Property Hub - Investment Insights & Inspiration - Get Invested: Part 2: Brodie Haupt on how to buy your time back

Episode Date: June 20, 2020

You can buy your time back and compound your time by giving yourself the emotional permission to spend time on things today, that will give you more time tomorrow. And if you want to learn more about how to do this, then learn from our guest who devotes his life to buying his time back and helping you do the same. Brodie Haupt and his team at WLTH develop technology platforms and innovative services that help you to buy back time and make much better informed decisions about your future by providing instant access to all of your current information in the palm of your hand. In Part 1 of our engaging chat with Brodie on last week's episode, we talked about his leading edge WLTH Finance Tracker or Money MGMT tool that brings all of your financial information and advisory team together in an easy to use app. And to give you the opportunity to make your money management easy and to get more of your time back, Brodie and the WLTH team are offering all of you Get Invested listeners another extra special exclusive offer. They’ve generously offered to give you six months free access to their WLTH Finance Tracker mentioned on last week’s episode, and this week they're doubling this. As an added bonus for this week's episode, they’ve generously agreed to extend this six months free access offer to their other innovative proptech app - Properlytics. Properlytics is a one stop shop for managing your property investment portfolio. With it you can stay on top of property details, expenses and deductions, rental income, net asset worth and capital growth projections, and also manage your cash flow projections. You can check out Properlytics by heading to properlytics.com.au. To take advantage of both of these exclusive offers of six months free access to WLTH Finance Tracker (that normally costs $29/m) and Properlytics property portfolio manager (that normally costs $40/m (which is giving you a total of $280 for free to put you in control of your financial future) just jump on their web sites and activate your accounts at https://wlth.com.au/sign-up-plus/ as well as https://app.properlytics.com.au to sign up and enter the Code: BUSHY in capitals. To activate six months free, the code will need to be entered via the web version and not through the app. Once the code’s been activated you’ll enter your credit card details but won’t be charged until the six months is finished. And you can cancel easily at any time. Then download the app to your phone on iTunes or Google Play and then book your free 30 minute introduction sessions. For WLTH Finance Tracker go to https://wlth.com.au/introduction-to-wlth/ To book your Properlytics Onboarding go to: https://properlytics.com.au/onboarding/Then activate via: https://app.properlytics.com.au/#/personaltrial Remember that to start the six month free trial, you’ll enter the code while activating the account on your desktop device (not your mobile). Once activated you’ll have full access to Properlytics via the web and mobile app. These are awesome, easy to use time saving and wealth building tools, so do your future self a favour and jump on them now. Your future wealthier and time rich self will thank you for it. In the meantime, enjoy the second part of this great inspiring chat with Brodie, where we touch on all of the key areas that are going to affect you in the future at the intersection of time, technology, property and finance. Brodie's book recommendation: Man's Search For Meaning By Dr Viktor Frankl Get Invested is the podcast dedicated to time poor professionals who want to work less and live more. Join Bushy Martin, one of Australia’s top 10 property specialists, as he and his influential guests share know-how on the ways investing in property can unlock the life you always dreamed about and secure your financial future. Remember to subscribe on your favourite podcast player, and if you're enjoying the show please leave us a review. Find out more about Get Invested here https://bushymartin.com.au/get-invested-podcast/  Want to connect with Bushy? Get in touch here https://bushymartin.com.au/contact/  This show is produced by Apiro Media - http://apiropodcasts.comSee omnystudio.com/listener for privacy information.

I'm always trying to find ways to save time because for me, my average perfect day really just buys back more time for me to spend with my family. So for me, it comes back down to self-discipline is the key around buying back time. Welcome to the Get Invested Podcast, where we share great conversations with experts from all walks of life to uncover their secret know-how and where they invest their time, their skills, and their money and the benefits that this has created you see the truth is that everyone invests every minute every day we're investing our time our skills our energy and our money in something some of us are investing consciously some unconsciously sometimes for good sometimes

for bad sometimes for no impact get invested will help you to start living by design not by default I'm going to help you to make it happen, not let it happen. You'll hear the top tips on how you can live with conscious intent so that you can live more, work less, and leave a living legacy by investing now. Listen to the show to discover the top tips on how to get started, make the most of your investment journey, and ultimately to be living your dream, not someone else's.

More episodes can be found on iTunes or at bushymartin.com.au forward slash GetInvested. Thanks for listening, and now, let's get invested. Hi, Fred and Fighters. How important and valuable is your time? How much spare time do you have? Are you always trying to find time? And how can you buy your time back?

To get you all thinking about these questions, let me start with an old story, but a good story, and one that's very relevant to today's chat. Imagine that there's a bank that credits your account every morning with $86,400. It carries over no balance from one day to the next. And every evening, it deletes any money that you failed to use during that day. What would you do? Well, most of us would draw out and use every cent.

Now, you may not be aware of it, But each one of us has this bank. It's called the Time Bank. Every morning, you start each day with 84,600 seconds. And every night, it writes off as lost whatever you've failed to invest wisely. It carries forward no balance. It allows no overdraft. And each day, it opens a new account for you.

If you fail to use the day's deposit, the loss is yours. There's no going back. There's no drawing against tomorrow. You can't borrow from yesterday or tomorrow. You must live in the present on today's deposit. Invest it in every opportunity. And the clock's running. You've got to make the most of today right here, right now.

to remind yourself of the value of a year ask someone who failed a grade at school to remind yourself of the value of a month ask a mum who's given birth to a premature baby to remind yourself of the value of a week ask the editor of a weekly newspaper to remind yourself of the value of an hour ask someone who just missed their train or bus

To remind yourself of the value of a second ask someone who's just narrowly avoided a car accident and to remind yourself of the value of one millisecond ask the person who ended up with the silver medal in the Olympics Unfortunately, time waits for no one and we only have a limited amount of it left so make every second count And remember the old saying that yesterday is history

tomorrow's a mystery, and today is a gift. That's why it's called the present. Why am I in such a feverish hurry to help as many of you and other hard-working, time-poor Aussies to better manage your money, invest so that you can secure your future and get your time back? Because I know that based on my genetics, my family history, and my lifestyle, I've only got about 20 years left in this life. So I'm going to spend as much of it as I can spreading this essential message.

What about you? How much time do you have left? How are you using it? If today was your last, would you be doing anything differently? And what can you invest your time in today that will give you more time back tomorrow? We live in a world that constantly asks us to produce maximum results in minimum time. And what's this result of then? Well, we end up replacing face-to-face meetings and catch-ups with texts and Facebook messages.

We replace in-depth conversations with short tweets and posts. And we spend less time with our family and our friends. I used to think that success in life was about talent. But over the years, I've discovered that it's really about time. With time, you can learn to do anything and build trust with anybody. But you have to put the time and the effort in. There's no app for good relationships. So think about your time as an investment.

It's not something to be wasted, but something that will determine your results in life depending on how you use it. Time is incredibly valuable. Don't just spend time. Invest time. Nothing beats your devoted and undistracted attention on someone else's life so you can break through the surface and really get to know them. Wherever you are and whoever you're with, be totally present.

