June 3, 2025 • 20 mins
We all have financial and life goals, but deciding what to do tackle first is tough. Do we try to pay down the mortgage? Build up emergency money? Start investing? Add to super? There’s only so much money, so we need to make some decisions about our life goals. Join Canna Campbell - a financial planner for 20 years - and Fear & Greed's Michael Thompson as they talk to Lucy Winship, Head of Ventures at NobleOak, about the Wealth Maximiser program, and how it can help people decide on a path to achieving their goals.
NobleOak is a supporter of this podcast. For more information on the Wealth Maximiser program, including the offer to listeners of this podcast, click here.
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This information is of a general nature only and doesn’t take into consideration your objectives, financial situation or needs. Consider if it’s right for you and read the Financial Services Guide and T&Cs on site before proceeding. Wealth Maximiser is operated by NobleOak Services Limited ACN 112 981 718 AFSL 286798.
Canna Campbell is a Corporate Authorised Representative and Corporate Credit Representative of Wealthstream Financial Group Pty Ltd ABN 35 152 803 113 Australian Financial Services Licensee AFSL 412079.
See omnystudio.com/listener for privacy information.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to How Do They Afford That? The podcast that
peaks into the financial lives of everyday Australians. I'm Michael Thompson.
I'm an author and the co host of the podcast
Fear and Greed business news. As always, I'm with Canna Campbell,
financial planner and founder of Sugar Mamma TV, the financial
literacy platform covering YouTube, podcast books, Instagram threads, TikTok and more.
Hello Canna.
Speaker 2 (00:22):
Hello.
Speaker 1 (00:22):
Every time I start that, I now laugh about about
the time that I accidentally called you sugar mummy. Anyway,
moving very quickly along from that, today's topic deals with
something that I suspect that we have all struggled with
at some point. I know I certainly have, and that
is deciding what to tackle first when you are trying
to come up with your financial goals. For instance, you
(00:46):
pay down the mortgage first, or do you build up
emergency money? Or do you start investing? Do you add
to your super do you save for your kids education?
Do you save for a holiday? Do you try and
do everything all at once? Which is probably pretty unlikely
because there is just a limited amount of money In
the end, it would be great to do it all
but when there is only kind of that certain amount
(01:08):
of cash, then you need to start making some decisions
and start prioritizing some life goals. Can we are going
to get some help today in talking about this topic.
It is an interesting one. Lucy Winship is the head
of Ventures at Noble Oak which is a supporter of
this podcast. She's also the founder of Wealth Maximizer, which
is a program that we've talked about before on this podcast,
(01:28):
which is basically helping people set and reach their financial goals. Lucy,
welcome to how do they afford that?
Speaker 3 (01:35):
Thanks so much for having me.
Speaker 1 (01:36):
Now, Before we get into this, obviously, we just need
to mention that this information is of a general nature
only and doesn't take into consideration your objectives, financial situation
or needs. Consider if it's right for you, read the
Financial Services Guide and tees and c's on site before proceeding.
Wealth Maximizer is operated by Noble Oaks Services Limited ACN
one one two nine eight one seven one eight AFSL
(01:57):
two eight six seven nine eight. Wealth Maximizer took a
very big breath really announcing this, making giving it a
bit of grandeur around it. Wealth Maximizer, can you give
us the elevator pitch basically what it does, how does
it actually work?
Speaker 2 (02:15):
Totally.
Speaker 3 (02:16):
So our mission is to make financial advice affordable, accessible
and easy to use for Australians, noting there's a big
gap in the industry basically because most people can't afford
to pay the four K that it costs for plus
yeah aiding from yeah traditional advice. So we've tried to
make it a lot more affordable accessible by building a
(02:38):
digital platform that does a lot of the maths, the
cash flow projections and working out if you can actually
afford your goals, and combining it with one to one
wealth coaching so that you actually get supported education that
you need and and empathetic support as you actually follow
your financial plan.
Speaker 2 (02:56):
Yeah. It's a really interesting business model because I never
I think it's brilliant and I think it's very much
needed to help, I guess, ease people into financial planning.
You know, it's like it can be very intimidating and overwhelming,
and this is a really gentle approach, which I love.
It's also incredibly unique. I don't know if any other
(03:16):
financial planning times that offer this, Like where did the
idea come from?
Speaker 3 (03:22):
I think it's kind of there was a combination of
people having a similar idea at the same time. The
core of making it more affordable is just something I
think a lot of people in the industry want to do.
Oh it's so important, I just need to otherwise people
can't access it. Most people can't.
Speaker 2 (03:37):
It makes the situation worse, and ironically, people who need
it the most people who can't afford it. So this
is I think this is so honorable and admirable that
you're doing this. We like to think, so.
Speaker 1 (03:50):
Look, can I ask you then? The reason why we
want to talk to you about this is because it
is so easy to be overwhelmed with options. And I
mean I am a very aspirational person. I have a
lot of big dreams and big goals financially, but it
is hard to choose what to do. And I mentioned
(04:12):
in the intro that in the end, there's only so
much money, like your pay packet has to kind of
be split so many different ways, right how.
