a Vanguard
• 48:39
  Speaker 3: Diversified index fund, you know that fund manager has been
• 48:43
  Speaker 3: around with that fund for over twenty years and basically
• 48:47
  Speaker 3: does what's on the box. Now, past performance isn't an
• 48:51
  Speaker 3: indication of future performance by no stretch of the imagination.
• 48:55
  Speaker 3: But if there has been a company that has been
• 48:58
  Speaker 3: managing people's money and in investing for a long term
• 49:02
  Speaker 3: and basically doing what they say they will do, I'm
• 49:06
  Speaker 3: willing to take that risk. I think, Cat, you're getting
• 49:10
  Speaker 3: off the track into some wild territory if you start going, well,
• 49:14
  Speaker 3: there's this new yogurt company that's about to list on
• 49:17
  Speaker 3: the AX, and I want to buy that, And I
• 49:19
  Speaker 3: can buy us stocks if we keep to the market
• 49:22
  Speaker 3: and understanding concepts, and in fact, I don't know if
• 49:27
  Speaker 3: I'm allowed to, but I did a review just so
• 49:30
  Speaker 3: people can understand how investments work. Victoria on YouTube.
• 49:33
  Speaker 1: Oh, I was going to say the review in your
• 49:35
  Speaker 1: book of how different assets perform. You did that as well?
• 49:38
  Speaker 4: Oh yeah, absolutely, I mean.
• 49:40
  Speaker 1: To read so you get a look in the.
• 49:43
  Speaker 3: Book, Cat, But I did a review of there's a
• 49:46
  Speaker 3: product called the Vanguard Personally Investor. Now we can't recommend
• 49:51
  Speaker 3: products here, but I did a review on the platform
• 49:54
  Speaker 3: Vanguard Personally Investor, only to start to show you the
• 49:58
  Speaker 3: concepts of how investment platform.
• 50:00
  Speaker 1: Work, which is really important to understand before you even
• 50:02
  Speaker 1: get into investing.
• 50:04
  Speaker 3: That's right, because the concepts I talk about with that
• 50:07
  Speaker 3: YouTube review is the same concepts with any insert your
• 50:11
  Speaker 3: brand here. So I mean you're welcome to I don't know.
• 50:14
  Speaker 3: Can you can just search Glenn James Vanguard Personally Investor
• 50:17
  Speaker 3: on YouTube or we can give.
• 50:18
  Speaker 1: You it straight away. We'll actually put the link to
• 50:21
  Speaker 1: it in the show notes for you.
• 50:22
  Speaker 2: Glenn.
• 50:22
  Speaker 1: How about that?
• 50:23
  Speaker 3: So I think it's a great question because like everything,
• 50:26
  Speaker 3: we've got to have.
• 50:28
  Speaker 4: That's the first time I've ever called UV.
• 50:29
  Speaker 3: I'm in the zone're in the zone. We've got to
• 50:32
  Speaker 3: have a healthy level of skepticism. We don't act until
• 50:35
  Speaker 3: we're educated enough to make our own decision. And if
• 50:40
  Speaker 3: I'm personally and this is just the Glenn James, I'm
• 50:44
  Speaker 3: more gun shy with different staff if they've been around
• 50:49
  Speaker 3: for one minute as opposed to something that's had five
• 50:52
  Speaker 3: years in the trend chap and as simple as that.
• 50:54
  Speaker 1: It's also why I'm really apprehensive of when people buy
• 50:58
  Speaker 1: individual stocks on their own and then they go, yeah,
• 51:01
  Speaker 1: I've got a portfolio. I've been building it, I've been
• 51:03
  Speaker 1: picking these companies, and I go, okay, great, Like I'm
• 51:06
  Speaker 1: sure you know, obviously there's an opportunity to do really well.
