How to treat an inheritance with the respect it deserves

deep into exactly how inheritances work. We'll be talking through tips for managing large sums of money, and we'll be getting to the bottom of why things so often get sticky in this space, particularly when it comes to our loved ones and money. Is Georgia King, and joining me as always is financial advisor Victoria Devine. You deal with this topic and advise people on how to manage their

inheritances often, so I'm keen to pick your brain. But before we get there, I know you wanted to start today's pod with a couple of words.

But the one thing that I want to I guess acknowledge, especially as a financial advisor who specializes in this space, I deal with lots of young people I guess you would say millennials, George, who get inheritances like that is my specialty as a financial advisor is dealing with large sums of money and investing it so that we can create more intergenerational wealth. But the one thing I think we really need to acknowledge here is that it's devastating.

It's really hard. It is so hard to get an inheritance, and if you are in a situation where you're getting an inheritance, it definitely means that you've lost someone close to you, and that person means a lot, and it is it's really upsetting, and I think that a lot of people who haven't been in that situation will be like, oh my god, it's so lucky that you got x YZ.

But what you don't know is that that person would trade all of that money or all of the things that they've inherited to get that loved one back in a heartbeat. Like that is exactly what everybody would want, But it's also a space where people feel a lot of guilt. George, Yeah, people feel a lot of guilt.

And a lot of what I do around inheritances is not necessarily just the investing like that part, George is really easy, but it's about honoring the person that has passed away and make it sure that you're putting that money to work so that it is working as hard as your loved one did for it. And I just feel like when we talk about inheritances, a lot of people are like, oh my god, so privileged. Yep, got that completely understand, absolutely privileged. Let's put that to the side.

But the next big thing when it comes to inheritance is really acknowledging that level of guilt and acknowledging that do you know what, I don't wish an inheritance on anybody, Like if you've got an inheritance because your mom passed away. I want my mom. I don't want my inheritance. I want that And do you know what, it's a very lucky position to be in. I totally, but do you know what, it is a very interesting position to find

yourself in. But the important thing about in inheritance is honoring the person that gave you that inheritance, because they're giving it to you because they can't be there anymore. So it's to them, I guess the next best thing to being with you. And from my perspective as an advisor, we need to acknowledge that first. Like George, if something happened and you found your self in a position where you're getting an inheritance, it's not wow, ge how much was it? It's wow, g how do you feel? Yeah,

you're okay? Like there's often a lot of semantics that sit around in inheritance, Like it might be very clean cut, like you knew what was coming, someone had been very sick for a very long time, or had been very old and had this really great life and had a really good innings and you've got no problems about it.

But you know, there's a lot of money there. But then on the flip side, there are situations where one day you might get a call and dad that you haven't spoken to in fifteen years has passed away, and their lawyer's calling you to tell you that you're the next of kin and you're inheriting their money. And that can be a really fickle position to find yourself in because you're like, wow, like I didn't talk to him,

I didn't have anything to do with him. Why am I getting all of his inheritance or why am I getting his life insurance or whatever it is. But I think it's really important to work through that first. And for a lot of people, I feel like they think an advisor is a really good place to start. I mean, I'm going to be a bit biased, George, my background's

in psychology, I reckon I'm a pretty good place to start. Yeah, definitely, But I genuinely think that sometimes just putting that money to the side for a few months while you get your mental health sorted and you talk to a therapist about what you want to do is going to mean that you make better investment decisions in the long term. It's definitely not about just quick seeing advisor get investing.

Really quickly, like you're not making it work. Like if the worst thing you do is put that money to the side and don't make any decisions on it for twelve months, that's a really good idea. But let's get into the show, because I feel like I could go on about this forever and ever, because as you know, Gee, this is I guess what would you call it, like a sweet spot. Yeah, it's just sweet spot.

did you say if we passed away yesterday. That's a weird thing to say. I was like, yeah, it is. I wouldn't want to like say, gee, if you passed away tomorrow, Like yeah, that just feels like, well, what if that happened? Like it just feels like that's very futuristic, like whereas you didn't pass away yesterday. So it's a very easy hypothetical. Yeah, there's it's like a hypothetical. There's no like wishful thinking in it by any stretch of

the imagination. And I feel like when we're talking about people passing away, which unfortunately, as an advisor I talk about all the time. My examples are often past tense instead of future tents, and really that's a bit more of a respectful way to have a conversation about that. I know that that's a really weird side note, but no, that's interesting, is that Actually? Yeah, I will.