I challenge you to forget multitasking and to do just one thing at a time so you can enjoy it fully and not worry or stress about everything else. It's actually okay to be doing just one thing at a time and to concentrate totally on what you're doing and who you're with. Just be in the now and you and everyone you are with will enjoy the love and care that flows from being in the moment. If I'm having a busy or a stressful day trying to do too much or worry about everything that's going on,

I just need to take a look at our forever happy, forever smiling Samoyed dogs to remind myself about the importance of living in the moment. Now kids are exactly the same. The past and the future don't matter if we're not enjoying now. because now is actually all we've got. And despite how it seems, everyone has exactly the same number of hours, minutes and seconds in a day. As the great H. Jackson Brown Jr. quote goes,

Don't say you don't have enough time. You have exactly the same number of hours per day that we're given to Helen Keller, Bill Gates, Michelangelo, Mother Teresa, Leonardo da Vinci, Thomas Jefferson and Albert Einstein. time. But we seem to continue to find more ways to use, occupy and distract our time or trying to find more ways to save it. You see, we can't actually save time. We can only find different ways to spend it. We need to dedicate more time to think, to create, to dream. Sit back and think about what you really don't want to lose because opportunities

will come and go, but key relationships last a lifetime. So what are you doing with the time that you've left? If the day was your last, would you be doing what you're about to do today? And how do you invest your time now so that you can buy your time back, so that you have the time to spend the time on things that really matter? Or put more simply, How can you invest your time today in a way that will give you more time tomorrow? As Rory Vaden, author of Take the Stairs Muses, how is it that we have more tips and tricks, tools and checklists than ever before, and yet we still feel like we're always behind and we have no time?

How is it that we're working longer hours and moving faster than we've ever moved in history, and yet we never seem to catch up? Why is it that we know more about time management than ever, and yet our stress levels are at an all-time high? Vaden answers that the reason why is that everything we know about time management is wrong. Have you ever had that time when you're leaving for work and your son or daughter or your dog runs up to you,

and you're running out the door with your keys in your hand, and they look longingly into your eyes as they drop their bottom lips, and they implore you to stay with them? please daddy or mummy don't go to work I want you to stay with me today what does this suggest everything we hear about time management is logical tips tricks to-do lists it's all logical but our feelings about time and how we spend it are emotional our feelings of guilt and fear and worry and anxiety and frustration these feelings dictate how we choose to spend our time as much as anything that's on our to-do list. In this respect,

there's no such thing as time management. You can't manage time. Time continues on whether we like it or not. In reality, there's only self-management. Unfortunately, the history of time management that's grown out of the Industrial Revolution has all been driven around efficiency, a very one-dimensional thinking approach. The idea that if we develop tools, tips and tricks and help us to do things faster, then theoretically, this will give us more time. But there's nothing wrong with efficiency, so don't get me wrong here. Yet there's a limitation to efficiency as a strategy for time management, which is evidenced

by the fact that we all carry around many computers in our pockets in the form of our mobile phones, and yet we never seem to catch up. In the late 1980s, an evolution in time management emerged through the work of Stephen Covey in his classic book, The Seven Habits of Highly Effective People. He introduced the concept of two-dimensional thinking in the form of a time management matrix. A matrix where the horizontal x-axis was urgency and the vertical y-axis was importance. And the beauty of this is that it gave us an approach to scoring our tasks against urgency and importance in order to prioritise them. Prioritising is about focusing first on what matters most.

And for the last 20 to 30 years, this has been the dominant way of thinking about time management. Again, there's nothing wrong with prioritising and it's very valuable. And yet, even though we throw this word around as the be-all and the end-all to our time management for example how often do we say to ourselves or others get your priorities in order or you don't have the right priorities well unfortunately that's really not always the case because there's a massive limitation on prioritization that no one ever talks about and that is that there's nothing about prioritizing that creates more time all prioritizing does

is reorder the task on your to-do list which is valuable in and of itself but it doesn't do anything inherently to create more time and it does nothing to help you accomplish the other items on your to-do list. I mean, if you think about efficiency it's like running on a hamster wheel and if you think about prioritising

it's really about borrowing time borrowing time for one activity to spend on another like robbing Peter to pay Paul. It's kind of like juggling, which is how we often describe it. I'm juggling a lot or I'm trying to balance a lot. And using that outlook, there are really only two strategies.

You either do things faster or you do more things. And that's pretty much the way the world has gone with this approach. We're now just a bunch of juggling hamsters running fast but going nowhere except to an inevitable stressful burnout. Like anything, it's difficult to solve today's time management problems with yesterday's time management thinking. As Vaden continues to postulate,

it's time for the emergence of a different kind of time management thinker, what I like to call time compounders. Compounders use what's called three-dimensional time thinking. While most people still make time-based decisions based on urgency and importance, compounders are incorporating a third calculation which is driven by significance. So if urgency is how soon someone does something that matters

and importance is how much something matters, then significance is about how long it will matter. This is a new dimension to time management thinking that expands on traditional urgency and importance thinking. If you think of your current day to-do list, we ask ourselves, what's the most important thing I can do today? But this is different from how compounders think.

Compounders ask the question, what can I do today that will give me more time tomorrow? How can I use my time now to give me more time back in the future? Compounders are making these significance calculations. Now, when I say compound your time, this probably sounds a bit obscure or superfluous or even an over-exaggeration, but it's not. Now we all know that it's true that we all have the same amount of time in a day. 24 hours, 1440 minutes or 86,400 seconds. There's nothing any of us can do to create or compound any more time in our day.

But that type of thinking is the problem. What we need to do is break out of that way of thinking just about today, but look at today in terms of what impact it will have on tomorrow as the basis of how you start compounding your time. The way that you compound or multiply time is actually quite simple. You can compound your time by giving yourself the emotional permission to spend time on things today that will give you more time tomorrow. This is the significance calculation.

The significance factor is simply focusing on compounding and multiplying your time by constantly asking yourself, what do I spend my time on today that will give me more time back tomorrow? The significance consideration changes your lens on everything. You start looking at everything differently. It's what I like to call the READ funnel, the R-E-A-D funnel. you look to repeatedly eliminate automate and delegate everything you do this read approach captures the thought process that all sustainably successful people do habitually subconsciously

and they often take for granted when they're evaluating how to spend their time it's how sustainably successful people manage to create extraordinary explosive exponential results while others seem to struggle to achieve linear growth. So let's break the READ read funnel down. When considering a new task, the compounder starts by asking, can I eliminate this? Is it even worth my while doing it? It's another example of how everything you think you know about time management

is falling short and needs to change. Most of us use to-do lists. compounders create to don't lists next generation time management is more about what you don't do not what you do do steve jobs was famous for saying that he and apple success evolved around developing the discipline of saying no to thousands of good ideas so they had the time to say yes to the few great ideas to say yes only to the things that really mattered. Compounders realise that perfection is achieved not when nothing more can be added but when nothing more can be taken away. It's the permission to ignore because anything we say no to

today creates more time for us tomorrow. The challenge emotionally is that we struggle with the guilt, the pressure to do what's urgent, not important or significant. We want to say no but struggle with the feeling and the pressure that we have to say yes. So we go through life trying to please everyone but ourselves by trying to never say no. It's futile trying to go through life never trying to say no. You have to remember that you're always saying no to something because every time you say yes to one thing,

you're saying no to a multitude of others. Now, if you can't eliminate the task, The next question in the READ read funnel is, can I automate the task? Now, thanks to my good wife, Sonia, we have a rule in our know-how property finance business that anything that needs to be done more than once needs to be automated and systemised. Anything that I create an automated process for today saves me time tomorrow. It's why we advocate our kick-ass automatic saver system in our remote control money management system

that I detail in my book, The Freedom Formula. It automates your money management on a set and forget basis so you don't need to spend your precious time doing it or worse still, not having time to get around to it. And if you want more details on this, just jump on our knowhowproperty.com.au website, click the Get In Touch button and leave the message Automatic Saver System

and we'll send you the details. Now, it may take a couple of hours to set it up, But once your money is automated, it will save you hours and hours every month on going. This is taking time now to give you much more time back in the future. A compounder thinks that if I spend two hours now to automate my money management, that gives me one to two hours back every month, then I break even in one to two months on that time investment, and I'm saving more time every month from that month on.

