Why & how to diversify more than just your portfolio
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What is the main topic of diversification beyond investments?
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Please remember that all of the information in this podcast episode is limited to general information only. That means the information is not specific to you, your needs, goals, or objectives. So you should seek the advice of a licensed and trusted financial professional before acting on the information. And before you acquire or apply for a financial product, please read the PDS or product disclosure statement, which should be available on the issuer's website. Lastly, please keep in mind that past performance is not indicative of future performance.
Kate, welcome to this episode of the Australian Finance Podcast.
It's good to be back, Owen, and we're unfortunately back to doing remote recordings for the podcast, but hopefully that's for the best down the long run.
That's it. Melbourne is the most livable city on earth, apparently, and that just happens to be where we are, and we've got a few cases of coronavirus, so we're at home. What are we talking about today?
Okay.
Yeah, so today I thought we'd revisit a topic we have discussed before, which is diversification, but applying it more broadly to your entire financial picture rather than just talking about it in terms of investing. And both Owen and I thought this was particularly relevant right now because diversification So everything going on, it's more important than ever to sort of think about diversification and look at your whole financial picture through that lens and think about what can you, what is good diversification, what is bad diversification, when do you go too far that it stops you making any decision or you end up wasting a lot of money. and what are the things like where you source your news or where you get advice, like how should you think about diversification in that framework as well?
So we're just going to talk a little bit about those things today, talk a bit about how we think about diversification in our own financial picture and also, yeah, can diversification work against you and how much is too much?
It's a really good conversation to have. Not many people appreciate diversification diversification and the power of understanding, I guess more holistically, not just an investment portfolio or whatever you may be investing in, not just thinking about diversification in that sense, but taking it more broadly to your life. I think most people underestimate diversification or just the need for it until it's too late. And I think we said a few months ago that I think I said in this show that one of the things that always struck me is why the rich get richer during a market crash or during a recession or something like that, and the poor get poorer.
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