I noticed I said it. Then anyway, good next one. Gee, if we don't have a will, which we've spoken about before. We did an estate planning episode recently and we obviously know how important it is to have a will, and if you don't know, or you haven't listened to that episode, please do. It is a really important episode. We also did want a little while ago Gee with Lucy Percy, who's an estate planning lawyer, and she is brilliant, like she she actually works with my clients, like she's not

just a random estate planning lawyer that I know. She quite literally does most of my client's estate plans, and she is a wizard. But if we pass away and we don't have a will, all of our assets, if we have a spouse, will be past to our spouse, and then if there's no spouse, it will go to our children. And if you don't have a children, it'll

go on from there to any living relatives left. But if you die without a will, we're is called dying intestate, which I think is really interesting because you often hear these terms thrown around and you're like, what is interesting. It means you die and you don't have a will, but the state absorbs your assets and then they look for the next of kin, and if they don't, all goes to the government, which is a very fun thing

to think about. Because I don't think many people are like, well, what happens if you can't find someone to give my stuff to? However, inheritances do come in many different shapes and sizes. Just because you hear the word inheritance doesn't mean someone has gotten a million dollars in hot hot cash. It could be a property, it could be interest on super You might inherit someone's cash or cuz or some sentimental possessions, or maybe g some things that you don't want,

those heaps of things that you can inherit. And IG have been very lucky historically to inherit some really special things from my grandparents. I have like some salad tongs that my grandma used that are silver, and I have a whole heap of like trinkets and jewelry and stuff

that are really really special to me. So it's really important to also understand that an inheritance might not just be cash, because in my case, I didn't inherit cash or anything like that from grandparents because obviously that would have been divided up among the siblings or their kids. Yeah, direct children, so my parents, etc. But I ended up with some really special possessions. So if someone passes away. There are lots and lots of things to be divided

up and organized, and you know, prioritized. It doesn't just mean that, Okay, George, you're going to end up with some cash. It could be an asset. It could be something really small but really sentimental. And to me, those things are some of my most important things. Like if my house was burning down, Jay, those are the things I would grab first. Yeah, after I'd grab my pets, pets, the solid tongues I love it pets and the salad tongues.

in shares at all. I'm like, Okay, no problems, let's calculate what that means in terms of tax implications. And you need to understand this because a lot of the time, if you're inheriting shares, they could have been owned for forty fifty plus years, which can you think of a

compound interest on those shares over time? G very sexy, But when compound interest is involved and those things are increasing in value, you're very likely to have to pay capital gains tax, and we want to avoid that if possible, because often you might find yourself in a position where you're like, all right, so, g I don't really want to own shares, like this isn't what I want. It's not aligned to my values. But on the flip side, if I sell it, I'm up for a pretty hefty

tax bill and I don't particularly want that. We're not just looking at what you want when it comes to an inheritance, also looking at what is in your best interest financially as well, because gee, if you have to give away half of the wealth to tax, do you want to get rid of it? Do you really want to do that or do we want to make a plan that makes the most of it.

they might say, all right, young adults, pretty crazy. I want them to inherit my property, or I want them to inherit this cash, but I don't want them to be able to access it until they're twenty five or till they're thirty. And that's actually quite common, especially when people have larger amounts of wealth that they know are going to go to younger kids. Gee. There's also clauses that some people put into wills, like, all right, it'll go to my son, I don't want him to access

it until he's twenty five. But when he turns twenty five, if he doesn't have any addiction issues and he's all well and good, it can go to him. But if he is suffering from addiction issues, I don't want him to have access to a large amount of money. And the executor of the will is going to help organize all of this. But there are so many things and so much power that you have if you're writing a will, and I just don't think people understand. Like a lot

of people just go, oh, inheritance, no problems. But I've got a couple of clients who I managed portfolios for and they're not allowed to access their portfolios yet because they're outlined that they can't have them until they're thirty. Really, a person who wrote the will wanted to make sure that they had established their own income streams and had a career and or started a career before they actually came into some significant wealth, which from their perspective is

absolutely their wishes. And we are honoring.

nominate someone who is a professional executor. But in that circumstance, we'd also build into the will some fees and stuff like that. So when I'm working on that, then I will get paid from the state, which is from my perspective again, quite interesting. And I don't think that a lot of people consider that. They're like, oh, wow, I could just have my financial advisor do that.

used to work with. They had someone whose mother actually left I think it was like ninety percent of her wealth to the Lost Dogs Home and ten percent to the kids, and the kids were like, what the hell. They didn't know that that was the case until the mother passed away, because it was just in a will and that was her business. And you don't actually have to tell someone what is in your will unless you want to. Obviously, you're going to have to tell people

if they're the executor of a will. But gee, if I leave you any money in my will, I don't have to tell you about that because I might change my mind later, who knows. Obviously, if it is completely leak proof, then you don't have a lot of wigal room. But according to Victoria Legal eight, if the person who made the will didn't have the capacity to make the will at the time they signed it, you could challenge it.

