Everyone’s In The Same Financial Boat

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This week’s episode of Secrets of the Money Masters shows our panel discussing Kate and Tony’s love of property investing. Ironically, many of the lessons our experts spoke of before the pandemic, have played out before our eyes since.

One of the biggest lessons? Residential property has no liquidity. And if you need access to money, you can’t sell the garage to get some cash.

As Rod Dickinson explains on the panel, as people get older, they need some liquidity. This factor has never been more evident after COVID-19 – where Tony and Kate are affected by their tenants defaulting on their commitments, and they have lost income from their own business.

It’s a Lego effect situation and has made managing properties more stressful for landlords than it has been for many years. It doesn’t mean, though, that Kate and Tony are doomed to financial ruin. Rather, a strategic plan that assesses all their assets, and takes into account their changing needs and future dreams can take them to the next phase of their financial lives.

This is where financial planners shine. I love the power of a good plan, and nothing makes me happier than seeing on paper the intention for my life. More than ever, people need to look at how they expected their future to be, and what will need to change. And while change is incredibly hard, this process is not all bad. In fact, sometimes changing circumstances can bring wonderful new experiences and opportunities.

In the new world order, I suspect that those who are to be financially successful will have taken the time to form a plan for their financial future for 2021 and beyond.

So enjoy getting to know Kate and Tony, and their approach to money, as well as our experts with their collective wisdom.

Take care,

Vanessa

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Each day I wake up excited to inspire everyday people to open up and take control of their money, regardless of their history, goals, or savings amount. About Vanessa >>

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Authors

Vanessa Stoykov

Vanessa has been passionate about writing and storytelling since her days of hiding under the doona with her torch to read after bedtime.
Kathy Skantzos

Kathy is a yoga-loving world traveller who also happens to moonlight as a business journalist and writer. She was the finance editor of news.com.au and the Managing Editor of CEO Magazine (Asia) before joining Vanessa and the evo squad.
Shayne Sommer

Shayne is second dan black belt in karate, and a budding romance writer with a difference. Why? Because she writes romance stories that always have a money lesson.
Antoinette Colbran

Specialising in stories for 50+ women, Antoinette draws from her own experiences to help other women avoid the pitfalls and see the benefits of understanding their money situation.
Michael Crooks

Michael Crooks is a more than 20 year writer and documentary maker who has worked with Time Inc and the BBC, who wants to expose the truth from real victims of financial crime to help others avoid their mistakes.
Kim Payne

Kim Payne has spent the past three decades as a speaker, trainer, business coach, and consultant in financial services. She has worked with and transformed hundreds of brilliant, educated, high achievers who are chronically under-living.
Rebecca Pritchard

Rebecca Pritchard is on a mission to help men and women achieve equality when growing a family.
Antony Perring

Ant is a writer, designer and business builder with a love of food, design and good living. He writes on food and money in an easy to do way.
Julie Hyde

Julie Hyde is a leader of leaders. A disruptor and a powerful people enabler who empowers leaders to make big things happen.
Joshua Pennell

As a Dad to four kids and a business owner, Josh is passionate about family and finances and is known as The Family Finance Guy.
Sid Lal

Sid is a serial entrepreneur who set up his first business when he was still in University. Since 2009 he has been heading Bruce Clay, first in India & more recently in Australia.
Lou Johnson

Lou Johnson believes in the power of sharing stories to build empathy, understanding and connection. Growing up surrounded by books and storytelling, alongside her drive to make a difference led her to a highly successful career in book publishing.
David Rae

Dave is a CERTIFIED FINANCIAL PLANNER® professional and has been a financial adviser since 2003. He works with a range of clients and has a strong focus on ethical and sustainable investing.