Speaker 2 (04:21):
But also to point out you've only got so much time.
There's only sort of hours per day, like are you
going to spend your time learning and education about VESTA
or are you going to focus on superannuation? Or are
you going to spend your time doing a budget and
looking at how to pay off the mortgage?
Speaker 1 (04:35):
Sudent?
Speaker 2 (04:35):
Like, sorry, I do not need to interject over you.
Speaker 1 (04:37):
But you actually know me better than I know myself,
because that is probably that is the big issue.
Speaker 3 (04:42):
And I have.
Speaker 1 (04:42):
Complained to you about this in the past that in
the end, it's the it's the time, and it's these
money blocks and things that you go, Okay, I know
I need to be doing all of these things, but
I just don't even know where to get started. Why
is it so hard to choose between these big goals
and actually to say, Okay, I'm just going to focus
on one and get going. But why is it's so
hard to peak?
Speaker 3 (05:02):
Yeah, I think it's a really interesting problem because it
feels like if you've got a long list, like we
should just go through it. But all of your goals
are super emotional, so it's like, how do you actually choose,
Like wanting to own a home is actually a sense
of security, and wanting to give you know, private education
to your kids is like love and legacy and yeah,
so like how can you actually choose between those? And
(05:26):
I think that can be really overwhelming for people and
not being able to kind of pinpoint exactly how much
they're going to need to achieve these goals and when
they want to achieve them means that people, I think
just get completely overwhelmed and just don't know where to start.
Speaker 2 (05:38):
And then they don't do anything. They just stuck. And
then two three is time has gone past and you're thinking,
why am I in the same situation and which I've
made no progress? Yeah, exactly, which then can make you
even feel worse and even more stuck.
Speaker 3 (05:51):
Yeah.
Speaker 1 (05:52):
And there's also the big question of kind of what
do you want to achieve? What's your goal that you
want to achieve? And if someone kind of you have
asked me that on this podcast in the past, and
I'm like, you're in the headline and I have no
idea because you go, okay, I want financial freedom. Great,
that's a big that's a big picture goal. But what
(06:12):
is it?
Speaker 3 (06:13):
Yeah?
Speaker 1 (06:13):
And that is one of the things that I like
about wealth Maximize it because almost as a as a
thought starter, like as to help with the process, you
actually have a list of dozens of potential financial goals
that you can just go through it. And there are
things like kind of build an emergency savings fund, improve
(06:34):
your credit score, pay off a student debt if that's
relevant to you, go on holidays, move overseas to live,
start a new or purchase an existing business. And they
are really quite specific and they cover a huge range
of things. It's really valuable that kind of thing, just
to help you go all right, that is actually how
(06:54):
I kind of verbalize, how I actually put into words
what I want to achieve.
Speaker 3 (07:00):
And what we've tried to approach as well. Is I
think a lot of the time people think a goal
is actually more of a hope or a dream. It's
a bit like nebulous, and you don't you can't really
pinpoint it. So I'm sorry.
Speaker 2 (07:13):
You can see that I'm classic client seeing right here
in front.
Speaker 1 (07:17):
That's right. And also I'm hearing things coming out of
your mouth that I've heard coming out of Cana as well.
When you were talking about the fact that I say, yeah,
I want kind of financially no, be specific, what do
you actually want?
Speaker 2 (07:28):
Money loves definition and clarity exactly. We don't do flaky.
Speaker 3 (07:32):
No.
Speaker 1 (07:34):
It feels like I'm a high risk of getting ganged
up on in the studio. And sorry, Lucy, I interrupted you.
Speaker 3 (07:40):
That's so, how do you go from kind of a
nebulous hope or dream into a goal? And that's all about,
you know, the smart goals approach that I think people
use at work. Sometimes they don't tend to use it
in their own life as much. So yeah, specific, measurable, achievable, relevant,
and time time specific as well.
Speaker 1 (08:00):
Acronym Yeah, why kind of Actually this is now a
question for you. Why is that so important to actually
nail down a specific goal in terms of, say you
want to pay your mortgage off by the time you're
fifty or something like that. Is it because you can
actually be more deliberate in the actions that you take
towards it. Because I know that you've told me again
and again just don't be vague, be specific.
Speaker 2 (08:21):
If you take this like scatter gun approach, you're going
to make barely any progress. The results are going to
be I don't mean to be harsh, but maybe a
little bit like poor and pathetic, underwhelming. Yes, mean today,
Oh my god, what's happened? Or maybe yeah, maybe that's
normal to be mean, And you also can be lacking
(08:44):
a huge amount of inefficiency, whereas if you actually pause,
add some details and definitions and apply the smart acronym,
you know, application to your goals. You'll see greater progress,
which I always say fuels even you know, further progress.
It's like, Okay, this is working. I'm inspired, I'm excited.
