Debunking Financial Planning Myths with Wayne Kampen
Hey guys welcome back to another episode of business uncut today, we've actually got Wayne from New Wave for financial planning, joining us today and Wayne is heads up that division, Wayne has been in the industry for some time now and we just want to get his thoughts because this is one of the, one of the areas that a lot of clients have been asking about it's a topic where people still don't understand how to align their business with wealth, their personal wealth, what they need to do in terms of reaching their goals and so forth and just hearing some stories about, you know what Blaine's been through so Wayne Welcome to the show, welcome to the podcast. Hello everyone and thanks for having me. Yeah, no worries. Maybe I'll just start off a little bit why in just a little bit about itself, a little bit of that new way financial planning maybe just his personal life to give the audience a bit of an introduction to yourself, I guess, yeah sure. I guess the stock standard is how I got into financial planning. I've been doing work in Cyprus projects for probably 12 years now. I was in the lending space, and I didn't have a degree and I was getting to a certain area in my career and it was hard to get ahead without having a degree. So I made that decision as a mature age student about 24 went casual and went back to uni knew I liked finance and wanted to stay in that area but it wasn't until I got some direction from a uni lecturer who said that financial planning will probably become degree qualified like as a mandatory. So see, she's just that. Yeah, the rest is history. Yeah, good and and obviously you have family recently. Yes, yeah pretty young family So Caitlyn and I have we have two boys, one, two and a half and the other six weeks. Yeah, so plenty of love in your hands at the moment, but a bit of a handful but yes good, loving, Awesome. And originally from from Toowoomba. Don't hold that against me though, moved out, you know, when I could, and love it here on the Gold Coast. It also. Now, one of the first aspects I want to touch base on and a lot of clients and even friends and family. They ease that stigma around financial planners and financial planning and I think it's been built over some time now because of all of the bad press and, and, I guess, there has been some bad situations. Yeah, I just wanted to get it from your point of view, like what is the difference between a financial advisor in this thing in the, I guess a stereotypical financial planner. Yeah, no it's a really good point and unfortunately there is that stigma. A lot of it comes from and kind of touched on before with the degree. It was a pretty unregulated industry. So while there was a lot of good financial planners out there doing really good work, people do quite a few really bad advisors doing bad work, and they were acting within the guidelines but it was just so unregulated that there was a lot of horror stories coming out of that and unfortunately, kind of financial planners all got that same. Yeah, as far as stories you can talk about or not for me personally like that I have places I've worked everywhere has been great but I do hear stories is mainly about fees so just charging huge fees and not providing good quality service not providing what the clients asked for, but it's just that these were not in compared to that comparable to the service that was being yeah but I think that was the main thing you know you really hear horror stories where people take people's money. I don't even know how that would happen but yeah you do you do hear stories like that and I think one of your one of your team members Brock he always jokes around about glorified insurance brokers salesman. Yeah, that is, in a sense, it's you know it's a joke, it's a running joke but there are a lot of financial planners out there who are just glorified insurance salespeople, yeah definitely and I guess that comes from like an umbrella approach that an insurance like a personal insurance sales can be classed as financial planners, yeah planning. So some people out there that just focus solely on insurance to call themselves, financial planners and more technically correct, and yet get to that standard that is financial planning. This thing has come from these people that have created basically a cookie cutter approach. It's basically a sausage factory they're getting clients in and just churning and it really and that's what you want to stay away from really. Yeah definitely, yeah it's it's not a sustainable kind of business around and it's not going to benefit anyone really. Yeah, that's awesome, it was also very, like, understanding that is valuable in itself what we're going to go through today and then the reason why the weigh in on here is just to get a good understanding of how you should be utilizing a financial planner, what advice I can give you and why it's important in the first instance and how to stay away from these cookie cutter approaches and these, these, you know these glorified insurance salesmen now don't get me wrong insurance is a part of life, and the and having adequate proper insurance that are aligned with your goals are super important, but you have to choose the right one and then you have to make sure that it is aligned with the goals and this is a natural process to have rather than just picking the first thing that comes in front of you, it gives the financial planner the best, their best commission or whatever it may be, yeah 100% Yeah, definitely great, yeah. So, let's talk about, maybe I'll start off with wealth and business, because obviously, actually you know what let's take us back a little bit, what do you what, what does a financial planner do. Yeah, it's really broad