Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Welcome to How Do They Afford That, the podcast that peeks into the financial lives of everyday Australians. I'm Michael Thompson. I'm an author and the co-host of the business news podcast, Fear and Greed.
As always, I'm with Canna Campbell, financial planner, founder of Sugar Mama TV, the financial literacy platform covering YouTube, podcast, Instagram, threads, TikTok, books like our book, 12 Months of Financial Freedom, coming out a little bit later this year in September. Hello, Canna. Good morning. How are you? I am well. Today is going to be a
Oh, I'm feeling uncomfortable already.
That's just because you're in the studio with me. No, rubbish. I tend to have that effect on you.
I feel like this episode is going to be confronting. It's going to make people feel uncomfortable. It's going to call people to action. It's going to make people really reflect and look at themselves, but hopefully make some important change, and that's what we're really here to help people with, make change that's going to help.
I love how much you're hyping this up.
I am. I have to because I find this, yeah, I've got some sins to expose.
You've got some demons.
Yeah.
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Chapter 2: What are common financial tasks people avoid?
Therefore, I have assumed that there is nothing that you will not tackle when it comes to money, but I can tell by the look on your face.
I'm so ashamed. So, my will is really outdated. It I created my will before I had my two daughters, Tom. And I am fully aware of the stupidity of this and the risk. And I have been putting it off.
And even though I've actually even had meetings with solicitors to talk about my wills and what my wishes would be and all the nitty-gritty pieces of information that is needed and the conversations I have to have with Tom... I have been putting it off embarrassingly for seven years. Yep. That's a long time. It's a long time. You know what?
In preparing for this interview today, in this episode, it was quite a confronting experience I went through, but also I had to really explore. Of all the people I know, how dangerous this is, how foolish this is, and how much stress I'm putting on my family if I die without a current will.
Yep.
And I really had to sort of see what was going on. And what I got down to was two key blocks. And they were very much emotional. One was the fact that I was frustrated that what I actually want to set up for my will isn't actually possible. So, for example, I have the $1,000 project. And it's a diversified share portfolio. It's quite big. It's just under $400,000.
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Chapter 3: How can we overcome financial avoidance?
And all the dividends, well, the equivalent of the dividends go to World Vision's 1,000 Girl Project project. What I wanted to is if something happened to me that that portfolio is held in trust and the dividends can continue on being paid to World Vision. Apparently that's not possible.
So I'd have to basically transfer the whole portfolio over to a World Vision and if they wanted to they were at their discretion as to what they did with the portfolio could be sold down, which goes against my wishes. So I had that frustration that it's not what I want, I'm not happy. So I didn't want to proceed ahead. And I spoke to a few different people who said the same.
If someone's listening to this and says, actually, I know how to fix this, please let me know. The other situation was, obviously, my number one priority is looking after Tom. Everything happens to me or my children. And my children or my children.
It's not an either-or situation here. You can look after both. Both, yeah.
But I also wanted to make sure that my parents were taken care for in my will, should they ever need to. They're financially independent, separate to me. But I just always wanted to have a bit of a backup plan that if something happened and they needed funds or they needed extra help or support, my estate could also take care of them. Yeah.
And again, the advice was, you're making it too complicated. This is not necessary. And so coming to that place of acceptance and realising sort of the complexities of this, I've just really avoided it. And that's not good enough anymore and it needs to be fixed. So I'm going to be making some phone calls today. And I feel good about making that decision and going, all right, that's enough.
Like, draw a line in the sand. Like, it's selfish what I'm doing and what I've done. And irresponsible.
It does, though, come from a place you have tried, you have attempted it, and you've hit roadblocks, which is my common problem, is that as soon as I hit a roadblock, it is enough for me to just push it away.
But the thing is, I'm calling it a roadblock, but I think that's a load of crap. It just cannot be done. It's not a roadblock. I just need to work around it. So it's not an excuse for stopping. I just have to accept that. And also you want a will to be reasonably clean and transparent and not be questioned and have to go through the courts. You want it to be very, very clear.
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Chapter 4: What emotional factors contribute to financial procrastination?
I'm going to be timing you. I don't think you can. Okay, quick break.
Back in a moment. Then look for a spare piece for the small or the bigger, so you can find home-made product from the family to taste every moment of the meal. Home-made. From this country. And from the S-group's food stores.
Canna, today we are talking about the, really what we're calling the I'll deal with it later problem. Everyone has one, right? And we've discussed yours. We've discussed one of mine. I can assure you that there are others, but I have worked through them all as a result, largely, of doing this podcast. You have motivated me to get action in place, get things going. So...
We are now going to go through some of the most avoided things. And in just one minute each, you're going to tell me how to get started if this is something that someone listening to this is avoiding. Superannuation. Oh, sorry. Let me get my timer going because I am going to...
Before you set the timer, I'm actually going to suggest that the listeners, everyone right now, that has a particular area where they need to confront something that they've been putting off is they set a timer themselves.
Great idea.
And I'm going to suggest that they put their phone on aeroplane mode so no one can call them and they go and leave their phone in another room and they set a timer for 10 minutes. We're going to make this a game.
Okay. All right. And then they take this and then do their own work on that within that 10 minutes?
Yes.
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