Or if the will wasn't drafted and signed according to law, like there might be a little bit of a loophole if you're like, oh, like it was on the back of a napkin line, right, Probably probably not, so it needs to be the proper legal process. Or if one of the witnesses of the will are set to inherit something in the wheel, So that is an interesting loopholes. You might just be helping a mate out by signing it, but also creating a loophole of someone being able to

challenge it. Yeah, it can be challenged if you were making the will under the influence of others. So for example, we've had situations and thankfully not with any of my clients, but you know, I have a lot of financial advisor friends where you know, maybe the kids are asking the parents to update the will while they're not well in hospital and they know what they're doing. Could be challenged then.

Or if a person had a responsibility to provide for someone and they don't believe that they've left their fair share to that person. So for example, if they had kids under the age of eighteen and they've left absolutely nothing to that side of the family, and the kids still have school fees and the cost of putting roof over their head and stuff, and it's gone to maybe

they're lack young mistress or something like. You could definitely challenge the will in that circumstance to say, did you know that they actually had kids that they needed to

provide for? And that's probably not the most ethical of outcomes. However, if someone has gone to the trouble of making sure they have a watertight will, I also feel like sometimes it's not worth challenging, not not worth, but we need to also understand that, you know, you might not be getting what you wanted, g Like, you might feel like you're entitled to something. But I also think that when we go through a process like this, we need to check our entitlement a little bit and go what if

their wishes are being completely fulfilled? Like a will is the wishes of someone who has passed away, and it speaks for that person when they're not able to speak

for themselves anymore. And I just feel like sometimes I've seen situations where people are challenging wills and I'm like, mm, they really wanted that and not to get I guess too personal, but I have had situations where, you know, someone might have left all their money to the Lost Dogs Home and not to any of their adult children, and they've made that decision because their adult children weren't looking after them and they you know, maybe had really

disconnected relationships and they hadn't talked to their kids in ten plus years, and they're like, do you know what, I don't want them to have that money. They don't have anything to do with me. And I often feel a little bit is the word iky like, when you hear that they're challenging a will and I'm like, well, you didn't even look after your mouth the last twenty years, but now you want to know. Oh. I don't know.

I'm a big opinion on this, But at the same time, I think it's all about respect and making sure we're respecting the person that's passed away as well as you who is potentially inheriting something.

you inherit. So for example, as we were talking about before, capital gains tax, like you might need to pay capital gains tax if you inherit a property and then sell it, but there are some exemptions to that. So for example, I know that if you sell it within the first two years, there might not be tax payable on that, But if you sell it after that two years but it was an inherited asset, you do have to pay

capital gains tax. I would be going on to the ATO website and checking that because they do have a

really good detailed summary of what that looks like. But I also think that it is really important to understand that even if you're in the middle of a grieving process, like as I said before, George, it is not the worst thing to just park the money or park the asset to the side and out of sight, out of mind for a bit while you go through your grief period, which I think is really important because the last thing you need to do is be making decisions on money

and making really big investment decisions when you're not in your right mind. And I feel like, George, one of the biggest red flags for a financial advisor or anybody, right, even if it's your uncle John, who's you know in your ear and going George, you need to see financial advisor asap. You don't. You absolutely don't just get through that period and be okay. But do know the limitations of it. So parking it for six to twelve months

non issue. But if you have a property, we need to make sure that you're not missing out on something if you've got that two year limit. So for example, we don't want to pay capital gains tax when it comes to inheritance. I've had a lot of people say things like, oh v I wish I'd known that earlier. So I think it's educate yourself and then park the money to the side, because we don't want to be

in a fickle position. But that is just me. And then when it comes to g inherited shares, which you and I were talking about before, you're very likely to have to pay income tax on the dividends that are paid on those shares. And the same thing goes for property. If it is an income generating property like it is leased out and you have an income through having tenants in those properties, you're going to have to pay income tax on that because that was the obligation of the

person who has now passed away. However, the sale of those assets is treated differently, so I would just be making sure that you're meeting your tax obligations and you know what applies to you. So if you're in that situation, have a chat to a financial advisor and they will make sure that you are doing the right thing. But as I said before, no need to jump on it. I guessap if you've just inherited.

they're very different sums of money. Should we see an advisor if it is that larger sum?