topic but I believe a financial planner should be looking at a personal sich a person's personal situation and goals, and then putting in their financial plan to make those happen. So sometimes it might be as simple as setting up an investment or sometimes it's getting more control under their money, or, you know, saving for certain things, or a combination of everything but it's really comes back to understanding what the client wants, and then providing the roadmap on how to get there in the best, best situation for them. Yeah, I like that because there are approaches out there where some financial planners and artists, specifically focused on property, and whatever it is for me, I always think about that man like well is that the right approach for everyone and it's probably not, because everyone has a different situation. Everyone has a different plan in life. And that's why financial the word planning and financial planning is, I think it's more of a holistic approach rather than just looking at property or managed funds, or whatever, I completely agree, and on the planning side of things you can have a rigid set goal and plan and put that in place, and then a year later something happening. Things completely change, whether it's bringing children into the mix or, or, you know, you just have a load test your focus sheets and you got to realign so that planes do change but it really comes back to what you want at the time and yeah and making that happen in a smart way. Yeah, so the listeners out there, we are going to talk about, you know, the, the position that you're in right now. The life cycle, What you are doing right now may be different for you doing a 10 years 20 years 30 years down the track, we'll just have a chat about that but because this is a business podcast, of course we're going to try and talk about building personal wealth and aligning that with your business as well, because I come across a lot of clients that correct in their business. Yet, really, really struggle in terms of building wealth and prosperity in their personal life, aiming towards their goals for some reason their businesses thriving, and they haven't really aligned what they want to do and some people just, They're just like that we just want to grow their business, they don't care about, you know, the personal property investments or they just want to live off two minute noodles every day, and that's fine but most people are probably like that yeah, but I think they need to do to get a good understanding so can you tell us a little bit about your ideas around building wealth personally and aligning that with business. Yeah, sure. Yeah and I think what you said there is is pretty common, and really sums that up. So, usually, people are self employed people, you focus on the business because you're passionate about it, it is your main goal, but there is that other element that it is there to make you money and get your, make sure your personal goals happen, but what tends to happen is you focus on building that business growing that business and you put your personal finances or personal goals to the wayside. And then, often your personal kind of wealth, doesn't match your business well, or maybe not, well, that satisfaction. Yeah, so, yeah, we spent a lot of time on focusing on the personal side and what's needed there to make sure it does match what exactly the business, because that's what I always like to say to clauses, please start off with the end goal in mind. Why get into this slot people that are against the business because I love doing what I do but ultimately it's a business and you're gonna put capital into that, which means that you need some type of return out of that to satisfy your doing personal. Yeah, definitely. And that's why I really want to talk about this sort of, when people are planning and obviously you know these last couple of years of business it's always hard. Unless you've been given a couple of million dollars to start your business in the first instance, it's super hard to start a business. So, yeah, you know, how should the How should people that are starting their business online their personal side. Yeah, That's a great question and I think with any goal or any plan that earliest the Early Start planning that the better result or outcome you can have. So, you know, you might need to spend a bit of time making sure you're building up the right amount of personal savings to get by, because your income, you're probably going to lose the income that you have at your current job, and everything's going into the business and you can't draw away to an income to begin with. So you need to plan, like what that expense is going to be to keep things running personally make sure that you're not bringing stress on there, but then making sure you can keep everything in the business to begin with, To see if necessary. Yeah, and is that something that you've worked with with clients on let's say, for the first 12 months, do you sit down and say well, what are your non negotiables in your life, personal spending like if some people want my gym but it's never gonna happen. Yeah. Is that something that you would go through with them definitely yeah so it does come back to personal preference but that's ideally what we'll be doing is getting right down to the nitty gritty and the details. So working out exactly what your fixed expenses are, and, you know, whether they're going to change or not really they, they don't so that might be your rent, your mortgage, your electricity groceries those basic things, not understanding what you need to live on, you know, week to week, month to month. Then also, you know, outside of that you do still have to have a life and have some funds you need to have a bit of a