• 51:09
  Speaker 1: But given that being a fund manager is literally a
• 51:13
  Speaker 1: job and buying and selling stocks is their career. And
• 51:16
  Speaker 1: then you maybe work in HR and you've been picking
• 51:19
  Speaker 1: some stocks because you've been reading some stuff on a
• 51:21
  Speaker 1: blog online one time, I just I really are on
• 51:24
  Speaker 1: the side of caution of people picking individual shares and
• 51:27
  Speaker 1: to create a portfolio for long term wealth generation out
• 51:30
  Speaker 1: of that, because I just go, how do you know
• 51:32
  Speaker 1: you have the right diversification? How do you know that
• 51:35
  Speaker 1: those companies, regardless of how much you love them, are
• 51:39
  Speaker 1: the right choices for you? When even fund managers don't
• 51:43
  Speaker 1: get it right sometimes like how are you getting it right?
• 51:45
  Speaker 1: So I think for me, I really like trusting the professionals.
• 51:48
  Speaker 1: That's why I work with six Park to create portfolios
• 51:52
  Speaker 1: to people and actually give advice. It's why I really
• 51:54
  Speaker 1: agree with index funds and ETFs and things like that
• 51:58
  Speaker 1: that really take that response stability off you, because I
• 52:01
  Speaker 1: just think it's a responsibility that as individual investors we
• 52:04
  Speaker 1: shouldn't be carrying. Because there's ETFs in index funds and
• 52:09
  Speaker 1: investment portfolios that exist that are in line with your values.
• 52:14
  Speaker 1: And it's not as though it's how do you say?
• 52:17
  Speaker 1: It's not as though it's hard to find. You just
• 52:19
  Speaker 1: need to do the research. You're an ethical investor, Great,
• 52:22
  Speaker 1: they're ethical ETFs. You want women only boards, there's an
• 52:25
  Speaker 1: ETF for that, Like there are ETFs for everything. You've
• 52:28
  Speaker 1: just got a look. And it's not like it used
• 52:30
  Speaker 1: to be historically, where if you just trucked the index,
• 52:33
  Speaker 1: it was the standard index. You can check the index
• 52:35
  Speaker 1: of anything. So I think it's very cool that we
• 52:39
  Speaker 1: have access to that nowadays. But I'm also just really
• 52:42
  Speaker 1: wary of individual investors ran over.
• 52:45
  Speaker 3: Yeah, and you know, I get curious and want to
• 52:48
  Speaker 3: be an individual investor. And I've just made the rule
• 52:51
  Speaker 3: that I don't have over ten percent of my portfolio
• 52:54
  Speaker 3: to individual stocks.
• 52:55
  Speaker 1: I like that, Yeah, And I guess disclosure wise, I
• 52:58
  Speaker 1: do invest in individual stuff. A majority of my portfolio
• 53:02
  Speaker 1: is not that though. I would say ninety nine percent
• 53:04
  Speaker 1: of my portfolio is you know, diversified, and you know
• 53:07
  Speaker 1: managed by a fund manager. It's not managed by me.
• 53:10
  Speaker 1: I actually have my own financial advisor, go figure. But
• 53:14
  Speaker 1: I do have a bit of a play sometimes because
• 53:16
  Speaker 1: I'm really interested in investing and I think it's really fun.
• 53:20
  Speaker 1: And I see something and I'm like, oh, I want
• 53:21
  Speaker 1: to be on that. I get it, I really really
• 53:23
  Speaker 1: get it, and I get it because I do it.
• 53:26
  Speaker 1: But I wouldn't ever want my entire wealth and my
• 53:28
  Speaker 1: future to be based on the decisions that I'm making, because,
• 53:32
  Speaker 1: to be honest, even as a financial advisor, I don't
• 53:34
  Speaker 1: trust myself enough to do that well.
• 53:36
  Speaker 3: I think the problem is if we choose individual stocks
• 53:39
  Speaker 3: and a heap of them do really well, we think
• 53:43
  Speaker 3: that we are actually good at choosing stocks.
• 53:45
  Speaker 1: We get this false sense of security.