So when it comes to inheriting, and you use the example of ten thousand dollars, going and seeing a financial advisor might not be a viable outcome for you because it's like, well, you've inherited ten grand, are you going to go and use half of that to pay the advisor for some advice, Like I just don't feel like that is putting you in the best financial position, which is why I'm such a strong advocate of self education and making sure that you know what your goals are

and what that ten thousand dollars could do for you, and how you want to honor that and how you want to work with that. But when it comes to something like one hundred thousand dollars G, we have so much power, and a lot of people will do something like they'll go, all right, well, I got this inheritance,

I'm going to spend it all on a property. And I mean, you're not going to spend one hundred thousand dollars G unfortunately and get a property and wham bam, you don't have any kind of debt associated with that. Like that could be a house deposit for you, which is really great, But we need to think of the implications of that. And I'm very aware that a lot of people who get large sums of money are often like,

oh my god, I could buy a house outright. But the thing there is, all right, gee, let's say you inherit half a million dollars, Like, do you know what I'm going to do. I'm going to go buy a property completely outright, like money win right. But with that situation, you're putting yourself in a position where you're not generating

cash flow. Like you might own the property out right, but you're still having to go to work every day to make sure that you're putting food on the table, and you don't have the luxury of I guess financial freedom in that way. Like, yes, you might own your property completely outright, and that's a very sexy option, but when it comes to inheriting money, I just don't think people see the power in that as much as I

guess I do. And so say you inherit five hundred grand and instead of buying a property, gee, you go and invest that in the share market. And you're like, okay, well, I'm young, I've inherited this money. I'm going to invest it in the share market for the next thirty years and create financial freedom for myself over that time. You're going to put yourself in a position where that five hundred thousand dollars will turn into about four point seven

million dollars. So if you own your property outright, today, is that going to generate four point seven million dollars for you in the future.

a property. So it's all about good financial planning and making sure that we're making the right decision for you, because often people will we'll just go all right, well, I'm just going to buy a property outright, and I go, oh my gosh, Like I can see how that makes a lot of sense, and you'd feel very gratified and properties aligned to your values. But are you making the right decision for future you?

for good reason. It is a lot of money. It is life changing, and I feel like, you know, I touched on guilt earlier, a lot of people carry a lot of guilt for not doing something, going oh my gosh, I've got this amount of money or I've got this thing and I need to make the most of it, and I'm not making the most of it. And you're staying up at night really late, and you're not sleeping because of it. Like, be kind to yourself. It is hard,

It is not easy. I think that if you've never been in that position, you are in no position to judge someone who is going through that. So I think that giving yourself space to grieve and to process that, and to even just step back and pretend the money doesn't exist for a little bit and go, you know, what, what do I want from life? How is this going to work? Step back for a little bit, g and have a think about life. You know, you're in a relationship,

you're really young. Do you want to get married? Do you want to have kids at some point? Like? What are your views on property? Is that something you want to buy? Like what does retirement look like to you in the future, and how are you planning on achieving that?

And then after you're clear on your goals and what you want to achieve, then go all right, now I've got this asset that could help me achieve all of those things that I know I want to achieve, Like, your goals don't have to change because you've got an inheritance. I feel like so often people like, oh my gosh, I didn't want property, but then I inherited something, and I guess I have to buy it now because I just have this mass amount of money. Like that's not

the case, that's not true at all. So I think it's about not making hasty decisions and then getting some advice, whether that is doing some research on your own. So then the next step, George would be getting some advice and doing some research and making sure that you're making the most of it, whether it is you know, five grand that you inherited and you just don't want it to go to waste, and maybe you're setting up a share portfolio for the very first time, or you are,

you know, putting it into getting out of debt. I don't think that is a bad thing by any stretch of the imagination. Or if it's a larger sum of money or a house or a property, or a whole heap of shares or whatever it is, I would get some advice and create a plan and make sure that

you are taking future you into consideration. Obviously a lot of people will be like, treat yourself, but I just don't want you to go overboard with that, because it's really like, an inheritance is really about future you, and there's a lot of power in inheritances to create future wealth not just for you, but for your future children or your future families. And I just feel like it's so easy to have money slip through your fingers.

bring the person that you lost back. It is not going to make you feel any better if you're spending it on going out for lunch with a friend, or you know, doing something for yourself, which is obviously very important. But people do have a tendency when they get large lump sums of money to burn through it. Obviously, as I said, small indulgences here and there are not the worst thing to do. In fact, I encourage them, Georgia.