Using investment lingo, this is about improving your ROTI, your return on time invested. Automation is to your time, what compounding interest is to your money. Just as compounding interest takes money and makes more money over time, automation takes your time and compounds it into more free time. The way that wealthy people think about money is exactly the same as the way compounders think about time in that they give themselves permission to invest time and energy to automate everything that's repeatable. McDonald's fast food restaurants are great examples

of where everything is automated and systemised within an inch of its life. Now if something can't be automated then the next filter lens in the compounders funnel is to ask the question, can it be delegated? Can I get someone else to do this? Or can I teach someone else how to do this? I believe that you can delegate anything if you trust those around you

and you invest the time in teaching them how something needs to be done. You then just need to let it go and get out of your own way. The issue is that when you're asked, can you delegate this to someone else? we often say yes but when the next question is well why don't you delegate someone else to do it we often respond with well they just can't do it as well as I can. Now this may be true initially

but it's not true if you're considering the significance calculation because if you think longer term they'll be able to master the task just like you have if you support them and guide them initially. The significance outlook changes everything. It's how you exponentially compound your time. It's about giving yourself and others the permission of imperfect for a small period of time, because over time they'll master it as well as you have. Now, if you can't repeatedly eliminate, automate, or delegate a task, or R-E-A-D, read the situation, then there's only one remaining question that comes at the bottom of the compounding funnel. Do I do this task now or can I wait until later? If the task must be done now, then this is when you concentrate.

This is the permission to protect. This is about focus and eliminating distractions and just GSD or get shit done, or the polite version is get stuff done. However, if the task can wait until later then you give yourself permission to procrastinate on purpose. This means putting this activity back to the top of the READ funnel where the task enters a sort of a holding pattern where it filters through the READ funnel until eventually elimination, automation, delegation or doing will satisfy it. And what you'll find is that if something can continually wait eventually you develop the courage to eliminate it totally or you discover a system for automating it

or someone else steps up to do it so you can delegate it or its significance increases to a level where you decide to spend your time doing it. Now I can hear you say, wait a minute Bushy I've always been told that procrastination is the killer of success and now you're telling me to procrastinate on purpose? Yes, but there's a major distinction here. There's a difference in waiting to do something that we know we should be doing

that we don't feel like doing versus waiting to do something because we've decided that now isn't the right time. Waiting to do something that we know we need to do but don't feel like doing is procrastination and it's the enemy of self-discipline. This form of procrastination is the killer of all success. But waiting to do something that we've decided that now isn't the right time isn't procrastination it's a power it's an art form that we increasingly need in the form of patience the patience to put off the insignificant thing like scrolling mindlessly through facebook

or checking emails 24 7 you buy back your time and you compound your time by giving yourself the emotional position permission to spend time on things today that would give you more time tomorrow. And if you want to learn more about how to do this, then today's guest devotes his life to buying his time back and helping you to do the same. Brodie helped and his team at Wealth, that's W-L-T-H, develop technology platforms and innovative services that help you to buy back time and make much better informed decisions about your future by providing instant access to all of your current information in the palm of your hand. In part one of our engaging chat with Brodie on last week's episode, we talked about his

leading edge wealth finance tracker, that's WLTH Finance Tracker or Money Management Tool, that's MGMT, that brings all of your financial information and your advisory team together in an easy to use app. And to give you the opportunity to make your money management easy and to get more of your time back, Brodie and the Wealth team are offering all of you Get Invested listeners another extra special exclusive offer this week. They've generously offered to give you six-month free access to not only their Wealth Finance Tracker, that's WLTH, that was mentioned on last week's episode, but as an added bonus for this week, they've generously agreed to

extend this six months free access offer to their other innovative prop tech app, Propalytics. That's P-R-O-P-E-R-L-Y-T-I-C-S, Propalytics. Propalytics is a one-stop shop for managing your entire property investment portfolio. With it, you can stay on top of property details, expenses and deductions, rental income, net asset worth, your capital growth projections, and also manage your cash flow projections. Check it out at Propertylytics by heading to propertylytics.com.au. That's P-R-O-P-E-R-L-Y-T-I-C-S.com.au. To take advantage of both of these exclusive offers of six months free access to Wealth Finance Tracker

that normally costs $29 a month and Propertylytics Property Portfolio Manager that normally costs up to $40 a month which is effectively going to give you a total of $280 for free to put you in control of your financial future, just jump on their websites and activate your accounts at wealth.com.au forward slash sign dash up dash plus as well as app.properlytics.com.au to sign up and then enter the code BUSHY in capitals.

That's B-U-S-H-Y. To activate the six months free, the code will need to be entered via the web version and not through their phone app. Once the code's been activated, you'll enter your credit card details, but you won't be charged until the six month has finished and you can cancel easily at any time.

Then download the app to your phone on iTunes or Google Play and then book your free 30-minute introduction sessions where they'll take you through it. For the Wealth Finance Tracker, go to wealth.com.au, that's w-l-t-h.com.au, forward slash introduction slash to slash wealth, w-l-t-h. And to book your Propolitics onboarding, go to propolitics.com.au forward slash onboarding.

Then activate via app.propolitics.com.au forward slash hashtag forward slash personal trial remember that to start the six month free trial you'll enter the code while activating the account on your desktop device not your mobile and once activated you'll have full access to property analytics by the web and the mobile app now these are awesome easy to use time saving and wealth building tools so do yourself a big favour and jump on the route now. Your future, wealthier and time-rich self will thank you for it. In the meantime, enjoy the second part of this great inspiring chat with Brodie where we touch on all the key areas that are going to affect you in the future at the intersection

of time, technology, property and finance. So please enjoy more of Brodie Helped. welcome back freedom fighters well today is part two of our awesome chat with brodie helped and it's fair to say we had such an enjoyable conversation last time around that we only just started to scratch the surface now in part one we talked about a lot of the past and the present today we're going to jump into the future and we're going to explore the intersection between property, finance, technology, and lifestyle. So welcome back, Brodie. Thanks for having me again, Bushy. Mate, looking forward to it. It was disappointing we had to chop it off last time around, but

now we've got an opportunity to really deep dive into some of the really hot topics that are affecting the property and finance markets, given the interesting times that we're in. But mate, where I'd always like to start off a conversation with anyone, actually, because it gives a bit of a feel for where your future direction is heading. Can you describe to us what your dream lifestyle looks like in terms of perfect day, week, year, et cetera? That's a great question, Bushy. I actually would hope that my dream lifestyle,

and I know it is not too far or too dissimilar to what I'm living now. That might sound a little bit arrogant, but for me, and this is something that I've done a lot of thinking of over the years and have been exposed to a lot of understanding around what is your why and what your average perfect day or month or week or year looks like. So in answer to that question, my perfect day is as simple as waking up, giving the wife a nice kiss in bed, getting the house in order with the two kids and taking the dog for a nice walk to clear your head.

So that's one of the most enjoyable things that I like. um and coming home taking a shower getting ready for work not being too rushed uh ensuring that i i have my phone uh or even working from home now now that the pandemic's brought that upon us i'm only in the office two days a week at this point in time so um yeah from there it's it's getting on top of of the inbox and the emails and speaking to a few of the team just to make sure that everyone understands what their their jobs or tasks are for the day uh and then trying not to to uh tease the stress levels or or push the stress levels up too much and and just getting through the tasks that you've set out to do um i really like to make sure that i plan my day so

um for most people they may use a workflow management system um we're using click up at the moment through our business but i also just run a small app which is just a listing app called any.do um for for my daily tasks uh and then also i even do my grocery shopping through that so i've got a list there and it even puts it into uh categories of of what's in the what's in the in the grocery store so fruit and veg and frozen etc so i can be efficient when i'm in the grocery store as well which uh my uh my colleagues would laugh at me for um but um i'm always trying to trying to find ways to save time because for me my average perfect day really just buys back more time for me to spend with my family so you know if i can uh go pick my son up from daycare at 3 30

p.m and then be home and and uh try and spend you know at least till say 8 p.m with with the family before maybe having to do a bit more work that evening um that is really what my my average perfect day looks like um it's it's nothing nothing amazing it's not about you know jumping in helicopters or or base jumping or anything like that um you know another component of of of that day that i really appreciate is if i can fit a training session in or go for a run um and it's all really about you know tying back to to my mental health and um making sure that it's sustainable for me to keep doing every day and i'm not trying to burn the candle at both ends or or focus on you know either training or focus too much on work or focus too much on family

it's it's got to be all about balance um so you can continue to do it for days on end yeah i love that mate they that integration between self health and wealth has been pretty fundamental to the over exercise a couple things i'd like to dig into what you said just then and one of them was that managing your stress levels was important and then i heard about the structure you put around your day that I'm sure is part of reducing that stress. Talk to us a little bit about that. What stresses you and how do you manage that stress, mate? What stresses me is trying to remember things.

