Know Your Money with Bronwyn Waner and Craig Finch

131. Death, Finances, and Bouncing Forward.

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Joni Peddie shares her journey of rebuilding life after her husband's unexpected death while representing South Africa at a canoeing event in Hungary. She describes how having proper financial planning in place through an education fund allowed her to maintain stability for her two young daughters during an otherwise chaotic time.

• Joni had zero financial literacy when her husband died, not even knowing her housekeeper's salary or how to use an ATM
• Instead of "bouncing back," Joni trademarked "Bounce Forward" to guide her approach to rebuilding life
• Liberty's education fund was crucial in keeping her children in the same schools and eventually covering university
• Having both spouses involved in financial planning prevents dangerous knowledge gaps
• Financial planning should address short-term, medium-term and long-term needs
• Professional financial advice provides a comprehensive view that online products cannot match
• Regular financial reviews are essential as circumstances and needs change over time

Thank you for listening. If you have enjoyed this podcast and would like to subscribe, please visit our website, www.growthfp.co.za.


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Speaker 1:

Hello everybody, welcome to Know your Money. I'm Bronwyn Wehner.

Speaker 2:

And I'm Craig Finch, and we are from Growth Financial Planning. We hope you enjoy our podcast. Welcome everybody. We're very privileged to have Joni Petty in the studio with us. Joni, you and I go back a long way and it's so nice to see you Don't mention the years, Greg. But you're looking fabulous, Thank you.

Speaker 3:

I'm well.

Speaker 2:

Yeah, that's great, but you had tragedy in your life and, yeah, I didn't want to touch on it, but I was very glad that you were happy to chat about it so many many years ago. I think it was 18 years ago.

Speaker 3:

That's right.

Speaker 2:

Some major events happened in your life completely unexpected and you had to deal with that and your young girls, young daughters they were really young at the time and I'd like to just chat about that and maybe about how finances around that worked as well with education and that relating to our industry. So wouldn't you mind just give a bit of background about what you do as well. Because I'd love to have you in other podcasts with us.

Speaker 3:

Great Thanks, craig. Yes, so I run a business called Resilient People and I changed that business name at the time of my husband's death, which was the tragedy and the context around that is. I said to my daughters, who were five and seven at the time, is that actually we are never going to bounce back. So often after tragedy people will say don't worry, you're a strong personality, you will bounce back. Those people are lucky to be alive because I could have punched them in the nose. So I trademarked Bounce Forward and we all need to look at how we bounce forward.

Speaker 3:

The Gareth, my husband, died of an aortic aneurysm and he was representing South Africa at a springbok event, a canoeing event in Hungary. So it was very unexpected. He left the shores as a springbok event, a canoeing event in Hungary. So it was very unexpected. He left the shores as a springbok with his team and he had an aortic aneurysm and didn't come back. So it was surreal. It didn't feel real.

Speaker 3:

And maybe I'll paint some context, as we had a wonderful marriage and wonderful two children and I was the one starting a new business and doing things and he had left SAB Miller and joined me in my business and he handled all the financial side of our business and I handled all the client interrelationships.

Speaker 3:

So I'll be vulnerable and say that at the time of his death, I did not know what my housekeeper earned. I didn't pay a phone bill, I didn't do a thing. So in terms of financial literacy, you would give me zero out of a hundred. He did everything. If I was traveling to present in America, he would do all my visa applications here are your traveler's checks in those days, here's your flight and that would land on my desk and I would just pick up pieces of paper and off I'd go. So the depth of of your world being upside down when you've never handled your finances and this unexpected tragedy happens, was surreal. And I can say, craig, wholeheartedly, thank goodness for you, thank goodness for Liberty Education Fund, as I believe at the time, in 2007, gareth was the first person to be paid out from Liberty Correct.

Speaker 2:

Liberty was the first claim. Yes, and it took them off guard. They didn't even know how to pay it. They had to write a system to pay it out every year. That's what I heard. Yeah, correct.

Speaker 3:

So psychographically, with a woman who never handled finance and I'm not being sexist here I could be a man, it doesn't matter. But to try and piece your life together again was dramatic in itself, and I was vociferous as a behavioral strategist that I wanted to keep my children in the same home and at the same schools because too much had changed for them and thankfully that education fund kept them at the same school, which meant that that was taken care of. I in the business of selling services and workshops and keynote talks you can imagine well two things that Gareth was my business partner and half of my business had died. So I then had to get up and start talking and facilitating and delivering in a state of disrepair kind of thing. So I didn't have any other source of income. I was just trying to keep certain puzzle pieces stable so that I could get back on my feet. And when your children's education and their lives can carry on as best as they can, then you can start. There's certain things you can go. Okay, that's a relief. Now. Now let's look at going to get more business. Now let's look at how I can, you know, bounce forward in whatever way.

