Snippet with Julia Newbould


Another thing is that even if you're not in your 40s or 50s, you much younger, you've probably still got money that you don't think you have because if you've got a super fun and you've got insurance to that super fund, which typically people do, you've got a couple of $100,000 there. So there is a meaningful amount that everybody's leaving, but you know you've got to figure out what it is that makes you take and what you want to leave behind. I mean, personally, I love the arts and I have had a lot of pleasure going to theater and concerts and so on. So when I really thought about what I wanted as my legacy, I want to help someone perform in the odds that probably wouldn't get a chance before. And it's very complex to set it up and you really think about what how would I pick that person, you know, after I'm dead, who would choose that person and you know I had to think about, well, which of my friends would be good to put in those positions and you know, that's the kind of fun part of it. I think the thought that we're going to die, that's not a fun part. But you've got something positive to leave behind. That can be very, very pleasant. And I think that that has actually made me feel less afraid to die, knowing that there's something that I will leave behind. It's so interesting the word mortality. I mean, I lost my father a couple of months ago. My mom's 81. So once you get to a phase where you start losing your parents, then you start thinking about what's next. And also when we talk about legacy, we're not just talking about when we pass on. I know a lot of CEOs and business founders and people they're trying to bring their children through their leaders inside the corporation legacy is not just, I guess you're well on testimony. It's also if you founded a business or you've got something going, what happens with all that vision and creativity and culture that you're trying to create. So there are many footprints that we leave as individuals. And I just wanted to say I love the fact that you found who would be if the executioner of your will who would have the charter of putting up this fund and finding those people, you found that a fun thing that bought light to what would normally be a discussion and a thought process, most people just don't want to go to. Yeah. And I think that bringing up the discussion that's really difficult. And I think it was this time last year I was talking to a lawyer and we were talking about wills and he said, now he's a good time. You know, the families get together for Christmas. You know, when everyone's together, talk about your will and your parents will and what they expect and what a siblings maybe you eat expect to do for your parents and so on. And what you expect for your children as well. So depending on what stage of life you're at, it's a good time when the families together to bring things out in the open. Because there's so many things with wheels. You know, if you have more than one child and you don't want to split things evenly or even if you do, you know, the kid's going to say bit so and so got something more when I was alive when you know it's a very complex area and can cause so much family problems. And I think getting yourself right in your own ground and energy is the most important thing. But you know, why do you think that we have money in itself as a topic? The other thing about this is a lot of people feel they don't have enough. So once you start looking at what do I need to retire with so my legacy after work, let alone what do I need to pass over? Is that if he actually front you from a lot of people because there was a thing going around Instagram that said, if you retire with a $1 million, you know, you have to live off 33,000 a year, so to speak. But a lot of people can't even imagine retiring with a $1 million at the moment. And so there's a lot of fear around not having enough right now, let alone set sparks a lot of triggers in people that what if I'm not wealthy enough? How do we know our idea of wealth and how can we be comfortable with what we have now in order to do the next step of planning? How do you help that discussion with your read is even? I think all of it, you know, whether it's your will or whether you've got enough money. To be discussed. And I think it's the way that it comes up in conversation. And so for myself, I read a book a couple of years ago with Kate McCallum a financial adviser. It's called the joy of money. And basically, we looked at money as it's not a discrete topic. You don't talk about money as separate to the rest of your life. It's the enabler for what you want to do in life. So can you afford the holiday break it down? You know, what do I need to leave each week? It's hard to talk about the future without looking at what you have now and is that enough is that satisfying is that giving you pleasure? Can you turn that down and swap work for life after you get retirement age? It's a difficult topic. And I think there's so much going around about how much you do need in retirement. And you know that $1 million figure. Yes, you know, you're living off 33,000 a year, but that's if you don't draw down on the capital. And at some point, maybe you will draw down on the capital. You know, that's what most people will do. But you've got to look at it and figure out what would you do if that was all you had. If you had 33,000, how would you make up the shortfall if you're going to have a shortfall in your life and think about alternatives? You know, retirement now isn't just shut the door on your job and you walk away. You might do something part time. You might do the same job part time. You might change careers.

Coming up next