So I've heard this. I'm not sure how absolute true it is, but through another podcast I was listening to actually they're saying that the human brain is effectively uh can hold around about i think it's a it's about half a gig of data in your your short-term memory or your what would be deemed as a computer so the the way that i can reduce my stress levels um from anxiety of of not thinking or remembering what i have to do for the next day or week or what you know those macro tasks or projects look like it's just to break down what your daily tasks look like um having a roadmap in place of timelines to be able to hit deadlines uh is super important to me because then i can

measure myself off um how i'm going now you won't always hit a deadline or do everything on your your daily task list but if it rolls into tomorrow then you're not worried about having trying to retain that knowledge and what i used to find uh years ago before i started using lists whether it was through an app or you know even writing a post-it note whatever whatever floats your boat um was at night you'd sit in bed before you went went to sleep and you couldn't stop thinking about all the tasks that you hadn't accomplished for the day and what you need to accomplish for the next day uh and rather than you know writing it down or putting in the notes of your phone or a listing app um you try and retain that knowledge and and sometimes have sleepless nights worrying um and

And worrying is something that is, from my perspective, a really negative pastime or a negative approach. And it only puts you further behind where you're supposed to be. And you spend so much time procrastinating that you'd never actually get anything done. So that's probably the main thing for me around stress levels. and then noticing probably around about five years ago that a really good way to handle my own stress levels or even, you know, some anger that you may have is to purely ensure that you've got a consistent training regime

and whether that's just making sure I go for my daily walk or training three or four times a week at the gym or going for a run two or three times a week, you know, making sure that I commit to that because one thing that I hate, particularly with team members, is when they say, I don't have enough time because time is, yeah, it's in high demand and it's probably our most precious commodity.

But when someone says, I don't have enough time, for me, all I hear is, it's not important enough for me to do or to focus on or to prioritise. So with managing my stress levels, it's understanding and creating self-discipline about knowing what process works for me what process do i have to undertake to get the best performance out of myself and being super self-aware uh when you are pushing those boundaries so you know i might have as an example last week i had three nights where i worked past midnight

um but understanding okay i'm going to need to sleep tomorrow night and get a full eight hours or nine hours otherwise i'm going to be useless or i could potentially ruin my immune system which will then avoid me from being able to train or walk the dog or help out with the family and it'll cause an effect that goes beyond your own self-interest. Yeah, that self-awareness is a real key, mate, that you're looking outside at yourself across that full spectrum of self-health and wealth almost intuitively now is what I'm hearing given the systems you've built around managing that worry level in particular and also recognising, and this is an important thing,

I think this is probably more attuned to blokes than it is the female gender. You talked about the importance of that training regime because I know myself, if I don't train regularly, then that frustration and aggression starts to creep in and without me knowing it, it sort of permeates across everything. and I'm lucky I've got a wife who slaps me around a bit and is more aware of me than I am at times and says, you need to go and exercise.

I feel like I'm speaking in the mirror here, mate. It works wonders for me, mate. So I love the way you've actually broken it down and recognised, okay, this is what I need to do to keep me on track, mate, which is awesome. One of the other things I'd love to expand on, you've touched it on a couple of times now, and that is the importance of buying back time.

Can you talk about where did that awareness come from, you know, recognising the importance of time and how does that now impact on you and your team in terms of the way you preciously guard that exercise? Well, I suppose it comes back to, and I just want to make note of something that you brought up there which is really important as well as around your partner. So your wife keeps you in check and has a role to play in your self-awareness.

And that couldn't be more true in my circumstance as well. Sometimes I feel like she knows what I'm thinking before I'm even thinking it. So it's really important that she might say, you know, be careful of working late tonight. You worked late last night. You're probably going to run yourself down and then you're going to be hopeless and you're not going to be a help tomorrow. And then I think, yeah, she's right. Hard to admit. But it's the truth.

And then when you find yourself not training or not taking time or being aware of where you're at and how your body is feeling – sorry, I'm not sure where I was going with that then – but effectively – sorry, the question was buying back time and I've just gone off on another tangent. Yeah, that's right. Let me sort of rephrase it a little bit because what you've given and shared with us already has been awesome in terms of how you're getting time back on a day-to-day basis. And I reckon that alone, just the apps and the measures that you've built into that process, the listeners are going to get a lot from. What I'd also like to expand on is the importance of buying back time long term and what you're investing in today that's going to give you more time tomorrow. Can you perhaps shed some light on your thoughts around that? Absolutely. I remember where I was now. So for me, it comes back down to self-discipline is the key around buying back time.

so you know when i was probably in my mid to late 20s um i always had that kind of mindset of in order to be a strong leader uh and to to get things done or you know as one of our mantras are in our business get shit done is to just work and work and work and work harder and longer than anyone else in your team to one build respect as a as a leader but to try and get things done and then probably wasn't until my early 30s or when I was about 31 or 32 that I realized that is actually counterintuitive because the harder you work the more you burn yourself out and the less efficient and um you know you're probably running at 60 or 70 percent as opposed to running at a hundred percent and for me it's it's it's noticing or understanding that i probably

can can work really well for you know concentrating and and getting a lot done for maybe a three to four hour period a day and that's it in terms of sitting in front of computer and you know running cash flows or you know communicating in emails or um you know doing something like this today with yourself i've probably got you know that that amount of time in me as a max capacity and understanding that that's that's the only way that you can operate and i'm not saying that i always operate at 100 but um identifying within yourself that that's all you have in terms of your capacity it's better to perform on that level than it is to try and perform for 10 hours at 50 or 60 percent because you um haven't been for a ride and you didn't walk the dog you didn't

have breakfast you rushed to work you're stressed from not writing a list um and you haven't had much sleep and then in turn your your self-awareness is completely disintegrated where generally where you might have bitten your tongue or reworded or rephrased a reaction to someone or something you you meet it with aggression and and a tone that is detrimental to your business and and you as a person so that was probably the biggest thing in terms of buying time was it's you've got to treat it as a commodity to make sure that um you can help perform because human performance and and and time go hand in hand really so that's that's kind of my thought process on how i try and buy back time daily from a macro perspective in terms of business and how i'm

setting myself up financially and and what we're exploring um to buy back time on a on a larger scale is um is something that i'll go into now so we spoke about in the last episode around where we've kind of come from and what shaped myself and Drew's thought processes and core values, I suppose, within business and how we operate. That led us to the present and understanding and explaining what kind of businesses we have in our collective. For us, it's about a journey of being involved in finance and property and investment and that led into tech with our personal finance manager tool which is currently called wealth finance tracker which we're rebranding to money mgmt in the next few weeks and the reason that we're doing that

is because we're we've we've led us to kind of an amalgamation of everything that i've done previously in in my career and in drew's career has led us to this point where we've been exploring for the last 18 months to two years the challenge of banking space and the neobanking space and the payment space and the lending space and understanding how that value chain works in the current industry and identifying the real issues that exist within the market and how can we play a part in, I suppose, adding value to that sector like we believe and know we've added value to the mum and dad investor sector