Speaker 3:

So that was a game changer of biblical proportions and it obviously, you know, catapulted me into. You know how do I look after my finances? My family teased me relentlessly. If I can just bring some humor in my sister, who actually still does the books for my businesses now, she said look, joni, I'm going to take you to this machine in the wall. If you put a card in it, it spits out money in ATM. I'm like, really, does it need a number? I mean, how many cards do we have of those things? It was. I was that clueless. So there was immense trust on the one side. Gareth does all of this role. Clarity, I do all of that. I do all of that and we just, you know life works seemingly and swiftly and seamlessly, I should say so it's yeah that rude awakening to have a look at my finances start.

Speaker 1:

managing them was very hard, I'm sure, and also I think, just from what you're saying, the role of a financial planner Craig being there and putting that in place and having that relationship with your husband was so important. Meetings as well, going forward, because there is one person that always takes control of that thing. But you have to understand and know, because otherwise you go into the trap that you went into and dealing with that tragedy is so hard as it is, and now you've got to deal with a money tragedy and we've got to try to bridge that gap, which is, I think, important.

Speaker 2:

And what I'm hearing you also say, also from the client's perspective, you know you can bring something to the table and they don't accept it. Luckily you and Gareth accepted what I brought to the table and sadly it played out. But I mean, it's often you bring stuff to the as an advice, this is what you should have, and they don't want to carry on. So it is a two-way street. This is what you should have and they don't want to carry on. So it is a two-way street. But the spouse, as you said earlier, it's very important for both to be involved, because one will just put blinkers on and say, no, no, don't worry, she's doing it or he's doing it. But then you know it's very important you both get involved, because other people have another perspective and say and a completely different perspective, you know you're going on with a husband and you think, oh, everything's covered.

Speaker 3:

Meanwhile the wife will come and say, what about that? You go. Oh well, yes, absolutely. So it's very important. Yeah, yeah, and it is. It is those two different perspectives to really have a look at. You know the way forward. So with Gareth, um, he didn't ask me, he just told me, thank goodness he had. Um, yeah, he was quite a good decision maker, he was.

Speaker 2:

And he did, he understood what he needed. Yes, he put it in place. You know he was very good like that. Yeah, yeah, yeah, but very difficult for you afterwards because your own business, you've got to go back and sell more. Make sure the family's got everything covered. I mean, oh, my word, you know.

Speaker 3:

Yeah.

Speaker 2:

There's probably gaps that could have been filled if you were at the table with us talking about the finances. Exactly you might have had less stress you know financial stress at the time.

Speaker 3:

You know, absolutely yeah.

Speaker 2:

Yeah, it's amazing.

Speaker 1:

And when it comes to the financial literacy that you had to kind of figure out and navigate, what would you say was the biggest lesson or the biggest thing you'd like to share, like with our clients? Like, try, know this or do that if there are other people it's been a bit of a journey, bronwyn.

Speaker 3:

So with my financial planner, I was actually at university with her and she stepped in as well and I just said look, help me figure out what are some short-term needs, medium-term needs, long-term needs In terms of my personality style, I'm quite risk-averse. So I you know, because I was illiterate, it was like money under the mattress would be fine for me. So she was okay, joanie, let's look at short, medium and long-term and let's look at the plans. Thank goodness, the education fund paid for some of university as well, so it bridged me right until then, which was super. So it's really, I think, seek advice.

Speaker 3:

Put your hand up say I don't know, take me through a journey. This is where I am now, but my risk appetite may change. I just need real security right now.

Speaker 2:

I think it's easy to go online and try and get a product, but you're not going to get the whole picture, and that's very, very important. A little bit of knowledge is dangerous.

Speaker 3:

And what people who are steeped in financial planning do, as far as I can see, is look at the big picture and look at the what-ifs and look at how to spread that risk, and I needed that kind of guidance yeah, and it's a journey because your needs change, your circumstances change, you need to change with it, adapt with it as well, exactly, that's.

Speaker 1:

Very important.

Speaker 2:

Yeah, yeah, well, great. Well, joni, thank you so much for sharing that with us pleasure and our listeners and I hope everybody got something out of it. Pleasure.

Speaker 3:

Thanks, both of you, thank you so much.

Speaker 2:

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.