(09:04):
I'm going to keep going with this, and you can
start to almost form like like I always call like
a hit list. You go, all right, I'm going to
tackle the budget first, and then once I've done that,
I will then move on to looking at the home
loan and negotiating a better deal with my homelan. Once
I've done that and got that out of the way,
I'll then look at investing. You can kind of have
a bit of an order of events and almost like
(09:27):
a schedule or an itinery, you know, like you would
do for a holiday, and you're going to just have
far better outcome within the year. And if you think
about the course of investing in you know it's thirty years,
it's just very different where you end up and what
you the confidence you build along the way with education
(09:47):
that you gain from a financial planner or a wealth coach,
as well as the experience.
Speaker 1 (09:53):
Okay, so we've kind of we've established the basis for this.
Then you need to have goals, and you need to
not be vague with your goals. You need to be specific.
The big question and I keep coming back to this,
and this is one now for you, Lucy, how do
you decide which goal is first, and which goal is second,
and which god is third? How do you actually prioritize
(10:14):
these things.
Speaker 3 (10:14):
Yeah, it's a good question. So I think, well, how
we've built it a wealth maximizer is that you think
of it more about kind of what is time sensitive?
What are the things that you actually do need to
do in a certain timeframe. Is it having a child
because there's a biological clock, And also considering things like
is one goal going to enable another? So yes, maybe
(10:37):
I can't afford buy a property now and I won't
be able to for four or five years, but if
I start investing, that actually can contribute towards that other
goal as well. So there's a couple of factors that
you can think about when you're balancing them. What we
do as well is we offer a free goal setting
session with our West coaches so that you can actually
(10:58):
talk through those options. They can balance those things with people.
Speaker 2 (11:02):
That's so valuable. How does one sign up to that
asking for a friend.
Speaker 1 (11:08):
Of course, it's the friend Michael Thompson or Canon Campbell.
Speaker 2 (11:13):
Okay, I've got goals coming out of my ears.
Speaker 1 (11:15):
You have no problem for goals? Yes, yes, we've established
who the target in this room is right now.
Speaker 3 (11:21):
So if you go to wealthmaximizer dot com, dot au
forward slash, how do they afford that you can actually
just book on there?
Speaker 2 (11:28):
That's an exclusive we're doing for you guys.
Speaker 1 (11:29):
At the moment, I love any website with How do
they afford that a bargain?
Speaker 2 (11:36):
What a great inspira session.
Speaker 1 (11:38):
Now we're going to take a quick break. When we
come back, I want to talk about them the financial side,
cash flow and savings and those things, how you work
those into the goals as well, and how Wealth Maximizer
can kind of factor all of those into achieving some
of these goals. We'll be back in a second. We
(12:00):
are talking today about competing life goals and basically how
to decide what on earth you are supposed to do first,
and we are joined in the studio by Lucy Winship
from Noble Oak, which is a supporter of this podcast,
and we've been talking about the Wealth Maximizer program and
the part that I really love and I just keep on.
Like even just then during the break, I was just
(12:20):
scrolling through the list of potential goals. Kind that's a
good one anyway, And to me that is really valuable,
those potential goals because it crystallizes kind of and really
targets where you are heading. How does the money side
of at work in terms of your cash flow, your savings,
(12:43):
all of these little bits and pieces. How does Wealth
Maximizer then actually work with your current circumstances to actually
help you achieve these goals.
Speaker 3 (12:51):
So what we do is that you, as customers start
to get going with Wealth Maximizer, you put in a
bit about your financial situation, so income, your expense, any
assets you have, any debt you hold, and then if
you choose to sign up for one of our packages,
we put all that information into our smart platform and
it calculates how likely you are to achieve your goals
(13:12):
in the time frame and to the amounts that you've
kind of set.
Speaker 2 (13:16):
Wow.
Speaker 3 (13:16):
Yeah, it's cool, and it considers like competing ones as well,
So can you actually take time off or print or
leave at the same time as you know, planning to
buy an investment property? Is that that we've put quite
a lot of it into.
Speaker 2 (13:28):
So kind of peels back the layers and allows you
to go, actually, how realistic is this? But also you've
got the benefit of heart, not hindsight. Foresight, Yeah we
can go you know what, Okay, these conflict or I'm
trying to do too much? Yeah, this is unrealistic. I'm
sitting myself up a failure. I'm now going to pick
one or two as a priority and just maybe park
(13:49):
that for in say three is time or four years
time exactly. So you're still committed to your journey of
financial wellbeing and improving your financial situation, but you're it's
not like you're sacrificing or you're wasting time. You're actually
still progressing on in the right direction to you today.
Speaker 3 (14:02):
And it's also like once you have a conversation with
your wealth coach, you can work out how to maybe
you want to reset expectations. Maybe it's it is important
for you in that timeframe, so maybe you want to
bring them out and things like that.