and the lending sector with Inception Finance and Bayside Home Loans and incorporating technology through adding Propolitics as a property projections and calculations tool to help serve our property investor clients and then also adding a PFM tool, Personal Finance Manager app, to help our clients have transparency over their full financial picture. Now we want to get into this other space, and this is what we've been working on,

to effectively become an aspiring neobank, which will be you know part of our critical roadmap in the future what that looks like now is we're probably three to four weeks away from from launching our first offering so we aren't a bank yet we can't call ourselves a bank yet um asic would would have us on a bed of coal so that was the case um but we've we've utilized um the name that we currently have which is wealth wlth which we had for our PFM tool and we understood the importance of having one, you know, a four-letter name to something and it encapsulates everything that we're trying to achieve

with entering into the payments and lending and banking space and the fact that people want to manage their wealth and you want to become wealthier and, you know, there's no hidden definition or some, you know, sanctimonious purpose-driven name concept that we came up with it's it's as basic as that our little brother jake actually came up with the name uh about six years ago or five years ago now when we were looking to to name wealth finance tracker uh and we just said yeah that's great it's wlth yes you drop the the vowels um and you know some people struggle to say it we've had all

sorts of pronunciations and people go i love that wolf wolf app you've got how's with going um and you know it's quite fun but um you know in saying that that's you know that's that's what we want to drive down and come only as business owners understanding what pain yeah so our our little brother jake actually came up with the name wealth um so yeah it wasn't it wasn't by any um purpose-led uh name or some amazing uh naming conventional or think tank that we had it was purely by our text message that he sent it through but it encapsulates everything that we're trying to achieve um with the naming of this offering and this offering that we're building um suspiring neobank and and and uh offering through lending

and then offering payment gateways and and offering a non-cash payment facility or a prepaid account to hopefully having our restricted ADI license by mid next year has really been an amalgamation of our full business journey prior to that and up till this day and we're learning daily as well and what I mean by that is it comes down to the the journey of a business owner so we are going to be targeting you know SME and micro business owners and businesses themselves um you know one of our taglines is built to serve business but with a focus on people so what we're trying to do is to to help businesses and help business owners make that value chain increase and and drive um a seamless experience and it sounds cliche but more efficiency into the

setup and the organizational organizational operation of a business so generally now you You set up a company with your accountant, and then you go and you set up a zero account for accounting or MYOB or QuickBooks or whatever you're using. I'm pretty sure you can guess what I use, though, from my first suggestion. And then you've got to go away and set up a bank account. And that process today with majors and even second tier banks is a really frustrating process where generally you've got to supply a business model or roadmap, which most new business owners haven't even got to that point yet. And then you've got to supply all your corporate trust deeds and information for the bank account set up. and then it can take, you know, days of paperwork to get to a point where you actually open an account.

And then if you're trying to have a merchant facility put in place as well, then that can be another, you know, month to two-month experience. So that's the first real thing that we noticed with businesses themselves. It's been very, very hard for a business to set up an account and operate in that space. From there, it's really just looking at what we've done in the past. So lending, we understand lending quite intrinsically. We know what people want from a loan and how to engage with their finances from that perspective.

So having a nice, friendly, easy-to-use customer portal or online banking facility and making sure that you have features that make sense. so for us it's about you know supplying that whole value chain of a business owner and and just trying to tick a few boxes where we can make their day-to-day operation of a business much easier because i'm not sure about you bushy but i will ask you this question when you got into to working for yourself or going into business did you ever think that you'd be effectively a glorified cfo or an accountant because that's probably the biggest component that i see you know people coming into business that they fail to to forget that they've you know and then that's the other side of it you know employment contracts and then setting up um you know tax declarations

with the staff and then setting them up on payroll and then organizing payroll and superannuation it's it's quite a large beast massive massive and it's uh you don't realize you're going to become a jack and jill juggler of all things until you're up to the eyeballs in it and you're absolutely right. It's a very time-consuming process, a very frustrating process when a lot of us in our own business are just wanting to get out there and solve the customer problems that we want to solve, but we're so tied up with the alligators in the office dotting I's and crossing T's. And early on, very few people have the budgets to be able to employ others to do that. So we're now in a position where we've got good bookkeepers

and good accountants that do a lot of the data entry boring stuff so that we can focus on the headline gear. But early on, the sleeves are up and you're in amongst it trying to work out and understand and learn so that you can know what you don't know. And that's the trap. A lot of people either get drowned in it or worse still, they'll ignore it thinking, oh, well, she'll be right,

and then find themselves in all sorts of strife. So if you're simplifying that process and making it much more time effective for them, so there's that time exercise coming back into the equation, but also giving them a roadmap in terms of the key things that they need to do just by following that process, then I can see that adding immense value to SMEs and business owners. Yeah, and we can talk about probably the most simple component

to buy back time there is, you know, it will be a digital offering. So there'll be no branches. Everything will be done either via the web browser, the website or on your app. So our aim is to have an account that someone can open up within five minutes as a business, that you don't have to go into a branch and fill out physical paperwork and take it back

and get other directors to sign. So that's part of our roadmap and to make sure that we're saving time there. I'm creating more efficiency across the account opening process, but then having integrations with accounting software, giving people the ability to, you know, have link payments or split bill payments or roundup payments or there's a myriad of features, virtual cards. part of the business journey that we're building at the moment with the Payments app is around how can we serve businesses from an operational expense point of view because that's one that we've found headaches from

and this is where the majority of our ideas come from. It's just from personal experience. So we've got staff that have expense cards. How do you operate those cards and put limits on those cards and ensure that they're not being spent for purposes that they're not meant to be spent for? So part of that, we're going to set up a business account and then you can effectively order further cards for staff and then you can control the limits of daily spend amounts or weekly spend amounts for each of those cards. and you can turn off those cards or block those cards

if a transaction comes through that you're not aware of. You can turn on push notifications to receive those transaction notifications or you can decide to, you know, turn on cards or issue a virtual card, you know, straight away. So it's just little simple elements that, you know, exist within the banking ecosystem right now but haven't been utilised to the purpose that they could be to maximise the help that they could offer a business.

Following on from that, we're looking at, as I said, building and offering out payment gateway services. So majority of businesses through COVID have effectively have to adapt or die, so enter that e-com space. But how do they integrate with, say, Stripe or Shopify or PayPal quite easily? they may not have web developers at their disposal that they can kind of turn that around quickly

what if they're selling international do they have to have international payments what does the accounting look like for that so for us the the offering that we're building is really going to be education driven that's that's number one it's trying to help educate our you know potential customers about how to utilize our services for themselves rather than just saying this is what we have go away and use it this is what we have this is how we think you should use it and here's some examples about how other people have used it to buy back time for themselves so it's really it's really simplistic in its approach um but it's it's solution driven it's very refreshing mate because uh unfortunately the the banking system has come so chocked with process and

compliance and unfortunately because it's broken down into so many bits and the banks are so big the the end user gets forgotten about and the end user ends up having to jump a thousand hurdles and try and work out how this thing comes together themselves if you're you're coming from the the actual users perspective and in this case uh small businesses and let's face it if there's one lesson that we can all take away from the pandemic is that there's going to be a massive growth in small businesses moving forward because the work from home routine and having more control over your own destiny is definitely going to drive that. And big businesses will start going down that road in terms of their employment contracts, I'm sure. So your timing in terms of tapping into

providing new and existing small businesses with a very user-friendly, time-effective exercise that works around how they operate, not how the lender operates, is going to be very refreshing, mate. So looking forward to that. So how far away is Wealth the Bank? Well, can't call it a bank yet because you'll get in trouble. But Wealth, it'll just be sitting on the URL wealth.com. It's got a pre-launch page there now. But we will be launching hopefully the first or second week of July.

