930b wwgd: $200k inheritance, 3 young kids & a lifestyle decision to make
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What is 'What Would Glenn Do?' and how does this episode's case get introduced?
Today, we are doing a what would Glenn do if you are new to the show. This is where listeners of the show, they jump on, they ask me what I would do in their situation, and then we methodically go through their current situation. I might then clarify some things. And then I will give my judgment on what I would do if I was in their situation. You need to remember, this is what Glenn would do. So individual results may vary. Follow the instructions. Check the box yourself because you might disagree with me. And that's okay. We are in an environment where you can politely comment on the YouTube or Spotify. No, I disagree. I think I would do this or they should do that. However, this episode is brought to you by Sphere Home Loans.
We are pro mortgage brokers here on the show. Sphere Home Loans help our listeners all over Australia. So if you are after a mortgage, or if you are looking to get into your first property, your second property, your next property, your downsides, your upsides, your sidesides, reach out to Sphere Home Loans. They've got a dedicated team who help listeners all over Australia. Until then, today on the show, we have got an anonymous participant. This participant, we have named him and his wife, Chad and Britt. Chad, welcome to What Would Glenn Do? How are you? G'day. Thank you. Going well. Nice. Now, what would you like to ask me?
So we're in a bit of a position. There's some unfortunate circumstances. We had the death of two family members, separate deaths, one on my side and one on my wife's side. And there is around about 200K of inheritance collectively coming to us. And I'm just trying to sort of balance the lifestyle versus hustle type thing. I kind of want to have my cake and eat it too, so that's why I thought I'd ask someone what they would do.
Yeah, love it. Well, my name is Glenn James. We're going to get into it right now. This is What Would Glenn Do? Let's get going right now. 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. Okay, Chad, let's go through the 200k that's walking in the door inheritance.
When is that expected to land? Probably in the next month. Okay, so about a month from now. Okay, and were they like, sorry for your loss, it seems to be it's all of a sudden either side of the family. What was the nature of the relationship with their grandparents or parents?
So it was my wife's father, and that was unexpected and way too early, and then my grandma, who was about time. So that's not so sad.
No. She's at peace. Yes. Now, of the 200K, what – amount is from grandma uh about 50 okay cool so there's 150 from uh brit side um do we know if there's any strings that were attached to that money or intentions no no strings no and and brit's the executor of the will so she's the one who's been going through the whole process on that side Ah, awesome. Okay, let's go through your situation. How old are you? I am 36, about to turn 37. Nice. And what do you do for work and life? A nurse. Awesome. Any particular field?
Yeah, I'm in the mental health space. Great. Great. And what's your current salary package? Uh, it's a relatively senior role. So I'm about, uh, the salary itself is about 145. Yeah. Um, plus super. So yeah, 160 something package. Yeah. Great. And what's Brit do?
Who are Chad and Britt and what inheritance and family circumstances do they face?
Uh, she's also a nurse. Right. How old's Brit? Uh, she is 35.
How old, uh, how long have you been together? 10 years. Yeah. Cool. And what's Britt doing for work and or life?
She's doing two days a week in a nursing role.
Okay, cool, cool, cool.
And what type of earnings is that generating? $30,000 plus super.
Okay, cool. Kids?
We do. We've got three kids.
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Chapters
4 chapters
1
What is 'What Would Glenn Do?' and how does this episode's case get introduced?
0:06–4:35
2
Who are Chad and Britt and what inheritance and family circumstances do they face?
4:35–12:56
3
What is Chad and Britt's current financial position (income, cash, debts, super)?
12:56–24:41
4
How are Chad and Britt managing protections and estate planning like insurance and wills?
24:41–41:08
Speakers
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