Speaker 2 (14:15):
And that's such a good point because your financial strategy
and journey should evolve with you because we go through
different life stages. But also things happen in life, good
and bad, and you have a bit of a shake up,
or you know, you step into on a different path
that you'd never expect to do, and your value system changes,
and what you thought was important isn't anymore. Like I know,
(14:38):
when I was younger, if I had kids, I was
so motivated to invest and build wealth. But when I
had children, it was such an awakening and suddenly it
was more about protection and about stability, and about time
and peace of mind. So it's so important that you
can allow people to adjust their goals safely without feeling like,
(14:59):
you know, they've made a mistake and got to start
it all over again. They can tweak it and keep
heading in the right direction. Is that what I'm saying? Absolutely?
Speaker 3 (15:07):
Yeah, And really, at the end of the day, money
is just supposed to be the enabler that helps you
live the life you want. Yeah, And the life you
want will change, and that's okay. You just need to
be able to adapt adapt. I like that, not sitting stone.
Speaker 1 (15:18):
No, that's good. A quick question for you, Kenna. In
the midst of all of this, I really like the
fact that Lucy, as you're saying this, so that you
can kind of model these things and see how it's
going to go, because there would be a risk Canna
that if you were trying to do too many things
at once and without being able to see how it
would play out, that you can actually spread yourself too thin.
Speaker 2 (15:39):
Right, and then you're burnt out and you're not engaged
anymore with your finances, and you know, it can be
a bit of a downward spiral, you know, on many
different levels, not just financially, and.
Speaker 1 (15:51):
Also there would come a point where you actually need
to be putting a certain amount of money into make
a meaningful impact. Right, if you were trying to do
a little bit on a whole bunch things, then you're
not actually going to reach that kind of critical mass
point at which it starts to make a difference to
your financial future. You've just done a whole like ten
different little things and not actually achieved anything on any
of them, rather than focusing on one or two goals
(16:15):
and using this tool, for instance, using wealth Maximizer to
actually model how that would look.
Speaker 2 (16:19):
Particularly when you think about investing. You know, if you've
got ten different savings accounts, but really what would work
for you is actually not saving But you know, doing
a different split of say seventy percent investing thirty percent
of saving. Where's that going to end up in the
long run? And particularly you look at you know, the
magic of compounding interests of a long run, it can
take you into it you're landing in a very different destination,
(16:42):
a much more stable, safer, secure, and even more luxurious destination.
Speaker 1 (16:48):
What's the take home, Like, if you could get one
message out there, is it about taking action now? Because
as you just alluded to, kind of the power of
kind of compounding interest and everything is get started early,
get these goals set in place, because while it's never
too late to get started, there is an obvious benefit
to getting started earlier.
Speaker 3 (17:08):
Right, Yeah, so yeah, definitely take action now, get proper clarity,
really set clear goals for yourself. And then also you
don't have to do it alone, like maxpens, we can help,
but there's yeah, actually making sure that you've got you're
turning your goals into a plan.
Speaker 2 (17:23):
Yeah, it's the most important thing. And someone's holding your hand,
listening to you, and you've got a human being that
you can call and they've.
Speaker 3 (17:31):
Seen it from other people's perspectives.
Speaker 1 (17:33):
And no judgment, Okay, so, and that's it's impossible to
kind of overstate how much of a relief it is
when you actually do talk to somebody when you go
through this and start to clarify, because I'm talking like
a new convert having recently gotten gone through a similar process,
when you actually do have these conversations about your money,
(17:55):
and when you actually say, hey, I would love to
be able to travel overseas every two years, or I
would love to be able to pay off the home line.
I'd love to be able to have schooling options open
to us for the kids and not limited because of finances.
Once you actually start talking about these things and once
you start going through this list of goals and clarifying it,
(18:17):
it is actually an incredible feeling to have that out there.
And that's what I love about wealth maximizers. It actually
does open that up to more people because of the
system that is in place that it is targeting a
group of people who may not be able to afford
the full four five six thousand dollars package, which is
(18:39):
a lot of money, particularly in a cost of living crisis.
Speaker 2 (18:41):
Yeah, absolutely, all.
Speaker 1 (18:43):
Right, if people want to talk to you, chat more
about all of this, talk to one of Wealth Maximizers
wealth coaches. It is the website is the best place
to go.
Speaker 3 (18:54):
Yes, so Wealthmaximizer dot com dot au and then slash
how do they afford that to get access? So the
goal setting call, You can also call us on one
three zero zero two four nine zero eight four.
Speaker 1 (19:07):
Just remember that went straight off the top of your head.
I can barely remember my own phone number, let alone
kind of if you asked me to call the station
that we're recording in right now, I have no idea
of what the number is. That's quite quite impressive, Canna.
This is very much aligned with what we talk about,
isn't it with it.
Speaker 2 (19:26):
Just about it's really cool.
Speaker 1 (19:27):
Every week we talk about the need to just to
try and make financial advice more accessible to people. This
is actually a really nice thing to hear.
Speaker 2 (19:35):
And it sounds like you actually get to incorporate this
into your everyday life. And we all know that you know,
daily habits stacked up over three hundred and sixty five days,
have a powerful outcome.
Speaker 1 (19:46):
Lucy, thank you for joining us, Thanks so much for
having me. That was Lucy Winship, the head of Ventures
at Noble Oak, which is a supporter of this podcast,
and that the website for Wealth Maximizer wealth maximizer dot
com dot au slash how do they afford that? If
we want more information from you, where do we find you?