But if you're finding yourself in a position where all of a sudden you can create financial freedom, or pay off your debts, or contribute to a deposit make sure that that is the right thing to be allocating that money towards, because sometimes what looks like the most logical answer is actually not the best financial answer.

use it. It is your time to use. Another one is letting money get in the way of things that are important, like your relationship with your family. So often with inheritances, we let it get in the way of our loved ones, We let it get in the way of, you know, relationships that we've always held really close to ourselves. And when the topic of inheritances come up, it often gets really sticky, it gets really dramatic. People argue like money is the one thing that can completely divide a family.

You know, you might have had a very close family and then a grandparent passes away and all of that dissolves because they can't get on the same page. So I think it's really important to remember who you are and what your values are. And as much as money is obviously something that can create wealth and freedom, I just think we need to not forget what is important and you need to know that you can be the bigger person. And it doesn't need to be dramatic. It

can be very non emotional. But if you're going through that, I recommend getting some advice or talking to someone about that because it can be really, really hard. Gee, I have two more. The next one I have for you is not getting financial advice when you need it. So often people just go, oh, I don't need it, like it's not worth it. At the end of the day, if you're inheriting a really large sum of money, get

some advice. If you don't take it, that's cool, but I promise you getting advice will make sure that you are making the right decision, whether you decide to invest in shares or just not do anything. And then the last one is something that I feel like I would do, Like I feel like I would just be incredibly generous. And I know that I guess that sounds like I've got lots of tickets on myself, and I promise you

I don't. That is not the case at all. Just really like looking after other people, and I really like making sure other people are okay. And some people seem to think that they're Oprah when inheritances come up, Like you get a thousand dollars and you get a thousand

dollars in ge you'll pay off your credit card. But I think it's important to make a plan for your money before going around and handing it out, because obviously there is a lot of power in a very large sum of money, but that power is going to diminish if you start giving it away or trying to help absolutely everybody with it. Like, obviously generosity is really important and I am all for it, but I think that

we need to put ourselves first in this situation. And just because you can help somebody, I know it sounds terrible, doesn't mean you should be doing it.

not my circus, not my monkeys. My job as a financial advisor is to help you make the best decision for you, and if buying a maserati, George for your mistress is the best financial decision for you, let me help you do that properly.

sustainable and we are working towards financial freedom. Like obviously, inheritance could mean anything, and it could mean five hundred dollars or it could mean five million dollars. However, I think whatever it is, I just don't want you to treat it as bonus money. It needs to be respected. It's not money that you won. It's money that somebody worked incredibly hard to earn and now they're sharing it with you. And that, to me, is not a bonus.

It is not something that you just throw down the drain. From my perspective, inheritances need to be respected, and that's I guess the premise I have, like every time I speak to a client, it is about making sure that we are respecting that money and we are respecting the person who earned it. Because you guys should know by now money is hard to earn, hard to keep, and if we have it, we should respect it.

the family home that you grew up in. It might be a holiday house that you have incredibly fond memories of and you've spent a lot of time there and you want to hold onto it for your kids and your future. And that's amazing. And as we've seen over the last twelve months in particular Georgia, property is pretty good investment, not bads. But we also need to make sure that we're making the right decision for us. Other people,

they might not feel tied to it at all. They might want to sell it, they might want to get rid of it. They might want to hold on to it as an asset and lease it out or put it on Airbnb, or do something else with it. I guess the part that gets really complicated is where multiple people are listed on an inherited property, and then people

have conflicting ideas on what to do with that property. So, for example, George, let's say we were siblings and we both inherit a property from our parents, and we're both in very different financial situations. Like you might be really financially comfortable, like you and your partner, George, you're completely financially free, You've got really good incomes, you're not worried.

That house is really sentimental to you, and you just want to keep it because you want to go, you know, use it as a holiday house, you know, once or twice a year. It's not of any consequence to you. But on the flips, I might be in a whole heap of debt, and to me that property is a ticket to getting out of debt and setting myself up well. And so we need to come to a conclusion that works for both of us, because you'd be in that position where you're like, well, v I want to keep it.