buffer in there. But, and then from there you can really plan okay well this is the savings, this is going to get you through say six months, no income, and then you can hopefully get the business to that level that you can start paying the simple way so you essentially know in some instance, how much the business needs to be making to make it viable one, so that you can continue running the business and grow the business and to, to live a life that you're, you know, at least for the first couple of years just be happy with. Yeah, definitely, yeah that's it and sometimes people would be, you know already, in that process and might be a year or two into running the business that aren't needed pulling out money every now and then to get by, and still don't really understand how much they should be paying themselves on me to be paying themselves. So, that's another thing that we can do as well, like if you're already in that process work out what you do need to be paying to make sure it's affordable, but working with the ants and the business owner, and then getting that kind of structure back in place that you typically have when you're an employee, yeah, and that's a good point, that's a good sort of segue to go into, into the second stage is that we were speaking about startup businesses where you sort of don't know but at least you've already planned a year or two in front of how much you need. Now if you have reached that point where the business is profitable. I do find that a lot of clients don't understand that money that they're leaving in their bank is, is basically, in a sense, with inflation and all those sort of aspects and earning an opportunity cost you actually losing money which is sitting in there so you need to think of strategies and then this is where you guys come in, into with that surplus income or profit. What is that best put towards that and maybe it's different for everyone right yeah yeah exactly, it comes back to preferences, timing and goals. So, you know, you might have a goal that it might be best to keep it in the business if you've got some big expenses coming up or you're hiring more people are buying a lot of product. But then at the same stage, you know, there might be other ideas where you want to get a bit more return on the business so you know, if you're saving for investment property, personally or with the business and buying property so there's so many different goals, and, and everyone will be individualized in that approach, but you'd need to kind of understand what they are, or work out what they are spend the time on working out what they are, and then putting the plan in to make sure that that happens. Yeah, that's good. Even for myself personally, this is something that I've been working on for the last couple of years. And just to share an example the first couple of years, you know, I worked out in the new work business that I can live off $400 a week, and the rest I just wanted to really invest back into the business I see business. This is where you need to level up to level it up and balance it because I see business as one of if not the best return in investment that you can have. There aren't many investments out there that can provide you with a, you know 2030 40% return on your, on your actual capital, how much, just as an overview like shares or debut returning an average you I guess we're always trying to approach that on a conservative Yes, I've been believe, if you're looking at a higher risk, you'd only be expecting that 10 12% return. Yeah, obviously, there can be a lot higher than that, either depending on markets but, yes, that's I guess a good safe way to talk 10 12% of managed funds are sitting around the same risk center around that same kind of, yeah, and then you have property that's probably what property, you know, four or 5% Yeah, so we're just working on averages here guys but we're looking at like different ways you can invest your money and then obviously then you have cash has basically nothing in particular probably nothing for a little bit of time. Going forward, the rates are just basically steady at the moment, so you got to think about, you know, how much do you leave in your business, but how much do you also take out as well. Now, going back to my situation. There was a point in now, where more and more money which is being invested back into the business but I had also a true believer of building equity in your own name as well. So, business poses risks in any business no matter what it is, there is that slot race of it, just collapsing, in a sense, so I like to diversify my, my investments, not only in business, but also start to pull out some of that monies to invest into property build up equity there, Strengthen your your strength, your personal finances so that you continue to leverage and so forth now yeah. Is that something that you know you help clients with as well. Yeah I think so yeah definitely. And in conjunction with you guys are the accountants and I guess that's what's really good here that we can kind of have that really close relationships, to make sure the business, the personal side, and both are aligned. But yeah, that's definitely what people will put everything into the business and then sometimes your business not might not even be a saleable business so long term like making money now but long term can you sell it in 2030 years, will that be your retirement. Sometimes people are the business, so you really need to look at while the business, once it's up and running, start looking at definitely the word is in diversifying diversifying some of that money and risk. And you can do that by bringing it out of the business into your personal name and then you have the same investment options basically in a business