Speaker 2 (20:02):
The best place to contact me is through Instagram at
Sugar Mama TV, and.
Speaker 1 (20:06):
You can hear me every day with Sean Aylmer on
Fear and Greed, daily business news for people who make
their own decisions. Thank you very much for listening to
how do They Afford That? Remember to hit follow on
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for your company. Join us again next week.
Welcome to How Do They Afford That? The podcast that
peaks into the financial lives of everyday Australians. I'm Michael Thompson.
I'm an author and the co host of the podcast
Fear and Greed business news. As always, I'm with Canna Campbell,
financial planner and founder of Sugar Mamma TV, the financial
literacy platform covering YouTube, podcast books, Instagram threads, TikTok and more.
Hello Canna.
Speaker 2 (00:22):
Hello.
Speaker 1 (00:22):
Every time I start that, I now laugh about about
the time that I accidentally called you sugar mummy. Anyway,
moving very quickly along from that, today's topic deals with
something that I suspect that we have all struggled with
at some point. I know I certainly have, and that
is deciding what to tackle first when you are trying
to come up with your financial goals. For instance, you
(00:46):
pay down the mortgage first, or do you build up
emergency money? Or do you start investing? Do you add
to your super do you save for your kids education?
Do you save for a holiday? Do you try and
do everything all at once? Which is probably pretty unlikely
because there is just a limited amount of money In
the end, it would be great to do it all
but when there is only kind of that certain amount
(01:08):
of cash, then you need to start making some decisions
and start prioritizing some life goals. Can we are going
to get some help today in talking about this topic.
It is an interesting one. Lucy Winship is the head
of Ventures at Noble Oak which is a supporter of
this podcast. She's also the founder of Wealth Maximizer, which
is a program that we've talked about before on this podcast,
(01:28):
which is basically helping people set and reach their financial goals. Lucy,
welcome to how do they afford that?
Speaker 3 (01:35):
Thanks so much for having me.
Speaker 1 (01:36):
Now, Before we get into this, obviously, we just need
to mention that this information is of a general nature
only and doesn't take into consideration your objectives, financial situation
or needs. Consider if it's right for you, read the
Financial Services Guide and tees and c's on site before proceeding.
Wealth Maximizer is operated by Noble Oaks Services Limited ACN
one one two nine eight one seven one eight AFSL
(01:57):
two eight six seven nine eight. Wealth Maximizer took a
very big breath really announcing this, making giving it a
bit of grandeur around it. Wealth Maximizer, can you give
us the elevator pitch basically what it does, how does
it actually work?
Speaker 2 (02:15):
Totally.
Speaker 3 (02:16):
So our mission is to make financial advice affordable, accessible
and easy to use for Australians, noting there's a big
gap in the industry basically because most people can't afford
to pay the four K that it costs for plus
yeah aiding from yeah traditional advice. So we've tried to
make it a lot more affordable accessible by building a
(02:38):
digital platform that does a lot of the maths, the
cash flow projections and working out if you can actually
afford your goals, and combining it with one to one
wealth coaching so that you actually get supported education that
you need and and empathetic support as you actually follow
your financial plan.
Speaker 2 (02:56):
Yeah. It's a really interesting business model because I never
I think it's brilliant and I think it's very much
needed to help, I guess, ease people into financial planning.
You know, it's like it can be very intimidating and overwhelming,
and this is a really gentle approach, which I love.
It's also incredibly unique. I don't know if any other
(03:16):
financial planning times that offer this, Like where did the
idea come from?
Speaker 3 (03:22):
I think it's kind of there was a combination of
people having a similar idea at the same time. The
core of making it more affordable is just something I
think a lot of people in the industry want to do.
Oh it's so important, I just need to otherwise people
can't access it. Most people can't.
Speaker 2 (03:37):
It makes the situation worse, and ironically, people who need
it the most people who can't afford it. So this
is I think this is so honorable and admirable that
you're doing this. We like to think, so.
Speaker 1 (03:50):
Look, can I ask you then? The reason why we
want to talk to you about this is because it
is so easy to be overwhelmed with options. And I
mean I am a very aspirational person. I have a
lot of big dreams and big goals financially, but it
is hard to choose what to do. And I mentioned
(04:12):
in the intro that in the end, there's only so
much money, like your pay packet has to kind of
be split so many different ways, right how.
Speaker 2 (04:21):
But also to point out you've only got so much time.
There's only sort of hours per day, like are you
going to spend your time learning and education about VESTA
or are you going to focus on superannuation? Or are
you going to spend your time doing a budget and
looking at how to pay off the mortgage?
Speaker 1 (04:35):
Sudent?
Speaker 2 (04:35):
Like, sorry, I do not need to interject over you.
Speaker 1 (04:37):
But you actually know me better than I know myself,
because that is probably that is the big issue.
Speaker 3 (04:42):
And I have.