You know, it means so much to me. What do you mean? And I go, well, that's the ticket for me to get out of debt and create financial freedom. And obviously, from that perspective, it would be very hard to get on the same page. So if you can't come to an agreement, we might end up in court, which obviously ends up in usually having the property sold. It's never ever a cheap exercise. So if you can avoid it escalating to that, that would obviously be the

recommended option. And there's obviously lots of options like I could sell my portion to you, Josh, or we could negotiate that over time, like there are lots of ways to do that, and I would be getting advice on it. But property can be quite dividing when one property gets inherited by multiple people.

be leaving their incredible fortunes to their children. What's your take on that.

went through. And I totally get that. But I sit on both sides of the fence, right like, if you're not going to leave your fortune to your kids, where's it going? So I don't know where Daniel Craigil Gordon Ramsey are planning on putting their money, but it does have to go somewhere. Is it going somewhere? That means

a lot to you. If that's the case, fantastic. If you're giving it away just so your kids have to work harder, I'm a bit on the fence about that, because with a good estate planner, with a really good will and estate plan behind you, that wealth can become whatever you want it to become, and you have the opportunity of creating generational wealth, like your inheritance or your

family wealth is not just helping your kids. It could be helping you know, your kid's kids and your kids kids kids kids like it can create a legacy, and for me, legacy is so important. Like if you have the ability to make life better for others, especially others

that you love, wouldn't you be doing that. So one of the things that you could do is, you know, say, okay, well we're not giving them a lump sum of money, but my entire inheritance will be invested, and the dividends from that investment will be divided among my kids as

an income stream, so that they're never financially pressed. It might end up being you know, I'm sure this is not the case for Gordon Ramsey because he has lots of dollars gging, But I have situations where I've got clients and they have inheritances, and their inheritances are all invested and they get an income stream of like thirty grand a year from that investment. So all of the kids in the family all have thirty grand a year coming in. That would obviously take off some very significant

financial pressure. Like imagine going through life knowing that at a base level you always had thirty thousand dollars a year coming in. It would mean that you are more likely to make good property decisions because you know you have that cash flow to fall back on even if you don't have a job. Means that you might be able to send your kids to a better school was

in line with your values. Like for me, it's not necessarily about spoiling them with wealth, but having a structure that means they are supported because I'm just of the opinion that if I had the ability to support my kids in the future, I would want to. But I totally understand, you know Gordon Ramsay saying I want my kids to work for wealth. I don't want them to be spoilt. I want them to work, and I want them to have good work ethics. But I feel like with good advice you can achieve both.

are you leaving behind? What does that mean? What is your impact on the world, Because impacts so much more than money, Like how you made people feel is going to be the thing that they remember about you, not how rich you were. And yeah, it's time to wrap it up. Hopefully everyone got a little something out of

today's episode. Now that we're at the end of it V, I'm thinking that maybe it would be worth us dedicating an episode to kind of class issues almost in a way, because I'm also imagining people are listening to this and thinking, yeah, well, I'm happy for Gordon Ramsey and Daniel Craig, but my kids aren't going to inherit millions, They would be lucky to inherit thousands. So I think that's kind of an interesting piece of this discussion that we haven't really had

time to touch on today. It absolutely is there's so much privilege that plays into it, and I think class issues is something we need to discuss because there's also so many barriers to advice as well. Like, you know, someone like Gordon Ramsey is going to set his kids up for generational wealth and they won't have to worry ever again, and there's just so much privilege that plays

into that. But someone who you know has never created wealth and they're not going to get an inheritance from their parents, and they're working their asses off, but their kids are still not going to inherit anything. Like I totally get that, and it comes down to me to legacy, like what you leave behind doesn't have to be financial.

But you're right, we do really need to break down the class issues because obviously there's a lot of privilege in being able to access advice as well, which is why I do what I do, George, which is why we give away so much free advice and so many free resources on cheese on the money because I just want people to have access to the advice that I know wealthy people can afford. Yeah for sure. All right, let's wrap it anyway. Gee, that is all we have

time for today. So before we head off, we'd like to acknowledge and pay respect to Australia's Aboriginal and torrest Rate islander people's. They're the traditional custodians of the lands, the waterways and the skies all across Australia. We thank you for sharing and for caring for the land on which we are able to learn. We pay our respects to elders past and present, and we share our friendship and our kindness.