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Chapter 1: What is the main topic discussed in this episode?
Welcome, welcome to this very special live edition of the Making Sense podcast, How to Invest for Financial Freedom. Now look, the share market is an incredibly powerful tool for your money. It can help you earn so that you don't have to work every day until you die. It also doesn't have to be that complicated. There are really powerful ways to invest that are also really simple ways to invest.
And if you want to build financial freedom, investing is a key part of that. So we need to understand what financial freedom is to us and how investing works as part of that. How can you use money to build a life that you love with the least amount of effort as a normal person with a normal income? Yes, it can be done. We're going to lay out those strategies today.
Don't forget you can drop your questions in. That is why we're live so that your burning questions can be answered. So sound off in the comments. Let's talk about it. Important as well, hit subscribe wherever you're listening so that if life intervenes, you have to go. You can come back and listen to this. when you have more time.
Don't forget, Making Sense is on YouTube, also Apple Podcasts and Spotify, so you can subscribe wherever works for you there, listen back when works for you. Now, before we get properly into this, it's important, slightly boring, but really important, quick disclaimer. This is not, cannot be, individual financial advice. Everything we talk about here is general information.
From there, you will need to adapt it to your own individual financial situation. If you would like someone to give you individual financial advice, a financial advisor, always the best bet. All right, so it's time to introduce our wonderful panelists today. I am excited about this. Podcast listeners will know both of them, and we always have the best time talking together.
Now, forgive me because I am both host and technical host, so I will make sure that I am doing this all right. In we come. First up, we have the wonderful Bronwyn Kandish, Chartered Accountant at Sheppard & Ormsby, who does things a little differently, and that is why we love her. She specializes in helping normal people who want financial independence.
And she's living this too, being someone who is well down the path to building her own financial freedom.
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Chapter 2: What does financial freedom really mean for the average person?
So welcome, Bronwyn. It is so nice to have you back.
Thank you for having me. Yeah, I always love our chat.
Your episode absolutely cranked. So for anyone who wants more of Bronwyn after this, go back and look for her in the episodes because she's brilliant. Next up, Katie Wesney, National Coaching Lead at Enable Me. She has truly seen every financial situation you could think of.
Chapter 3: How can you effectively use money to build a life you love?
Nothing surprises her. And she has got the tools and tactics for every situation. And of course, I think you're probably our most popular and common podcast guest. So people should be well used to you. Hi, Katie. Welcome.
Hello. I love our chats. Looking forward to this.
I know. They're always the best. They really are. All right. Welcome to you both. Thank you so much for coming on. Look, Bronwyn, we're going to start with you because you are someone who's living this. You've been exactly where so many of our audience are now. So first of all, when did you first hear about financial freedom?
What does it mean to you? So I kind of came into the movement. I discovered the FIRE movement, so Financial Independence Retire Early, just after a divorce. I was like, I need to do better with my money. I can't blame it on him anymore. Take some responsibility. So I went down a bit of a rabbit hole and tried to educate myself. But for me, it just meant autonomy, right?
Like it means the way that I could choose to live my life, whether I'm work optional and that kind of thing, where I live, that sort of stuff. And so it was just all about autonomy and control over my own life.
Yeah. Yeah, absolutely. And I think that idea of the autonomy and control is also something that really resonates for me. I think money is an amazing tool for building that. You are, of course, also a child accountant, Bronwyn. You're not only pursuing financial freedom for yourself, you advise a lot of clients on how to structure their financial life to build this type of financial freedom too.
What do you think is the starting point for a lot of people
A lot of my clients are getting this advice whether they were ready for it or not, right? Whether they signed up for that or not. They're like, I thought we were just here to talk about tax, right? But we always go that one step further. And I think for a lot of people, they start with sort of taking stock. Like, so where are we now? What's our financial position? What's our net wealth?
Like some people, you know, don't know what their net wealth is. So being able to calculate that, figuring that out and then being able to decide where what the gap is between where they are and where they would like to be, right? And just slowly trying to move towards closing that gap.
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Chapter 4: What are the biggest mistakes people make when investing?
I think financial freedom can mean different things to different people. When you talk to clients, how many of them bring up the idea of financial freedom and what does that usually entail?
Yeah, and most people talk about the concept, not necessarily the exact phrase, And I think they're describing like some kind of version of it, which comes down to, in my mind, just having more choice and more security. So kind of less... background worry about money. And I have a really good example.
I had an awesome client come to see me recently in actually a really strong position, good saver, worked incredibly hard, just so sensible. And all she wanted to do in her early 50s is to drop one day of work. And on paper, worked so easily, but emotionally she was feeling really guilty about it. Like she just hadn't earned that privilege yet.
But once she had a plan and she could see the numbers around it, like it absolutely wasn't reckless. Like that's the thing that she was working towards. And I think that's really good evidence of financial freedom in real life. Like for some people, it's not always kind of stopping work, but it's having more choice around how work kind of fits in with your life almost.
Oh, I think that's so true. The way that you can use money, it's that old saying, right? That money itself isn't important, but it impacts everything that is. And so often designing the life that you want does come down to financial decisions, but then also having the mindset ready to embrace those necessary financial decisions, right? 100%. Yeah.
So important because actually we're all just trying to live the best version of our life. And I think being in control of your money really does help facilitate that.
Yeah. 100%. I would love to hear from people in the comments, actually, for everyone who's tuning into this webinar. Obviously, that means that the idea of financial freedom is of interest to you. And I would love people to drop in the comments what financial freedom is to you and what you would like to achieve with your version of financial freedom.
First of all, it's just so interesting when we share these things with each other, but also we can tailor a little bit of this discussion as things come up there. So that would be great. Drop it in the comments. Katie, when someone starts investing with the idea of financial freedom, how is that different from other investing plans you might put together?
I think it's not just about chasing returns. I think it's really about matching the investment strategy to someone's life the timeframe they have, their cash flow, their risk, and their need for flexibility. That is the anchor point in terms of strategy. And I was thinking about how I could kind of describe this. And the best way I know how is, so I had, I saw a 26-year-old
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