Speaker 1 (04:42):
Complained to you about this in the past that in
the end, it's the it's the time, and it's these
money blocks and things that you go, Okay, I know
I need to be doing all of these things, but
I just don't even know where to get started. Why
is it so hard to choose between these big goals
and actually to say, Okay, I'm just going to focus
on one and get going. But why is it's so
hard to peak?
Speaker 3 (05:02):
Yeah, I think it's a really interesting problem because it
feels like if you've got a long list, like we
should just go through it. But all of your goals
are super emotional, so it's like, how do you actually choose,
Like wanting to own a home is actually a sense
of security, and wanting to give you know, private education
to your kids is like love and legacy and yeah,
so like how can you actually choose between those? And
(05:26):
I think that can be really overwhelming for people and
not being able to kind of pinpoint exactly how much
they're going to need to achieve these goals and when
they want to achieve them means that people, I think
just get completely overwhelmed and just don't know where to start.
Speaker 2 (05:38):
And then they don't do anything. They just stuck. And
then two three is time has gone past and you're thinking,
why am I in the same situation and which I've
made no progress? Yeah, exactly, which then can make you
even feel worse and even more stuck.
Speaker 3 (05:51):
Yeah.
Speaker 1 (05:52):
And there's also the big question of kind of what
do you want to achieve? What's your goal that you
want to achieve? And if someone kind of you have
asked me that on this podcast in the past, and
I'm like, you're in the headline and I have no
idea because you go, okay, I want financial freedom. Great,
that's a big that's a big picture goal. But what
(06:12):
is it?
Speaker 3 (06:13):
Yeah?
Speaker 1 (06:13):
And that is one of the things that I like
about wealth Maximize it because almost as a as a
thought starter, like as to help with the process, you
actually have a list of dozens of potential financial goals
that you can just go through it. And there are
things like kind of build an emergency savings fund, improve
(06:34):
your credit score, pay off a student debt if that's
relevant to you, go on holidays, move overseas to live,
start a new or purchase an existing business. And they
are really quite specific and they cover a huge range
of things. It's really valuable that kind of thing, just
to help you go all right, that is actually how
(06:54):
I kind of verbalize, how I actually put into words
what I want to achieve.
Speaker 3 (07:00):
And what we've tried to approach as well. Is I
think a lot of the time people think a goal
is actually more of a hope or a dream. It's
a bit like nebulous, and you don't you can't really
pinpoint it. So I'm sorry.
Speaker 2 (07:13):
You can see that I'm classic client seeing right here
in front.
Speaker 1 (07:17):
That's right. And also I'm hearing things coming out of
your mouth that I've heard coming out of Cana as well.
When you were talking about the fact that I say, yeah,
I want kind of financially no, be specific, what do
you actually want?
Speaker 2 (07:28):
Money loves definition and clarity exactly. We don't do flaky.
Speaker 3 (07:32):
No.
Speaker 1 (07:34):
It feels like I'm a high risk of getting ganged
up on in the studio. And sorry, Lucy, I interrupted you.
Speaker 3 (07:40):
That's so, how do you go from kind of a
nebulous hope or dream into a goal? And that's all about,
you know, the smart goals approach that I think people
use at work. Sometimes they don't tend to use it
in their own life as much. So yeah, specific, measurable, achievable, relevant,
and time time specific as well.
Speaker 1 (08:00):
Acronym Yeah, why kind of Actually this is now a
question for you. Why is that so important to actually
nail down a specific goal in terms of, say you
want to pay your mortgage off by the time you're
fifty or something like that. Is it because you can
actually be more deliberate in the actions that you take
towards it. Because I know that you've told me again
and again just don't be vague, be specific.
Speaker 2 (08:21):
If you take this like scatter gun approach, you're going
to make barely any progress. The results are going to
be I don't mean to be harsh, but maybe a
little bit like poor and pathetic, underwhelming. Yes, mean today,
Oh my god, what's happened? Or maybe yeah, maybe that's
normal to be mean, And you also can be lacking
(08:44):
a huge amount of inefficiency, whereas if you actually pause,
add some details and definitions and apply the smart acronym,
you know, application to your goals. You'll see greater progress,
which I always say fuels even you know, further progress.
It's like, Okay, this is working. I'm inspired, I'm excited.
(09:04):
I'm going to keep going with this, and you can
start to almost form like like I always call like
a hit list. You go, all right, I'm going to
tackle the budget first, and then once I've done that,
I will then move on to looking at the home
loan and negotiating a better deal with my homelan. Once
I've done that and got that out of the way,
I'll then look at investing. You can kind of have
a bit of an order of events and almost like
(09:27):
a schedule or an itinery, you know, like you would
do for a holiday, and you're going to just have
far better outcome within the year. And if you think
about the course of investing in you know it's thirty years,
it's just very different where you end up and what
you the confidence you build along the way with education
(09:47):
that you gain from a financial planner or a wealth coach,
as well as the experience.
Speaker 1 (09:53):
Okay, so we've kind of we've established the basis for this.
Then you need to have goals, and you need to
not be vague with your goals. You need to be specific.