• 53:48
  Speaker 3: Yeah, where it's like, well no, because then it's going
• 53:50
  Speaker 3: to be like old Glenny boy over here getting a
• 53:52
  Speaker 3: bit more spendy and want to oh yeah or gambly
• 53:56
  Speaker 3: with it. Because for me, I know, and this is
• 54:00
  Speaker 3: not more than ten percent of my portfolio of individual stocks,
• 54:04
  Speaker 3: because my personality has the proclivity to love the dovermine
• 54:10
  Speaker 3: addiction more than others.
• 54:12
  Speaker 4: I just know that.
• 54:14
  Speaker 3: So I just you've got to know yourself before you
• 54:18
  Speaker 3: can lead yourself.
• 54:18
  Speaker 4: And Roll Dredge said that.
• 54:20
  Speaker 1: So well, we both say that. That's why I put
• 54:22
  Speaker 1: the first chapter of my book is Money Stories. That's
• 54:24
  Speaker 1: why you talk about money personality so often and understanding it, Like,
• 54:28
  Speaker 1: I just think that we really need to consider what
• 54:31
  Speaker 1: our money personalities are and what that means to us
• 54:33
  Speaker 1: before we do anything. Anyway, I'll roll on into the
• 54:37
  Speaker 1: last but not least question, and this is from our
• 54:40
  Speaker 1: friend Winni and it's not financially related at all. Winnie says,
• 54:45
  Speaker 1: out of curiosity, which podcasts do you listen to for leisure? Glenn,
• 54:50
  Speaker 1: what have you been listening to recently?
• 54:52
  Speaker 3: Well, I just thought I would update, I would open
• 54:55
  Speaker 3: my podcast play I'm going to do and just tell
• 54:57
  Speaker 3: you what's in my library?
• 54:59
  Speaker 5: Right?
• 54:59
  Speaker 4: You can do the thing?
• 55:01
  Speaker 3: Okay, think fast, talk smart. And I've actually organized him,
• 55:05
  Speaker 3: he's a lecturer at Stanford to come on my podcast.
• 55:08
  Speaker 3: Oh there's another one here, The Daily Bridgetown Audio podcast
• 55:15
  Speaker 3: or are We Online? Marketing Made Easy with Amy Porterfield,
• 55:19
  Speaker 3: The Future with Chris Doe, Strong Songs, Emotionally Healthy Leadership
• 55:24
  Speaker 3: Podcast Making Sense with Sam Harris. I actually pay for
• 55:28
  Speaker 3: that one, jen Z Money.
• 55:31
  Speaker 1: That's your own podcast?
• 55:32
  Speaker 4: Yeah, but it's in my opinion, Okay.
• 55:35
  Speaker 1: But good one. Trying to slip that on in there.
• 55:39
  Speaker 4: What's in yours hold?
• 55:40
  Speaker 1: And I've just opened it every day. I've been listening
• 55:42
  Speaker 1: to The Daily Oz. I really like that podcast. I
• 55:46
  Speaker 1: also listen to a lot of true crime. I'm not
• 55:49
  Speaker 1: so much. I love true crime. I'm obsessed with it.
• 55:54
  Speaker 1: I'm The podcast that I have been listening to at
• 55:57
  Speaker 1: the moment is Morbid and I'm up to episode two
• 56:00
  Speaker 1: hundred and seventy nine. If that doesn't say something about me,
• 56:04
  Speaker 1: I don't know what it does. I also really like
• 56:07
  Speaker 1: Case File True Crime. That's another one of my favorites.
• 56:10
  Speaker 1: And if you go through the entire list of what
• 56:12
  Speaker 1: I've been listening to. I also listened to I Catch
• 56:15
  Speaker 1: Killers to completely flip that. I listen to Super Soul
• 56:20
  Speaker 1: by Oprah. I really like that. I also really love
• 56:24
  Speaker 1: Rene Brown. Anything that she has done I will listen to.
• 56:28
  Speaker 1: And then I actually listen to a podcast every night
• 56:31
  Speaker 1: when I go to bed because my mind never stops.
