Know Your Money with Bronwyn Waner and Craig Finch
Know Your Money with Bronwyn Waner and Craig Finch
83. Heartfelt Financial Planning Tips for Families Wheel of life 7
Unlock the secrets to safeguarding your family's financial future. Have you ever wondered how your family's well-being influences your financial choices? In this episode of "Know Your Money," we journey through the heartwarming and crucial dynamics of family and financial planning. Craig shares his heartfelt perspective on prioritizing immediate family—spouses, children, and close relatives—and reveals how this focus can drive thoughtful financial decisions.
We cover everything from life assurance and income protection to planning for a secure retirement. Imagine providing your loved ones with the greatest gift of all: financial independence and security. Whether you're a new parent or have been navigating family life for years, this discussion offers essential tips for ensuring your family's future. Don't miss the expert advice on how early financial decisions can lift the burden off your children and grant peace of mind for years to come. Tune in to learn how to protect what matters most—your family.
Please subscribe to our podcast or have a look at our website
www.growthfp.co.za
Welcome to Know your Money, where we will explore our relationship with money and how the psychology of it impacts our financial decisions, as everyone thinks about money differently. In our podcast, we'll be presenting a variety of financial topics in an easy to understand way, which we hope will assist you with managing your money. Hello everybody, welcome to Know your Money. Warren Craig, how are you today?
Speaker 2:Bronwyn, I'm feeling great. I hope you too are as well. Craig, how are you?
Speaker 3:I'm feeling great as well. Always a pleasure, never a chore. You got it, buddy. That's the first time.
Speaker 2:How are you? I'm feeling great as well.
Speaker 1:Always a pleasure, never a chore.
Speaker 3:You got it buddy, that's the first time. How are you, brian?
Speaker 1:I'm feeling awesome, thank you. Today's episode for me is, you know, one of the hot, hot ones, and that is family.
Speaker 3:Are we on the wheel of life? We are on the wheel of life.
Speaker 2:We never got off it, craig. Cool Got off it Craig.
Speaker 1:Cool, we're on that 10-part series of just trying to allow people to have it all and to feel good in all different areas and you know if family is something that you don't feel you're spending enough time with, or how you can do things differently, how you can protect them. I think we'd get into that kind of conversation today.
Speaker 3:Absolutely Well, for me, family is everything. The most important thing is the family and I think it starts in your own family, in your own house. That's for me, though maybe not for everybody. So my wife and my children are number one in my life and that's really really important to me. So whatever I do, it's around the family, that immediate family. But of course I've got cousins and I've got other uncles and aunts that are also very important to me. We've got a big family group Very lucky we have got this big family group that we can chat to and speak to. But ultimately it comes down to that immediate family your children and your wife or your spouse or your partner. That for me, is family. That's very important.
Speaker 3:Yeah, and protecting the family, you know, go back to financial planning. Of course. That's paramount, you know. So you've that you have enough life assurance cover that if you're not here and you can't, if you pass away and you, what about their income needs? You can cater for that and you also look after yourself, that you once again, we speak about income protection many, many times. How important that is, that if you can't work through an illness or an injury, that your income continues for your family and that you have severe illness covering in place. So even though that's insurance kind of aspect, it's protecting your family first and obviously you and if you're protected, your family's protected- and I also think, protecting your family.
Speaker 1:You know, I think in South Africa a lot of people when they retire, they sometimes have to depend on their children and they don't want that. So that's where financial planning can help you to protect that and look after it.
Speaker 3:And I think that we've spoken about immediate gratification and for us, as financial planners, we don't see that. So it's a long-term discussion with your client. One day, when you retire, you're 30 years old now. Think of the next 35 years old, 35 years. They don't get excited about it because they go. My word, that's so long to go. But, as Bronwyn says, when you get to that point, you want to have the satisfaction that you're looking after yourself and you don't have to rely on your children to look after you, and I think that's the greatest gift you can give.
Speaker 1:And they can grow For sure. And if you can think of family now as the 30-year-old, it makes that connection to the 65-year-old a little bit easier, because you don't want to be 65 and relying on your children. Definitely Does that make sense.