We're just finishing testing off. The first offering will be mortgages, so lending. And that'll be for, as I said, targeting SMEs, but more so serving the business owners themselves of helping with their residential mortgages and also commercial property lending and also self-managed super fund lending as well. And then from there, we're looking to launch our prepaid cards and payments app by January of 2021. and then in our roadmap we've got hopefully we'll be launching bank accounts by July 2021 we'll be launching our payment gateway before the end of this year as well and it'll be you know it'll be driven out through our social media channels and our messaging that we're pushing out through our different networks so yeah it's going to be including right here mate so it's

really exciting journey i'm loving where this is heading and i know you know that if i draw a thread through everything that you've done today both personally and professionally it's all about simplifying and improving process to save time so you know if i if i'm looking for that consistent piece that buying back time has become a very consistent foundation stone for everything that you've driven and it's it's got to be effective and efficient and and time and cost effective as well but that that time piece is really important let's let's jump back into your personal exercise for a minute in terms of buying back time so we've we've talked a lot about how uh on a day-to-day basis you're buying back time you we've talked about how what your business is doing to help

others buy back time but if we look at uh you know sort of jumping into the longer term future uh what are you investing your energy in outside of the the businesses that's ultimately going to give you back time to put put into the things that are really important to you yeah great question um i mean that's that's around kind of um so let me break that question down so this is this is something that i think is important there's personal investment from a money perspective so you know what are what what am i investing in what is drew investing in to help ourselves buy back time for the future, you know, to spend more time with our family and friends.

So that is investing in what we call really stable and cornerstone type investments, so into the property market. So ensuring that, you know, we have a footprint in that market where we can generate a passive income. I think it's important for every Australian to take that approach when it comes to investing and their investing journey. I've seen it all too often where people might have a couple of hundred thousand dollars there that they've saved up to buy their first home or an investment property or both. And then they've gone and dumped it on either a cryptocurrency or a share tip, hoping that they could double or quadruple or triple their money or 10x their money in that time.

And more times than not, because that's not their area of expertise, they fall flat on their faces, which is not a nice experience to hear about or for anyone to go through, particularly when we've got young families or lives or relationships at stake. So understanding what is a really core component to building your investment journey. And it's something that we hear from our client base all the time is what's the next best area? What's the greatest property type that I could buy? that's going to give me the best return and the most capital growth over a short period of time?

And our answer is it's not about timing the market per se, and this is probably something that's probably more relevant at this period of time. We find ourselves with COVID, but it's not about timing the market. It's about time in the market. And I truly believe that making sure that you give yourself the longest time in the market will ensure that you'll have the greatest success.

And that goes back to that old Chinese proverb, when was the best time to plant a tree? And it's now. It's not 20 years ago. It's now. You can't live in the past. You can't reference foresight or look back with disgust or resentment in hindsight either. So you've just got to make a step, make a plan. Take that first journey or just take control of your destiny

without sounding too preachy and make it a commitment. Make it a priority to get your finances in track or sorted or start that journey at least by you can speak to friends and family and see what they've done and who they've worked with or you can reach out to a company you know not not too dissimilar to yours bushy or to to our advisory firm and start having those conversations no one's ever forced anyone to do anything so i think people are really scared in this country that they're going to be sold and they're going to end up with a dud or something's going to happen but ultimately you're you're in

control of those decisions and it's really about um you know information collection so if you can go speak with one company why wouldn't you go speak with two or three companies make a decision on who you feel most comfortable with based on the information that they've given you and i think that's that's an important component of what people need to do in terms of buying back time or getting their investment sorted the second thing is and i always think this is probably the most important thing when it comes down to decisions you make in your life is as we say bringing it back to your why what is your why what are you really trying to achieve where do you want to be in five years 10 years 20 years have you actually really sat down and

thought about it um and then two is that in alignment with what your partner wants um it's great that you know you might have individual visions but are they poles apart because you're just going to end and end up battling each other you know for the next 5 10 15 20 years to get to a point where both of you didn't want to be um so understanding your why and talking about that with your partner and where you want to be is super important and you know for for us and for our why as we we said in the last episode is you know help others to help yourself so if we can add value through our different businesses and what we work on naturally it's going to help ourselves that'll be an organic byproduct of of what we're trying

to deliver yeah 100 that's an absolute gold and what you've just shared with us there the importance of time i've often said you've you've got to make time to let time give you time and that that's about making time now so that you're using the time you've got to invest in something that's going to give you time back long term. And the biggest hurdle I see is people not making the time now. And there's also a false thinking that it's okay, I've got plenty of time. So I don't have the time right now, but I've got plenty of time

so I'll get around to it eventually. and uh you know i i wax lyrical about how impactful delaying that investment decision is in terms of the time impact on growing your nest egg it's it's you know massive in terms of that exercise so let's talk about this in terms of because it's very relevant right now uh brody where we're just emerging tentatively from the after effects of the lockdown from the pandemic and all the fundamentals are telling you and I and everyone else that it's a very good time to be investing but there's a lot of nervousness that's fuelled by the fear

and the scare tactics that emanate from the mainstream media. What are you saying to people who are on the starting blocks and ready to go but have this sort of anxiety and nervousness? What do you say to them? Well, before I answer the COVID or pandemic question, I think it's also important for us to add about comparison so one thing you know i found and and a lot of our team have found along the way is people in today's society find themselves comparing themselves to other people or trying

to keep up with the joneses so first of all never compare your situation to someone else's you may have friends that have invested 10 years ago and go i wish i'd done that back then it's you know i missed the boat there's no such thing as missing the boat even if you've got five years to retirement it's still something that you can do to make a change to have a better outcome in five years time um so that's that's the first thing and i think that's really buoyed by um today's social media and the media um all the mainstream media that we live in today um everyone is comparing themselves and and trying to one-up yourself or or you know i suppose outwardly project this amazing lifestyle that you have through instagram and facebook and and other

social channels um when in reality no one sees you know we use the the iceberg analogy you know you see the tip of the iceberg we don't see what's under the water and what's what what it's taken to get people there um so that's the first the first answer to that question the second component is around covid and the pandemic so what you can do if you're wary or or i'm scared that's in reality that's what people are they're scared of what the future may hold um you've got research at your fingertips so google you know is a giant asset we've got so much information and we call it a terminology here of infobesity people suffer from infobesity because they're getting so much information thrown at them they don't know what to believe or what not to believe and if you look

for something on google you can find it so you can google um you know 10 biggest issues of investing right now and you probably see 100 articles you can also um probably do the opposite of that and say the 10 best reasons to invest now so you can always find the answer you're looking for based on what you ask right yeah which is really important to understand so how do we um depict what is um as as donald trump says fake news or what what is reality so we we always look back at this as what what is historically um markets done so you can look at what's happening in gfc you can look back at 1980, you can look back to the Great Depression. You can have a look at all these key economic indicators from historical reference and see what happened to markets

throughout those periods. So as an example, you can look back at GFC and find out what happened to property. Did property suffer a huge downturn? And the answer is no in Australia. We had an uptick in the market i think sydney rose something like 23 percent um in 2009 so just as the gfc ended uh and and that's happened across each and every state in australia um across every sort of pandemic or global crisis there's a there's a rebound in in the property market now i'm not going to sell you or tell you that the property market will do exactly the same thing but it give you confidence looking at historical references to to decide and make an informed decision now we may suffer a short downturn in property but if you look at the basic concepts

of how market works with supply and demand the government has put in the uh the the home buyers grant um this week or last week apologies uh to to drive uh new buildings because they know that that there is a shortfall of supply so if there's a shortfall of supply and there's high demand then what happens to the market was she yeah it goes up absolutely it's pretty simple isn't it exactly but i mean understand that people are are worried in these times but just strip it back take take the emotion out of your decision and look at it from a perspective of of pure facts based on historical data and you could probably make a pretty informed guess of where you think things will be heading based upon that um and then we always talk about the importance and i'll use

another analogy here because i'm full of them um when you're talking to someone about investing and this is one thing that really kind of grinds my gears is um you know people may call them barbecue investors um or you might just have a know-it-all friend either one and you'll go to a barbecue and You will ask a few questions, I'm thinking about investing, and then someone's always going to have an opinion on something. I mean, we can go into parenting, but that's probably up there with religion when people start telling you how to parent.