The big question and I keep coming back to this,
and this is one now for you, Lucy, how do
you decide which goal is first, and which goal is second,
and which god is third? How do you actually prioritize
(10:14):
these things.
Speaker 3 (10:14):
Yeah, it's a good question. So I think, well, how
we've built it a wealth maximizer is that you think
of it more about kind of what is time sensitive?
What are the things that you actually do need to
do in a certain timeframe. Is it having a child
because there's a biological clock, And also considering things like
is one goal going to enable another? So yes, maybe
(10:37):
I can't afford buy a property now and I won't
be able to for four or five years, but if
I start investing, that actually can contribute towards that other
goal as well. So there's a couple of factors that
you can think about when you're balancing them. What we
do as well is we offer a free goal setting
session with our West coaches so that you can actually
(10:58):
talk through those options. They can balance those things with people.
Speaker 2 (11:02):
That's so valuable. How does one sign up to that
asking for a friend.
Speaker 1 (11:08):
Of course, it's the friend Michael Thompson or Canon Campbell.
Speaker 2 (11:13):
Okay, I've got goals coming out of my ears.
Speaker 1 (11:15):
You have no problem for goals? Yes, yes, we've established
who the target in this room is right now.
Speaker 3 (11:21):
So if you go to wealthmaximizer dot com, dot au
forward slash, how do they afford that you can actually
just book on there?
Speaker 2 (11:28):
That's an exclusive we're doing for you guys.
Speaker 1 (11:29):
At the moment, I love any website with How do
they afford that a bargain?
Speaker 2 (11:36):
What a great inspira session.
Speaker 1 (11:38):
Now we're going to take a quick break. When we
come back, I want to talk about them the financial side,
cash flow and savings and those things, how you work
those into the goals as well, and how Wealth Maximizer
can kind of factor all of those into achieving some
of these goals. We'll be back in a second. We
(12:00):
are talking today about competing life goals and basically how
to decide what on earth you are supposed to do first,
and we are joined in the studio by Lucy Winship
from Noble Oak, which is a supporter of this podcast,
and we've been talking about the Wealth Maximizer program and
the part that I really love and I just keep on.
Like even just then during the break, I was just
(12:20):
scrolling through the list of potential goals. Kind that's a
good one anyway, And to me that is really valuable,
those potential goals because it crystallizes kind of and really
targets where you are heading. How does the money side
of at work in terms of your cash flow, your savings,
(12:43):
all of these little bits and pieces. How does Wealth
Maximizer then actually work with your current circumstances to actually
help you achieve these goals.
Speaker 3 (12:51):
So what we do is that you, as customers start
to get going with Wealth Maximizer, you put in a
bit about your financial situation, so income, your expense, any
assets you have, any debt you hold, and then if
you choose to sign up for one of our packages,
we put all that information into our smart platform and
it calculates how likely you are to achieve your goals
(13:12):
in the time frame and to the amounts that you've
kind of set.
Speaker 2 (13:16):
Wow.
Speaker 3 (13:16):
Yeah, it's cool, and it considers like competing ones as well,
So can you actually take time off or print or
leave at the same time as you know, planning to
buy an investment property? Is that that we've put quite
a lot of it into.
Speaker 2 (13:28):
So kind of peels back the layers and allows you
to go, actually, how realistic is this? But also you've
got the benefit of heart, not hindsight. Foresight, Yeah we
can go you know what, Okay, these conflict or I'm
trying to do too much? Yeah, this is unrealistic. I'm
sitting myself up a failure. I'm now going to pick
one or two as a priority and just maybe park
(13:49):
that for in say three is time or four years
time exactly. So you're still committed to your journey of
financial wellbeing and improving your financial situation, but you're it's
not like you're sacrificing or you're wasting time. You're actually
still progressing on in the right direction to you today.
Speaker 3 (14:02):
And it's also like once you have a conversation with
your wealth coach, you can work out how to maybe
you want to reset expectations. Maybe it's it is important
for you in that timeframe, so maybe you want to
bring them out and things like that.
Speaker 2 (14:15):
And that's such a good point because your financial strategy
and journey should evolve with you because we go through
different life stages. But also things happen in life, good
and bad, and you have a bit of a shake up,
or you know, you step into on a different path
that you'd never expect to do, and your value system changes,
and what you thought was important isn't anymore. Like I know,
(14:38):
when I was younger, if I had kids, I was
so motivated to invest and build wealth. But when I
had children, it was such an awakening and suddenly it
was more about protection and about stability, and about time
and peace of mind. So it's so important that you
can allow people to adjust their goals safely without feeling like,
(14:59):
you know, they've made a mistake and got to start
it all over again. They can tweak it and keep
heading in the right direction. Is that what I'm saying? Absolutely?
Speaker 3 (15:07):
Yeah, And really, at the end of the day, money
is just supposed to be the enabler that helps you
live the life you want. Yeah, And the life you
want will change, and that's okay. You just need to
be able to adapt adapt. I like that, not sitting stone.
