Financial Autonomy

This week I chat with Mitch Potter on his financial autonomy journey - travel, starting an apprenticeship in his 30s, investing, and having plenty of fun along the way.

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With mortgage rates having leapt up this past year, the effective return savers receive by parking their money in an offset account is looking increasingly attractive. This has led to a question we're being asked more and more. Should I invest or just leave my money in the offset account?

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Today I’m talking with Shannon Nutter, Head of Vanguard Super, about the findings from their recent study - How Australia Retires.

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For an investor trying to build wealth and achieve financial independence, a question they will inevitably face is whether they should be sending their savings into stock market investments, or paying off an investment property instead.

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In 2012 Gail, her husband, and their 4 young children set off from Melbourne for a 6-month long Australian adventure. In this week’s episode, I ask Gail how she made it possible, what have been the implications since, and what adventures they have planned next. This one is sure to inspire.

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Saving requires forgoing spending today for benefits in the future. Whilst it’s clear that financially, to live entirely in the present with no allowance for the future is unwise, there is the potential to go too far the other way. But how do you know what the right balance is?

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A while back I put a call out in the GainCHOICE email asking for readers to reach out if they had a story to share about taking a career break or making a career transition.

Several people came back to me, so over the next few months we’ll have a few interviews around this topic.

This week is the first of these. I’m chatting with Brenda today, who is in the early stages of a 6-9 month sabbatical.

We talk about her Financial independence journey and how she aligns that with her goal to visit every country on the planet. This is a wonderful discussion that I’m sure you will love.

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This week’s episode is another one inspired by a recent client question, one that we get asked multiple times each year.

Should I be topping up my super?

The primary motivation in seeking out an answer to this question is to determine whether you're on track to have enough retirement savings for a comfortable and enjoyable later phase of life.

But the other element is around tax.

There's a general awareness that there are tax savings to be had through using the superannuation system. The unsaid element to this question of topping up super, is whether potential tax savings are being squandered through not taking maximum advantage of the superannuation system.

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Redundancy.

With the Australian economy slowing as the impact of higher interest rates begins to bite, job cuts are likely to accelerate. Layer on top of this the potential impact that artificial intelligence might have on the white-collar workforce of the future, and it's easy to understand why many people are feeling anxious about their employment future.

I've found that when I'm feeling anxious, the best way to relieve stress is to identify what I would do if the thing that's keeping me awake at night, were to occur.

Worst-case scenario planning.

Once I'm clear on what I would do, even though it's somewhat unpalatable, I find the anxiety goes away.

So if the potential for redundancy is something causing you sleepless nights, this week’s episode might provide you with a way to take control and move forward with positivity.

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This week I have the pleasure of welcoming Michael Kemp onto the podcast. Michael's working life has bounced between dentistry and financial markets, sometimes doing both at the same time! For 9 years he was the chief investment analyst for Scott Pape’s newsletter.

Michael has recently released his third book - The Ulysses Contact - how to never worry about the share market again.

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