But for some reason in Australia, everyone seems to think that they have their right is to talk about investing and what markets will do and how they'll perform. And the same old adage is, would you go to a doctor if you feel sick? Yes. Why don't you go see a finance professional

if your finances aren't in order? and guess what if you know you want to go to the next step and go see a surgeon if you you know get a referral from a doctor um there's the same there's the same uh chain of of special specialist expertise uh in the finance sector as well so if you're going to go see your accountant it's usually the first step your accountant's probably going to refer you to go either see a financial planner or financial advisor or or a tax strategist or whoever that you need to see or a finance broker to help kind of improve your position, which is a great step. Yeah, I 100% agree.

And the unfortunate thing about Australia, I call it the inverse rule of investment, mate, and that is that the less investment property you have, the louder you talk about it. And Australians have this belief that we live in a house, therefore we must be experts on property. and so i i you know the the the key litmus test for me when someone says oh joe blog says it's not a good time so how many investment properties does joe own if he owns none then it's like well

do you really think you need to be listening to that person if they're not doing or haven't had any involvement then how much can you take credence of what they're trying to suggest So, yeah, no, there's some great insights in exactly what you shared in relation to that. Sort of moving beyond that and getting a real perspective around, as you've said, you know, the history and the rear-view vision is no guarantee for what's going to happen in the future, but all the fundamentals, you know, we're coming into a very good time,

the lowest interest rates ever, a very stable economy, lots of government money flushing into the system to incentivise us to spend. That nervousness for me as a contrarian, that great Buffett quote around wealth is a transfer of money from the impatient to the patient, and the old story of being greedy when people are fearful. there's some great opportunities there for people right here right now if they're they're poised and

they're ready not paused but poised and ready and i'm saying to everyone just get get ready to pull the trigger because there are some good opportunities that will come out of this because the great herd are running scared and running away that that's the perfect time to be taking advantage of that opportunity and that's small and there will be some small downturn And as a result of that flow-on effect, no question about it, we're seeing a calming of the debts, but no major falls. It's those periods where we see those little dips, that's great buying fodder. That's the really good opportunity to jump in. Mate, let's jump into where the world's heading, given the sort of major global impact that's had on each and every one of us.

I'd like now to delve into a little bit more the future of banking because, as you and I both know, the only time that property is affected is when credit is squeezed. If you look along that timeline over the last – right back to 1924, the only time that property is materially affected is when the access to money is squeezed. And we saw that with the Royal Commission and the work that APRA have done over the last couple of years. moving forward though the banking sector is going to look very very different and you've talked about your play into that space through wealth let's talk a bit further about what open banking is and what open banking is going to do potentially for the listeners mate can you give you give us your thoughts on that one absolutely um so open banking can be as simple as you make it um i think people have kind of convoluted what it really is around when we talk

about um the data right and and open banking in australia but it's reflective of the of the uk model um in essence which it just means that um you can choose if you want to share your data to another institution whereas people um previously um or banks i suppose previously wouldn't share that data between each institution um to make a decision on being able to swap products or swap banks easily or to pull information in so you can easily obtain credit with another institution because they've got live data feeds of your information. And that data is absolutely owned by the individual themselves so they can decide whether they want to share that data to another institution. I think it's great for the industry because what it does is it drives competition.

So competition is great in this industry because for too long, the major banks have really owned to monopolize this space i still think the uh cba dolomite account is probably the most genius concept uh outside of mcdonald's marketing uh ever in the history of the world um yeah i mean for them to drive trust in a brand from the day that you first go to school in grade one as a five-year-old and i still remember out my little dolomite account that you take your little yellow folder and put your dollar or two dollar coin in and take it to school and get your little tear-off tag of reconciliation to say that you'd banked that money. I just think that is absolutely phenomenal.

Whoever came up with that, you know, they just deserve the highest of accolades when it comes to marketing. Well, and Commonwealth Bank still have over 50% of the home loans in the country. It's a fairly good indicator of the trust level that they bought and inculcated in each and every one of us. I remember still, I'm going a bit older than you, mate. I had the old CBA money tin saving box that would look like the front of a bank. It was built in the shape of a bank, and that got me on my saving habit.

No question about it. So, yeah, 100% agree, mate. But where is it now leading, though? Because, let's face it, there's zero trust in the big four banks as a result of what came out of the Royal Commission. what does that mean and where are the opportunities that will flow from all of that

I mean I wouldn't say that there's zero trust I think there's still a lot of trust in the bank in the major banks because people kind of don't want to change from what they know or what they feel comfortable with you know we've got that saying in Australia if it ain't broke don't fix it so why would you change banks it's going to be a headache

and a punish so I feel like that sentiment will still probably continue for the next 10 or 15 years in reality but what we are finding is consumers now are smarter and and want to have all of the answers and information before they make a decision so consumers want want to know what's going on with the institution they want to understand what the institution is doing and that also comes down into the next kind of value of what we're trying to promote is around purpose what is that what is

that bank driving or what is that entity driving in a way of purpose from the way that they conduct business? Absolutely, consumer confidence in the major banks has crumbled. There's no two ways about it. You look at the Royal Commission, then you also look at the money laundering scams that the likes of Westpac and NAB were caught up in with Austrac uncovering those. It's full on and it's ripe for the taking in terms of market share. And I think the challenger banks to date that are in the market are doing a fairly good job. I feel like the majority of them are super consumer focused and really just trying to operate on a no fee model, which I still fail to see how that is a viable business model. But that's a story for another day.

there are a couple of good challenger banks out there that are you know targeting niche areas of the industry where they can solve an issue or a problem like you know the judos of the world um but what it comes down to is as i said before and this probably ties back to that property question uh when you talk about what is what does the future look like with with open banking well one it creates um a competitive market and it makes it easier for the the consumer to switch but consumers want to know more so this is really what we've done and what we've tried to accomplish over the last few years around property as well is why we built propolitics propolitics is a property calculations tool that helps you predict what your cash flow internal rate of return and your cash

flow mechanics look like with a property investment so you can see black and white what the figures are rather than just thinking what's the interest rate what's my repayments how much rent am i going job done. I can afford to buy that property. That is not what you should be doing, which you and I both understand. But we need to be able to give access to consumers to be able to see this type of information for them to make their own decisions and also to double check facts when they are using a professional to do things for them so they can feel comfortable with what's being promoted to them, I suppose. The same with lending as well. And you talk about the lowest interest rates we've effectively ever had in this country right we did a project

a case study probably about a month ago with one of our team members that purchased an investment property and just had a look at the internal rate of return of if she kept her money in cash versus if she invested in property just looking at an exercise of internal rate of return of what she was going to get a return on her money and she was going to return 8.5% on her invested capital per annum. So that says to you that property actually poses a better investment purely just on the internal rate of return, not even worrying about capital growth, better than cash currently. We probably haven't had a situation like that ever in this country, which is one thing that I think people don't really understand right now. And that could be modelled quite easily,

obviously through our platform but you know and taking contingencies in place and understanding that you can mitigate risk or reduce risk quite comfortably if you know what you're doing we've seen a change in the market just through covid with uh landlord insurance as an example i always thought that landlord insurance was too cheap and that has been proven correctly when the The Terry Shears and the EVMs of the world have effectively cut off their landlord policy to exclude pandemics moving forward. But there is still some insurers out there that will do it, but it'll probably be three or four times the price. So rather than, you know, $200 or $300 a year, it's going to be between, say, $700 and $1,100 per annum. And I'm just throwing – I'm not in the insurance game, not licensed, but just throwing that out as an example.