Speaker 2:Yeah, and don't you, because you obviously are both parents and I'm a new parent. And it's so weird how recently I look at Finn sometimes and then I realize, or look at my dad, this is the one, my dad will do something or say something, and I realize, oh my god, I've become my dad right, and so he's obviously planned for his future and I know he wants to leave some inheritance to us, despite me telling him to just live his best life. And that then makes me now think, well, I need to do that for Finn, like I need to make sure him and my wife are going to be okay. Yep, and it really hit home recently that I haven't done it right yet, despite all your advice to me, and I struggled with it because, as you know, my income is sort of sporadic, it's not regular, I'm not an employee, and we had a conversation a minute ago where you guys actually explained to me that, no, no, I can pay these premiums for the whole year up front.
Speaker 1:Yes, yeah.
Speaker 2:And had I just been honest and asked you guys the last time we had the meeting? Which was probably over a year ago now, or about a year ago, about a year ago, and I just said to you yeah, this is my problem, this is where I really haven't made a good financial plan for my future, and this was obviously before Finn was born. Yeah, but now it's all on my head, and had I known that I could just pay premiums a year in advance, I would have been doing this now.
Speaker 1:And what I think is awesome about this podcast and having you on it is that we can have those honest conversations and it just what that highlights is the importance of the relationship you have with your financial advisor and that it's important to be open and honest. And often I feel like we say stuff and then clients feel like I've got to say yes and then they just sort of ignore us because they actually can't do it or there wasn't something that was disclosed honestly. So well done for putting yourself out there and being brave. And I do think things like having a family changes your perspective on things, because it's not just you you're looking after anymore.
Speaker 3:No, 100%.
Speaker 1:It's someone else and how can you go about doing that and you know you can pay upfront for a year. You can do ad hoc amounts into retirement annuities or investments. It's just about those conversations and how you can protect your family.
Speaker 2:And it's weird because we just had the conversation. I'm actually excited about it.
Speaker 1:Yeah.
Speaker 2:You know, it's no longer this little demon sitting on my shoulder going, you should be doing this you should be doing this. You should be doing this all constantly.
Speaker 1:Well, it is constantly because you're recording a podcast every week where we're telling other people yeah, you know and and.
Speaker 2:Uh, you know, you know I have a decent, a decent asset in the uk but, as craig pointed out, that can't just be cashed out tomorrow, if something happens yeah it takes time yeah but also family.
Speaker 3:I mean, we're talking about how financial planning is a a massive part of looking after your family, but so are other things. You've got to look after your family by being present with them, by spending time with them.
Speaker 3:It's not just about financial planning, and I think that's what we're trying to say on that wheel of life. Where are you with relationships with your children? Are you able to have open discussions? Are they comfortable to come to you if they want to discuss anything important? So family is important, not just looking after your family from a financial perspective, but, as we just chatted about, being present with your family and trying to spend quality time with them. So, yeah, that's for me.
Speaker 1:And also making sure that your family experiences those other parts of the wheel of life, so fun and recreation with them. And so yeah, that's. And also making sure that your family experiences those other parts of the wheel of life, so fun and recreation with them. How is that incorporated um community or friends?
Speaker 1:I'm sure a lot of your friends are from your children's yes school, so that also changes and just being engaged in your family can impact your health. The laughter you know your grandparents or their grandparents, spending time with them, is so good. So it's bringing family together and how you can do more of that.
Speaker 2:Absolutely. I'm still trying to convince Kirst that we need to. You know, all live on a big family compound, but it's not going well.
Speaker 1:Yeah, I agree. I think that's the way to go. I love it, I love it, I love it have everybody in one big compound.
Speaker 3:And only one swimming pool. Tomorrow Exactly.
Speaker 2:Let me share the levy Great.
Speaker 1:Awesome stuff. Go home and hug your family Exactly. Thank you everybody.
Speaker 3:Thank you everybody, thanks guys, bye, bye, thank Bye, bye. Thank you for listening. If you have enjoyed this podcast and would like to subscribe, please visit our website, wwwgrowthfpcoza. The information we have provided in this podcast is our personal opinion. For more detailed information, please discuss your financial situation with a financial planner.