• 56:35
  Speaker 1: So like if I don't have a podcast, I'm just
• 56:37
  Speaker 1: thinking about work, I'm thinking about podcasting, I'm thinking about
• 56:40
  Speaker 1: financial advice, and I just can't go to sleep. So
• 56:43
  Speaker 1: I listen to a podcast. I think it's from the US,
• 56:46
  Speaker 1: I don't actually know where it's from. And it's called
• 56:48
  Speaker 1: Nothing Much Happens, and it's these beautiful stories where nothing
• 56:53
  Speaker 1: much happens and you can fall asleep, and they always
• 56:56
  Speaker 1: read it to you first normally, and then second they
• 56:59
  Speaker 1: read it to a little bit slower, so like you
• 57:01
  Speaker 1: know the story and what's going to come up, and
• 57:03
  Speaker 1: I'm out like a light every single time. So I
• 57:06
  Speaker 1: really like that. What else is in here?
• 57:09
  Speaker 4: So for the E. N.
• 57:10
  Speaker 3: TJ's or the enneagram eight's out there like me, you'll
• 57:14
  Speaker 3: get this that I don't love true crime because they'll
• 57:18
  Speaker 3: take fifteen episodes to tell the story, where like no,
• 57:22
  Speaker 3: it's one.
• 57:22
  Speaker 1: Morbid's one episode, one story.
• 57:24
  Speaker 3: Well some of them like so the Teacher's pet right,
• 57:27
  Speaker 3: Oh yeah, no, listen to the first three episodes. I
• 57:29
  Speaker 3: get this guy's freaking guiltiest sin. Move on on board.
• 57:33
  Speaker 1: Yeah they're great.
• 57:34
  Speaker 4: So I just I just give me the headline cut
• 57:37
  Speaker 4: down that time.
• 57:38
  Speaker 1: I really like Morbid. So Morbid's really good because they
• 57:42
  Speaker 1: talk through just like one case. Sometimes they do two
• 57:45
  Speaker 1: episodes on one case if it's really big. But I'm
• 57:48
  Speaker 1: I'm literally obsessed, like obsessed, do you reckon? They'll let
• 57:52
  Speaker 1: me on their podcast we can talk about some kind
• 57:54
  Speaker 1: of financial crime. I promise I'll do something, but I'm
• 57:56
  Speaker 1: obsessed with them.
• 57:58
  Speaker 4: So get this.
• 57:59
  Speaker 3: I wanted to and I won't because it's just it's
• 58:03
  Speaker 3: probably a non starter because we do like my millennial
• 58:06
  Speaker 3: money and all that stuff.
• 58:07
  Speaker 4: I'd love to do.
• 58:09
  Speaker 3: My millennial murder cover is like black and red with
• 58:14
  Speaker 3: like blood dripping. I love that and get I actually
• 58:16
  Speaker 3: asked an ABC journalist who's doing some investigative stuff the
• 58:21
  Speaker 3: other day. I'm like, do you want to come and
• 58:22
  Speaker 3: you know, find a crime? He goes, it's really hard
• 58:25
  Speaker 3: to find crimes. I'm like, you'd have to go offshore
• 58:28
  Speaker 3: to do it, like to find a murder that or
• 58:30
  Speaker 3: something that has been covered fair. But yeah, I would
• 58:34
  Speaker 3: love to do my millennial murder. That's fun just because
• 58:37
  Speaker 3: the alliteration and it rolls, you know.
• 58:39
  Speaker 1: Yeah, No, that's fun. I've always wanted to do a podcast,
• 58:42
  Speaker 1: and when I say always, like since starting podcasting, I've
• 58:44
  Speaker 1: wanted to do a podcast like a series like Morbid,
• 58:48
  Speaker 1: but it's on like financial crimes. So like each episode
• 58:52
  Speaker 1: I cover like a really interesting financial crime.
• 58:55
  Speaker 3: Like did you like to who the hell is HAMI? Yes,
• 58:58
  Speaker 3: I did, and he listened to all of that and
• 59:01
  Speaker 3: that was fascinating.