or personal. Yeah, it's a big thing you got to think of long term, yeah always have that in the back of your mind about what the end goal is yeah for sure I have you. Do you have any stories we've seen businesses that have been doing really really well. And just for many years and then, now they're starting to think about the personal side, investing in diversifying to get passive income, you have a transition, transition, transition into that sort of aspect. Yeah, definitely. Yeah, no, so I've seen, I've worked with companies whose businesses are going really well. And then, like we said at the start, just really kind of neglected the personal side of things, and while it wasn't bad, it just didn't, they weren't the same position personally as a business, yet was. So we spent a lot of time working out what what was needed, what the personal goals were some of them were like financial goals but some lifestyle, lifestyle is just as important, so making sure that you can afford them and then making sure it's worth it. So, that there has been some instances where we've got down really nitty gritty and I guess you could say kind of structured and cleaned up the person on the business side of things so separated made sure everything was nice and separate, and then making sure that they both, both work well. Yeah, I've seen some really good results and a lot of it, you know, there might be the financial results but it's also the stress levels, A lot more comfortable when you know exactly what's happening, you're not worrying about bills and this secure ID risk. Can you seeing investments slowly grow that you're getting that growth and getting that return, and your business is still doing well, and you can afford to personally build Well, yeah, and it brings a lot of stress out of day to day Unknown 18:35 like that because then you're not relying just sort of one aspect to bring you in, wealth, basically, yeah, a lot of people just rely solely on business wealth, which is okay if you are aiming to be a, you know like an Amazon style business where it just needs to be that way you're trying to create some type of legacy and fight through that but it's you know, most of most people. It's not going to be like that. Yeah and it's a good way to just start planning now so that you have different types of investments and then the de risking part that's where insurance comes in right Unknown 19:06 yeah that's definitely an element of it so I guess as boring as insurance is it can be a necessary part of an overall plan because at the end of the day, everything comes back to your ability to earn an income so some businesses might be a bit more secure where, if anything would have happened to the business owner and they're out of action for you know a few months or a year, it might still be able to go and run, and, you know, generate profit generating income, but there's other businesses where that one person goes, everything will start coming to a halt. So things like income protection for business owners is really important, can be important when you need it and we see it, because we have been doing for a while when the clients come through, and you actually get a good result and then the money comes through can really, again, take care of that financial stress, Unknown 19:56 as most people you could say, haven't plan adequately adequately enough for passive income and making sure they just rely on one source and, again, if you have a family and you have one person that is the breadwinner. And then suddenly, something happens, I want to serve examples of something happening like Unknown 20:17 that in regards to needing to claim insurance. Yeah, well I guess the horrible one that you see is cancer, but a lot of the time. It's more income protection kinds of accidents and injuries. They can be put in any personal time like breaking breaking in on motorbikes and we just finished a claim for someone who rides mode right we put the cover in place. Two weeks later he fell off a motorbike on the weekend and broke his arm and out of action for a couple months so yeah the income protection buddy, right. Unknown 20:46 Yeah, and what are they covering they're dependent on the cover, obviously, but, but that Unknown 20:50 one was income protection so it was just his time out of work so yeah cuz he couldn't get a manual job and do day to day work so it was just too much pain well, how do you recover Unknown 21:02 because a piece of the winery that as well as Lisa says obviously when you're younger, you're saying and businesses probably don't think too much about it. Yeah, yeah, that's necessarily necessary evil, I believe, just to make sure he's secure all around. Unknown 21:16 Yeah that's right, I think I like to have the approach that sometimes, you know the best quality insurance is the most appropriate because chances are you're not going to use it, so it's finding that balance between something that's going to provide assistance if you ever needed the day to day it's affordable, it's not taking a huge whack into your paycheck or your business profit. So, you still got that peace of mind and constantly reviewing that as well to make sure it's still appropriate Yeah. Unknown 21:44 Yeah, cool. So let's talk about a little bit about the business side how you line up now one thing I do want to talk about because I've talked about cash flow on this podcast before, in terms of businesses, but cash flow in terms of personal wealth, yes in all circumstances. I feel a lot, a lot of clients. It just anyone in general, a living on this week by week mentality where you know where that in a world where I believe in Australia we've got everything pretty good. You're very good so yeah the week by week mentality comes in here if you lose your job, then