923b wwgd: what to do when you're uninsurable + moving back to a region
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What is the main topic discussed in this episode?
Today on the show, we are doing another What Would Glenn Do? Hey, if you are new here, welcome. Thanks for checking us out. Basically, listeners of the podcast and those who are in our Facebook group, they want to know what I would do based on their situation if I woke up in their shoes. We spend a fair bit of time going across the current situation of where they're at, what their income is, what their goals are. Then I'll turn around with a big gavel and hit it on the desk and make my judgment on what I would do based on their situation. Often I'll send them to get personal financial advice after the episode if they need it and refer them to a proper adult professional, just a guy in a shed. But it's really cool and we have a lot of fun.
If you do want to apply to come on this, there's a link in the description and in the comments and the show notes and all that if you want to put your hand up to come on and do an episode. Otherwise, who have we got and what are we doing?
My name's Chelsea and you're listening to Money, Money, Money.
Before we get into it, this show is general advice only. I've got a license to provide that advice. Full details can be found in the show description. My name's Glen James, former financial advisor. I host this show and a show called Retire Right. I've got some books, the award-winning Quick Start Guide to Investing and the Quick Start Guide to Your First Property available where good books are sold or in the description. If you're new here, welcome. If you're an old hand, welcome to M3. Let's get into it right now.
What are Chelsea and Ryan's current financial situations?
All righty then. Chelsea, how long have you floated around the podcast and Facebook group and all that?
Quite a few years, my friend. I think maybe it was like 2020, around the time your first book came out, she introduced me to the podcast and I've been listening to it ever since. So quite a while.
Yeah, well, as I like to say when I meet people in the flesh, my apologies for everything. But look, what do you want to ask what I would do today?
My partner and I were getting married next year, so we had kind of just been – Looking at our next kind of like five years and what that will look like, which is potentially relocating south of Perth where property prices are quite high. It's where we grew up and all of our family's still down there. But I have a medical condition that makes it quite, I can't get insurances pretty much. And so we're just kind of looking at how we can safety net ourselves if we are going to have quite a big mortgage going forward.
Yeah, totally. And what's the nature of your medical condition?
I have MS, so that was diagnosed in 2020.
Yeah, okay. So would you say it's stable at the moment?
Yeah, yeah. I just am on treatment, which is I've had no progressions since I was diagnosed, which is really good. Yeah, awesome. Yeah.
And so the medication that you take, I would imagine, do you injections or what?
Yeah, it's every six months I go into the hospital and just have an infusion.
Yeah. And is there a cost to that or is it government, you know, taxpayer? Government, yeah.
Really lucky in that regard because it's quite expensive if we weren't in Australia.
Yeah.
Yeah. So you've been pretty stable for the last, since the first, I guess, episode, I guess.
Yeah.
Yeah. Awesome. Cool, cool, cool. So tell me about yourself. How old are you?
I'm 28.
And your partner, you're getting married next year. How old's your partner?
He's 28 as well.
What name do we want to use for him?
Ryan.
Ryan?
Yeah.
May or may not be his real name. What do you do for work?
I'm currently a clinical nurse.
Right. Now, I did see somewhere in the comments about you're doing some other side work or casual work. Tell me about that.
Yeah, I'm just still employed casually at the hospital that I worked at in my graduate year and I just kind of do random shifts here and there just when we need a bit of extra cash, to be honest. Sometimes it could go three or four months that I don't do a shift there.
Yeah. So is clinical nurse registered nurse?
Yeah, so it's the level above a registered nurse.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:06–1:52
2
What are Chelsea and Ryan's current financial situations?
1:52–4:55
3
How does Glen suggest managing finances as a couple?
4:55–8:29
4
What does self-insuring look like for those unable to get insurance?
8:29–10:52
5
What is the relocation plan for Chelsea and Ryan?
10:52–13:54
6
How should Chelsea approach investing in her portfolio?
13:54–18:35
7
What is the importance of having a solid emergency fund?
18:35–22:45
8
How can Chelsea and Ryan prepare for potential future children?
22:45–52:43
Speakers
4 identifiedMore from money money money
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