• 59:02
  Speaker 1: Oh my gosh, that could be one episode like about
• 59:06
  Speaker 1: him and what yeah and how that works and like
• 59:09
  Speaker 1: all these other financial crimes because they exist, like people
• 59:13
  Speaker 1: who have embezzled millions of dollars and then sailed off
• 59:15
  Speaker 1: into the sunset like I want to hear it. Anyway,
• 59:17
  Speaker 1: I'm obsessed with Ashan Elena from Morbid, and I think
• 59:20
  Speaker 1: everybody else should be as well. And that wraps this
• 59:22
  Speaker 1: episode really nicely as well, because the first or one
• 59:25
  Speaker 1: of the first questions we got started and it was
• 59:28
  Speaker 1: from Maddie and she said not to be morbid and
• 59:30
  Speaker 1: now we here, Glenn.
• 59:31
  Speaker 3: We're here, so Michelle Barre Klow, Maddie Francis imaging, kerr
• 59:37
  Speaker 3: Annie Alga, Jenna Rainger. Sorry, I don't know how to
• 59:40
  Speaker 3: pronounce English. Jessica Smith, I know Jessica Smith. I don't
• 59:46
  Speaker 3: know if it's the same. No, she's in Firth. Jess
• 59:49
  Speaker 3: that I know is in Newcastle, Kat two and winn
• 59:52
  Speaker 3: a Yip. If you guys reach out to do you
• 59:56
  Speaker 3: want to just get them to email my team or something.
• 59:58
  Speaker 3: Yeah either or yeah team as soort your money out
• 1:00:02
  Speaker 3: dot com and we'll send you a book.
• 1:00:04
  Speaker 1: Don't pretend to be these people. We have no way
• 1:00:07
  Speaker 1: of checking it. But I mean all power.
• 1:00:10
  Speaker 3: I've actually had to tell because when I've given away
• 1:00:12
  Speaker 3: stuff in my Facebook group, because when you said, oh,
• 1:00:14
  Speaker 3: do you have friends in your Facebook group?
• 1:00:16
  Speaker 4: Aren't they all friends?
• 1:00:17
  Speaker 3: I'm like, yeah, I'll give like a single mom who's
• 1:00:19
  Speaker 3: struggling with money a free online course, and I say, oh, hey,
• 1:00:24
  Speaker 3: just email this address and say that Glenn said in
• 1:00:27
  Speaker 3: the Facebook group, and some guy will just email like,
• 1:00:30
  Speaker 3: oh hey, Glenn.
• 1:00:31
  Speaker 4: Said, I can have it.
• 1:00:33
  Speaker 3: Audacity, You don't take advantage of my generosity. So now
• 1:00:37
  Speaker 3: what I do I say to people, hey, please screenshot
• 1:00:41
  Speaker 3: this here.
• 1:00:42
  Speaker 4: Yeah, all right, that's and sent.
• 1:00:43
  Speaker 1: If there's no screenshot, no receipts not happening.
• 1:00:46
  Speaker 3: Yeah, Like it's just whil that people take advantage of
• 1:00:49
  Speaker 3: my generosity.
• 1:00:50
  Speaker 4: But whatever.
• 1:00:51
  Speaker 1: Someone tried to email us the other day and said
• 1:00:53
  Speaker 1: that they couldn't log into their online course and I
• 1:00:55
  Speaker 1: was like, you know, problems, I can reset it. What's
• 1:00:57
  Speaker 1: your email? And they're like I don't know, Like like
• 1:01:00
  Speaker 1: what email did you sign up with? And they didn't know,
• 1:01:02
  Speaker 1: and I was like, okay, well I can't bought your name. Then,
• 1:01:04
  Speaker 1: like what name did you sign up with? Because obviously
• 1:01:06
  Speaker 1: I keep track of that. It's the Internet, it's twenty
• 1:01:09
  Speaker 1: twenty one. You weren't anywhere. And they were like, just
• 1:01:11
  Speaker 1: send me a new log in. I don't know why
• 1:01:13
  Speaker 1: being so difficult, Like, well, because I think you're trying
• 1:01:17
  Speaker 1: to scam me.