you're going to say the legal is yours. Obviously it's a lot harder than that but compared to most parts of the world. I feel like I feel as though a lot of people aren't educated because they feel as though it's not a necessity. Unknown 22:32 Yeah, that's not something that's really, we're taught or is ingrained in our day to day life so it's just kind of you earn and you spend and, you know you hopefully you earn more than what you're spending here, Unknown 22:43 so do you have a general rule about cash flow saving what you like is that yeah, ideally, Unknown 22:47 it's one that's pretty common. But ideally, like if people have heard Barefoot Investor pretty much everyone has his approach on cash flow is, is, is born, I believe in as well. So with your income coming in, you should have allocated, that to be 60% fixed expenses are no more than 60% Basically, so that's your random groceries in your necessities, then 20% For your kind of fun and entertainment. So that's your hobbies your lifestyles, things you could go without the need to, and then leftovers that 20% And ideally that 20% is what's being used to improve your financial position. Yeah, and whether that's investing or saving for an investment property or paying down debt or just saving in general, it should be being used to the previous situation. So I Unknown 23:42 think a lot of people think well what 20% is only going to be $100 It doesn't matter what that figure is that the point is to get into a habit of saving that 20% and putting it to good use. Yeah, it could be $10 but that the compound of that the effect of that is huge, Unknown 24:00 massive, and if you look back at the last year or two, like if you've got a business and when you know compared now to when you started a time has just flown by, I imagine I get it always does for anyone, you know, that basically working and living. So when you're just doing those small consistent habits, you know, in no time. It's actually very rewarding. It's always compared to exercise, you know, if you just go every now and then to the gym, you're not going to get anywhere but if you're doing consistent, regular exercise, you see results. Unknown 24:28 That's right, any and you don't have to say it now it's the same as exercise right but yeah you don't expect to go in there and lose 20 kilos a day Yes, and expect to make a million dollars a day let's see if you suddenly hit it with Bitcoin or something like that, which there's no financial advisory. Yeah but, yeah, it's the same thing it's it's a bit of definitely being diligent, having a good having great habits around your money and being aware that money can turn $1 into another dollar and a lot of people don't think about that they just think that has to earn it and then spend it. Unknown 25:02 Yeah, that's right, yeah. Yeah, and to kind of focus on the now rather than the longer picture but like you said, putting away $50 $100 A month it's crazy what that builds up Unknown 25:13 to tell me about how far are you looking forward for clients. Unknown 25:16 Sometimes we projected 2025 years, we're obviously a lot can change in the longer it goes, the less accurate I guess it is concerns change between, but it still is gives you a good picture, in regards to the decisions you make now, and the effect that they have later on. A good example just, back, back to like investing and returns is with certain investments if you've got them there for the long term, you know you might only be earning, eight or 10%, you know, Let's say 8% on a certain amount, and you hold it for 1015 years and you're contributing $100 a month, it can turn into 1000s and 1000s of dollars down the track because of the compounding interest, Unknown 26:00 yeah. And then the other way goes, we're obviously looking at properties and so forth and you will sit down with the client, I believe you have done this before and and had a look at, you know, their 25 year term and then figure out ways how to better save money so or put it to offset account, or the, the effects of that to reduce. Yeah, the actual property and suddenly, because everyone has different assets in their life. Unknown 26:24 Yeah, yeah, it's a big thing that we do, I guess I'm forecasting and modeling so we'll use we'll spend a lot of time getting to understand the current budget and situation, and then use those actual real figures to then forecast and model, what the future looks like. So, things like that we've done in the past with people is, is on the starting outside is saving for a property or investment property, and then looking at different options between say an investment property or shares and what are the pros and cons of each of the costs and we can kind of work out, okay, this is what it would cost to begin with, this is the difference in 10 years time. Unknown 27:03 Yeah, and how do they track that ongoing Is that something that you can assist with Yeah, Unknown 27:08 ideally Yeah, so we were, you know we have software the data feeds, everything into one place. We also keep really detailed software in our in office, and we compare that every time we catch up if we work ongoing relationship every time we catch up. You know, we'll review where you are now compared to where you were and then compare that to the original forecast Unknown 27:31 I was just jumping into my phone and check where my position is or Unknown 27:35 for the cash flow software yes my so that we've been using for a couple of years but I'm the biggest fan, I'd say that a fair few people that use it as well but love it. So it data feeds all your bank accounts or any kind of financial account into one place, and then it categorizes it down to the sin in regards to where it's going. When you market your groceries you get wealth getting wealthier