Speaker 1 (15:18):
No, that's good. A quick question for you, Kenna. In
the midst of all of this, I really like the
fact that Lucy, as you're saying this, so that you
can kind of model these things and see how it's
going to go, because there would be a risk Canna
that if you were trying to do too many things
at once and without being able to see how it
would play out, that you can actually spread yourself too thin.
Speaker 2 (15:39):
Right, and then you're burnt out and you're not engaged
anymore with your finances, and you know, it can be
a bit of a downward spiral, you know, on many
different levels, not just financially, and.
Speaker 1 (15:51):
Also there would come a point where you actually need
to be putting a certain amount of money into make
a meaningful impact. Right, if you were trying to do
a little bit on a whole bunch things, then you're
not actually going to reach that kind of critical mass
point at which it starts to make a difference to
your financial future. You've just done a whole like ten
different little things and not actually achieved anything on any
of them, rather than focusing on one or two goals
(16:15):
and using this tool, for instance, using wealth Maximizer to
actually model how that would look.
Speaker 2 (16:19):
Particularly when you think about investing. You know, if you've
got ten different savings accounts, but really what would work
for you is actually not saving But you know, doing
a different split of say seventy percent investing thirty percent
of saving. Where's that going to end up in the
long run? And particularly you look at you know, the
magic of compounding interests of a long run, it can
take you into it you're landing in a very different destination,
(16:42):
a much more stable, safer, secure, and even more luxurious destination.
Speaker 1 (16:48):
What's the take home, Like, if you could get one
message out there, is it about taking action now? Because
as you just alluded to, kind of the power of
kind of compounding interest and everything is get started early,
get these goals set in place, because while it's never
too late to get started, there is an obvious benefit
to getting started earlier.
Speaker 3 (17:08):
Right, Yeah, so yeah, definitely take action now, get proper clarity,
really set clear goals for yourself. And then also you
don't have to do it alone, like maxpens, we can help,
but there's yeah, actually making sure that you've got you're
turning your goals into a plan.
Speaker 2 (17:23):
Yeah, it's the most important thing. And someone's holding your hand,
listening to you, and you've got a human being that
you can call and they've.
Speaker 3 (17:31):
Seen it from other people's perspectives.
Speaker 1 (17:33):
And no judgment, Okay, so, and that's it's impossible to
kind of overstate how much of a relief it is
when you actually do talk to somebody when you go
through this and start to clarify, because I'm talking like
a new convert having recently gotten gone through a similar process,
when you actually do have these conversations about your money,
(17:55):
and when you actually say, hey, I would love to
be able to travel overseas every two years, or I
would love to be able to pay off the home line.
I'd love to be able to have schooling options open
to us for the kids and not limited because of finances.
Once you actually start talking about these things and once
you start going through this list of goals and clarifying it,
(18:17):
it is actually an incredible feeling to have that out there.
And that's what I love about wealth maximizers. It actually
does open that up to more people because of the
system that is in place that it is targeting a
group of people who may not be able to afford
the full four five six thousand dollars package, which is
(18:39):
a lot of money, particularly in a cost of living crisis.
Speaker 2 (18:41):
Yeah, absolutely, all.
Speaker 1 (18:43):
Right, if people want to talk to you, chat more
about all of this, talk to one of Wealth Maximizers
wealth coaches. It is the website is the best place
to go.
Speaker 3 (18:54):
Yes, so Wealthmaximizer dot com dot au and then slash
how do they afford that to get access? So the
goal setting call, You can also call us on one
three zero zero two four nine zero eight four.
Speaker 1 (19:07):
Just remember that went straight off the top of your head.
I can barely remember my own phone number, let alone
kind of if you asked me to call the station
that we're recording in right now, I have no idea
of what the number is. That's quite quite impressive, Canna.
This is very much aligned with what we talk about,
isn't it with it.
Speaker 2 (19:26):
Just about it's really cool.
Speaker 1 (19:27):
Every week we talk about the need to just to
try and make financial advice more accessible to people. This
is actually a really nice thing to hear.
Speaker 2 (19:35):
And it sounds like you actually get to incorporate this
into your everyday life. And we all know that you know,
daily habits stacked up over three hundred and sixty five days,
have a powerful outcome.
Speaker 1 (19:46):
Lucy, thank you for joining us, Thanks so much for
having me. That was Lucy Winship, the head of Ventures
at Noble Oak, which is a supporter of this podcast,
and that the website for Wealth Maximizer wealth maximizer dot
com dot au slash how do they afford that? If
we want more information from you, where do we find you?
Speaker 2 (20:02):
The best place to contact me is through Instagram at
Sugar Mama TV, and.
Speaker 1 (20:06):
You can hear me every day with Sean Aylmer on
Fear and Greed, daily business news for people who make
their own decisions. Thank you very much for listening to
how do They Afford That? Remember to hit follow on
the podcast. And the best thing you can do is
tell somebody else send them this episode, Send them a
link to this very episode if they if you think
it might be a value to them, and help spread
the word about how do they afford that? Thank you
for your company. Join us again next week.
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