Now, for me, that says that that's great. people will now understand and make allowances and contingencies in place for a pandemic because it's probably more than likely going to happen again sooner than between the last pandemic and this pandemic. That's pretty much a given now. If you look at that and you can say, well, I can make contingencies,

I can now model out this investment and I can see that just based off the interest rates alone and even if you want to go super risk adverse, you can just say, I want to fix that loan for the first five years where I know I'm going to get the most depreciation out of that property as well. You can effectively, over a five-year period,

pretty accurately project what that's going to cost you week on week for that first five-year period, not taking into consideration any capital growth, just looking at it as a capital-invested cash return or internal rate of return. So I think there's a phenomenal opportunity there that a lot of people are missing right now. They're too worried about what property prices are doing.

as opposed to what the actual cash flow mechanics of a property can do for you as well, which will then start changing people's ideologies of what they're utilising the property for. Are they looking at a passive income strategy? Maybe they want to have something that generates a higher rental return but may not have that capital growth over the short term as an interim strategy. You then look at the different property types that people

are investing in to try and drive down the lowest interest rate. I mean, there's a whole myriad of opening the rabbit hole or can of worms of, as I said, again, why are you investing? Why are you investing in property? What are you trying to achieve? And then from there, you can decide how you're going to invest and what you're going to invest in to get you as close to your why as possible. That's the component I think people are missing. Totally agree. Tying that back to banking as well.

I think people are looking for solution-based objectives when it comes to making their lives easier. Everyone has that same issue of time. Everyone wants to buy back time. Everyone wants to make things easier. People no longer want to talk to people in a branch to set up an account or have to drive somewhere, wait half an hour to be told by a concierge

at a major bank, as an example, that they're now going to have to wait for 25 minutes until the person that handles that department comes back from lunch. Like, wouldn't it be easier just to jump on an app, set up an account set up a payment gateway uh issue a card issue a virtual card straight away from a staff member that just started work that day um for them to then go buy you know whatever they need to go buy um or shout a client lunch whatever it might be um quite easily like people

people will want that that's they're craving for that which is where i feel like the major banks still haven't quite got it yet or um as we spoke about last time the legacy systems that they have in place they're just making it almost impossible for them to turn the ship yeah yeah and i think you've hit hit on the head right there they're so inflexible and so entrenched in their existing systems and processes it's very difficult and costly for them to make that change and that creates the opportunity for what you're talking about with wealth and the other challenges to really make a dent in that exercise because they're they're able to turn themselves into what what the customers need not what the banks want to do so that's exactly really exciting mate

and i and i totally agree with you sort of flipping back on the the property subject coming back to that why is an absolute key question because i i get to see a lot of a lot of people who you know they bought a property in five six seven eight eight years in hasn't seen massive capital growth and they're going oh how how bad is this but when you look at the fact that you know they've by having the property they've able to keep you know 10 to 20 grand of their hard-earned in their pocket which has gone into an offset account which has made massive dents in their home loan so they're going to end up owning the home a lot earlier uh it's not all about one thing and it's understanding the totality of that and how is this contributing to getting to where you

ultimately want to get to which is having time on your hands to do the things that are important to and have your income funded through sources that don't rely on you, then there are a lot of, as you well pointed out, some hidden benefits there in property that's not all about growth. So, yeah, that's awesome, mate. Excellent. Any sort of passing comments then around the future of that intersection between property financing technology

that you think is going to be of interest to the listeners? yeah for for us one point that i probably touched on really lightly before was around uh purpose-led or purpose-driven organizations and i think um you know being in the money market itself or or banking or payments or lending whatever you want to call it i feel that there's a real change coming um and we talk about things like climate change and people getting behind that and really trying to promote systemic changes through our government and through organisations and what they're doing to keep green,

I think that people also want to see what people are doing in terms of purpose-led and how they can add to that or creating loyalty through your customer base via driving a purpose-led initiative through your business. But I'm not talking about paying to have a B Corp badge on your website or to be, you know, back in the early thousands, carbon offset or carbon neutral or, you know, like some food companies get their health smart tick.

It's about what can we do to create an offering that, one, will tick a couple of boxes in our why, but two, will help the value chain of what we're doing as a business and something that will work with our users. So for us, that first step was saying, okay, we're going to be an Australian-based firm, fintech or organisation. We're looking in a lending space and we want to drive that we are, one, we're from Brisbane. So what's close to our hearts is the beach and the surf and the ocean. so our first component of that is to look at incorporating recycled ocean plastic cards

into our value chain so that starts with the the manufacturing of the cards and then that's that's led us to now go down a wormhole of uh of understanding what that supply chain looks like for cards so where does that ocean plastic come from um how does it get recycled? What NGOs or non-for-profits or charities can we link in with to try and fill that whole supply chain of where the plastic comes from, goes to the manufacturer, comes to us, we package it up, we then send it out to the clients. Is our packaging sustainable? Is even our envelopes or the bags that they get sent out sustainable or compostable? And making sure that we make real change there and then also give back um to that supply chain all the people that are doing

the good work in that space yeah mate i love that and this is this is the uh this is what really excites me about having your own business and i i hear the same passion in what you're talking about is that everything we do we can have an impact on making the world a better place and the businesses who understand that and embrace that in terms of having a a purpose that is beyond me and beyond you uh and doing that in a way where you're partnering with with your clients to make an impact uh is a stuff that that i get an immense fulfillment out of and that's that's where the true fulfillment comes when you can freely give to others without expecting anything in return and in my view and i've felt that for a long time and you know the opportunities

we have now to do that at every level of the business and at every level of our interaction with our customers to be having a positive impact on the future is very exciting, mate. So I fully commend you on everything that you're doing in that space. And what I love about every time I talk to you, you're constantly thinking about what's next and how can we improve. And you've made meaningful impacts across everything that you've touched so far. And I have no doubt that that evolution will continue as you keep that whole of life end to end vision in your mind about how you can help people to buy back time,

improve their lives, and make the world a better place. So really appreciate your input again today, mate, and looking forward to ongoing discussions with you as I get invested as we talk about the next iteration of wealth and the other exercises that you're helping people's lives with, mate. So thanks again and looking forward to talking to you soon. Thanks very much, Bushy. And if I could just leave it with one more quote in terms of from Benjamin Franklin,

an investment in knowledge pays the best dividend. I would just say to your listeners, if you are interested in a space or you're wanting to find out more or not sure whether you should take a step with investing as an example, then take time to invest in further knowledge. go buy a book do an online course speak to a professional but the answers are out there and until you feel comfortable with making a decision that's that's the only bridge that you've got to cross is knowledge absolutely right it all starts with knowledge and as you say there's lots of it out there just tap into it and get yourself a space where you are comfortable

because one thing that you and I both know is that doing nothing is still making a decision to go backwards in our current time and will continue to be that way. So if people are going to maintain their lifestyle long-term, you need to invest. You just need to invest, work out what that's going to be in and then skill yourself up and surround yourself with the people that are going to help you get there.

And certainly I can see some exciting opportunities for our listeners to be working with you and your team across the multiple strings that you're helping them with in managing their money, in managing their wealth and their property portfolios, and now, not too distant future, helping them with their small businesses in relation to being much more effective

about how money is working for them so they can get on with what they're good at. Thanks again, mate. Love your energy, love your passion, and looking forward to making you a regular here on Get Invested as we enjoy your future journey. Thanks, mate. Thanks very much, Bushy.

Cheers. Well, Freedom Fighters, how good was that? To get a summary of all this investment gold in the show notes, just email me on hello at khgroup.com.au. It's H-E-L-L-O at khgroup.com.au. or check us out at www.bushymartin.com.au forward slash GetInvested. I look forward to joining you next week

for another episode of the GetInvested podcast. So thanks for listening. And as always, dream as if you live forever and live as if you die tomorrow.