so you can have all your assets liabilities. It's really good. Some people have quite complex financial situation so you might have a few different properties, businesses, you have businesses, different assets different investments have it all in one place all your lines, and it will just break it down and say, Okay, these are assets issue liabilities, this is your net position, and then even better at data feeds every day so it's accurate. It's not something you're having to work on, fill out a spreadsheet or, you know, so Unknown 28:27 it goes back to the fact that you can't manage what you don't measure, and it sounds like you. How do you know what to do, where to put your money. Do you know how much money you have in the first place. Unknown 28:36 Yeah 100% That's it. That's it, that aligns with our forecasting as well if you don't know the real figures, what you're forecasting might not be that accurate. So when you do know exactly what you have, then it makes the goals more tangible more real. Unknown 28:51 Yeah, and again be careful with financial planners that don't. Deep Dive. Yeah, those forecasts, they could be saying you're driving Ferraris in three years time, that's Unknown 29:03 not the case. A good example that's even just some of the software that's online available for free, where you can say, Oh, this is my current surfing balance this is how much and how will I retire. A lot of those kind of really rosy picture, it's like you know you're gonna have 1,000,002 million dollars but you're earning 5060 grand a year. And I don't think they take into account real world situation I don't get enough information to give you an accurate answer. Yeah. Unknown 29:30 Moving on. For a bit of time here, but I want to talk about something that's really close to, I guess, your heart I guess in terms of Ethical Investments. And this is something I know that the world is changing. We're seeing big companies now driving impact in terms of co2 and all those sort of aspects that that their business is having on the environment, and I know that there's a big push that even the Olympics coming to Brisbane there's been talk that how will Australia BC. From a hosting standpoint a sustainability standpoint when we are one of the worst in the world per capita per capita, for what we do, now I know you're a big fan of sustainable investments, if core investments are you able to talk a little bit about that, what it is. Unknown 30:20 I'd love to. So I guess the big thing on that is, you know, a few years ago, because it's only God passionately believed in and, and then we're seeing more and more coming out, which is super your investments mainly in the financial planning space around ethical and sustainable investments. And at first I thought oh this is great it's, you know, finally, the money that we have the everyday investor will actually find a change. But then you dive into those investments and some of them are the exact same as their standard products that you'll see Unknown 30:53 that's a marketing ploy for them. Yeah, yeah Unknown 30:55 that's it, and they'll have not all of them, but a lot of them out there, they're certainly getting better, I think because there's more pressure and more demand for the guests from everyday people. But you look at the top 10 investments and they're just the same here and give them a mining company so that in the top 10 investments but it's an ethical sustainable farm, and the reason that they can get around that is because it's, it makes their own ethical or sustainable standards, it's not an industry wide one, right. There are a couple of our industry bodies now that are giving the rulebook, and if you don't meet those investment plans don't meet those standards they're the ones to kind of steer clear on, Unknown 31:31 yeah. So which one are you looking at already sort of, obviously not advice but then specific ones that you've been diving into yeah Unknown 31:39 yeah and it's not advice but once I like, could we consistently do research to, you know, people, the investment products change, new ones enter the market but um some of the ones that I think are the best is Australian ethical. So they, they offer Superpark personal investment products but they actually do what they say that, you know they do practice what they preach. Exactly yeah so they will. And then on the line there's beta shares out there, they have some really good ETFs that are the same, but they'll invest a lot more heavily in renewable energies with priority is really removing the kind of bad investment. So that's your you know your mining companies and obviously like gambling and stuff like that. But then now, don't shift also into more renewable and I guess future proof, almost investment options. Unknown 32:34 And I guess the tough part is you know aligning that ethical side but as well as making sure that for a client, it's still growing. There, their portfolio their investment and so forth, Unknown 32:46 that's right yeah because it's one thing to, you know, have that new coin, but at the same time it's your own money, you don't want to put that money in there and go, Unknown 32:54 that's possibly not gonna do it just, just because you can't do it Unknown 32:58 yeah you still got to be smart about it and that's it. you know everyone has that same kind of belief so yeah there's, there's a bit to it and you know there's two I guess approaches to it in a way as well that, you know, there's the doing the right thing approach that you putting your money into stuff that you believe and you're not funding the big companies that you don't like, Yeah. But then also, you know, seems the world's shifting that way anyway, whether we like it or not, as you know there's a big push back, but it's going to happen. So