• 1:01:20
  Speaker 3: So to bring this full circle, I felt really guilty.
• 1:01:23
  Speaker 3: I'm giving away fifty books to different organizations around Australia
• 1:01:28
  Speaker 3: like community centers and that, and I'm put in the
• 1:01:30
  Speaker 3: Facebook group. I'm like, look, I'm really sorry that you're
• 1:01:33
  Speaker 3: going to have to send us proof that you work
• 1:01:38
  Speaker 3: at that you know, special needs community center or something
• 1:01:41
  Speaker 3: like that, or the high school. Scary, I'm only sending
• 1:01:45
  Speaker 3: it to that address.
• 1:01:46
  Speaker 4: Yep.
• 1:01:47
  Speaker 1: Great, because people are dodgy, Glenn. People are dodgy. That's
• 1:01:51
  Speaker 1: not how we should end this episode. But joke's on you.
• 1:01:54
  Speaker 1: That's exactly how we're ending this episode. And we'll have
• 1:01:57
  Speaker 1: you back on the podcast again, Glenn. As a thank
• 1:02:00
  Speaker 1: you so so much for joining us, Thank you for
• 1:02:03
  Speaker 1: answering our listeners questions. I feel like we should do
• 1:02:05
  Speaker 1: more episodes like this more often.
• 1:02:07
  Speaker 4: I like this deep dive format.
• 1:02:09
  Speaker 1: It's really fun because I feel like you can just
• 1:02:11
  Speaker 1: kind of.
• 1:02:11
  Speaker 3: Dig deeper and you can camp on questions like the
• 1:02:14
  Speaker 3: estate planning stuff. We camp there for like fifteen minutes.
• 1:02:17
  Speaker 1: Yeah, but that's really important. I love it.
• 1:02:19
  Speaker 3: But yeah, I just want to thank all your audience
• 1:02:21
  Speaker 3: for their support of what we're doing at my milinnial money.
• 1:02:23
  Speaker 3: There's a lot of overlap, which is awesome because you know,
• 1:02:27
  Speaker 3: Victoria and I the mum and dad of money. We
• 1:02:29
  Speaker 3: can't always be all things to people, but we are
• 1:02:32
  Speaker 3: your parents and we care and love you.
• 1:02:34
  Speaker 1: We know best apparently. But if you haven't read it yet,
• 1:02:38
  Speaker 1: sort your money out. Is available at all good book
• 1:02:40
  Speaker 1: retailers and via Glenn's Amazon link, which I'm sure he
• 1:02:44
  Speaker 1: makes money from, which is why you should buy it
• 1:02:46
  Speaker 1: through that link, and we'll put that in the show
• 1:02:48
  Speaker 1: notes as well.
• 1:02:51
  Speaker 4: You use your Amazon leak.
• 1:02:52
  Speaker 1: I've never used my Amazon link before. I didn't even
• 1:02:55
  Speaker 1: know you could do it. I'm learning something every day.
• 1:02:58
  Speaker 4: I told Victoria to buy a new microphone and I'm like,
• 1:03:01
  Speaker 4: I'll just send you my Amazon affiliate.
• 1:03:03
  Speaker 1: Link when I bought it, and he made money off
• 1:03:05
  Speaker 1: me buying a new microphone. Impressive twenty bucks. But as always, guys,
• 1:03:09
  Speaker 1: that is all we have time for today.
• 1:03:12
  Speaker 5: Bye, and remember the advice shared on She's on the
• 1:03:17
  Speaker 5: Money is generally nature and does not consider your individual circumstances.
• 1:03:20
  Speaker 5: She's on the Money existecurely for educational purposes and should
• 1:03:24
  Speaker 5: not be relied upon to make an investment or a
• 1:03:26
  Speaker 5: financial decision. And we promise Victoria Divine is an authorized
• 1:03:29
  Speaker 5: representative of Infocused Securities Australia Proprietary Limited ABN four seven
• 1:03:34
  Speaker 5: oh nine seven seven ninety seven oh fort nine AFSL
• 1:03:37
  Speaker 5: two three six five two three