that has that, yeah, it has to. So that's, that's probably a good thing for the year investments, you know, it might take a little bit longer than we hope but you should be future proofing nice investments his personal belief but at the same time, you've got to take down all the research and Unknown 33:42 I'm sure a lot of people that have that same belief. Oh yeah, definitely we need that in in our community and just looking for the small change in investment can make a big change down the track. We don't have to suddenly become beacons. Yeah, but these little things could actually help the world as Unknown 34:01 well. That's right, yeah, you see the big companies come out and they'll tell you, what are you doing to minimize your carbon footprint that's like, you know, there's only so much you can do, but the big companies out there, they have the power to make the change, and that's where it does come back to us because people's small amount of money in comparison to huge companies but when you're investing all your super money, this money to a super balance out there in Australia is trillions of dollars. So if everyone started to shift their money into stuff that they believe in it has a massive impact on society basically so that's probably the biggest change you can do, don't make an impact to what you believe. Move your soup and move your personal investments in line with Unknown 34:46 them. I like that look I know we can go into a deep, deep work home and uncover many different things around this, but we will just finish it off here with me a little bit about, you know how you structure your fees, where people can find you if they have any questions, what's the best way to get in touch. Unknown 35:06 Yeah sure, I guess, in regards to fees. It is a we have a flat fee approach, so it's very transparent so it's a quoted figure, if we're just doing one upfront advice where we're helping just a one off, we'll quote that before we actually do the work, and you, you know, make sure you're happy with it. But then we also can do ongoing investment advice where we have that ongoing relationship and we're helping out day to day. We don't have set, you know you're only allowed to contact us, two times a year, we're very open and, you know, we appreciate things change and you might just have a quick question and I find it so just like people's goals, our, the actual fees have to be individualized. We can't say this is our one fee for everyone but you might have a completely different. Unknown 35:56 Tailor, but at least you know it's transparent and Unknown 35:59 famous. Yeah, it's always late always go over that clearly before we started, Unknown 36:04 what generally you'd find it I guess the traditional you know dinosaur style, financial planners they'll charge percentages of how much you invest and all those sort of aspects and I'm gonna be fair to that only because you know what they're basically punishing you for investing. Unknown 36:18 Yeah, exactly, yeah that's that's my viewpoint as well, so Unknown 36:23 it doesn't necessarily mean they're doing work. Yeah, it just means that's just normal sorry. You're just being careful out there because there are a lot of archaeon boys out there, and sharks in this environment. And if you want to get in touch with somebody just give us a second opinion advice just contact my contact details was direct email to your website, your Unknown 36:45 website is probably the easiest because it has everything. So you may have financial planning, you can go on there and you can either find numbers there or the email or contact box yeah and we'll always get back to people pretty quickly and always what we do at first is just have a bit of a chat about what you're after, if we can potentially help. And then we have like a complimentary or free meeting just the upfront or discuss a bit more detail. Unknown 37:08 And I just wanted to add in there, there are two things on the website they should definitely give a go. One is the free financial health assessment so this is literally a one minute survey, you put in your details in there, and it asks a variety of questions probably about 10 to 15 questions, and it'll, it'll quickly give you a I guess a health assessment of your financial situation so it may mean that you know you need to focus on certain areas of your life, whether it's cash flow or investments or de risking but it just gives you a very very quick overview of, you know, what do you can do right now to improve your financial situation. Now the second part is, You know why he's not only a financial adviser. He's also a renowned well renowned author, and he's a, he's created an e book, it's a free download guys get on there I've read through the APR, you know, really helps to break into big box. But excuse the Unknown 38:08 title, this is Unknown 38:10 get on there, download it, because it has basically everything that Wayne has spoken about and a little bit more so it goes down into if you're just starting out in, in building wealth and you know just controlling your wealth to purchasing your home to the 60 2020 split you're talking about terms of budgeting. Everything's in there it's all for free, you know, wanting to pay the camera sales, writing this book and hopefully you guys are making the big bucks as well. So thanks so much wine is there any, any last pieces of advice that you want to give business owners or Unknown 38:45 what I would say is just, it's like everything just try and make the time I guess to think about your personal financial situation and what you want to do and once you set some time there then gets rid of a lot of stress and you can start making things happen. Unknown 39:01 Alright guys, thanks so much and I will see you in the next episode. Appreciate it.