Should you join your coin?

Zoe Moorhead: [00:00:52] Hello and welcome back to Meet Pay Love, a podcast where we talk all about relationships and money. I am Zoe and this is my sister. Come. Hello, Zoe. As always, we'd like to start off by acknowledging the traditional custodians of the land in which we are recording and listening to this podcast on. We Pay Our Respects, The Elders past, present and emerging. Today we are talking about joint accounts and group finances in a relationship. Do you have a joint account? [00:01:18][25.7]

Carmel Moorhead: [00:01:19] Yeah, I do have a joint account, but I have a mortgage, so it's based off our mortgage. [00:01:24][5.2]

Zoe Moorhead: [00:01:25] OK, cool, do you have a joint? I don't and I don't think I'm going to get one anytime soon. Fair enough. I feel like joint accounts are more. Prevalent, you know, in the older generations of society. Yeah, well, apparently for research conducted by ABC News in 2000, nineteen seventy six percent of married or de facto couples at the age of 55 to 74 have a joint account, and only fifty four percent of 18 to 24 year olds, married or de facto, have combined their finances. [00:01:56][31.7]

Carmel Moorhead: [00:01:57] And I know from personal experience that my friends really haven't started to join finances yet. And my friends around the 26 age Mark, what about yours? [00:02:06][9.0]

Zoe Moorhead: [00:02:07] I don't actually have a lot of friends that are in committed relationships at the stage. I'm 24 now, and so I don't think any of us have really considered joining our finances with someone. Ollie and I aren't a factor yet and we're very aware of that, where we're counting the hours down, the days down. And do we know where de facto? [00:02:24][16.6]

Carmel Moorhead: [00:02:25] Yeah, and I think that's quite common. Peter and I do have joint accounts because we have a mortgage and we've got formal joint accounts when we bought the house together. [00:02:33][8.7]

Zoe Moorhead: [00:02:33] so you and I both are at different stages, really with joint accounts and different opinions. [00:02:37][3.0]

Carmel Moorhead: [00:02:37] So to understand a bit more about joint accounts and when is it normal to join finances in a relationship, we decided to talk to Glen Head from Fox and Hair Wealth Advising. He entered the financial services industry at the age of 19, working with Macquarie Group. He was there for 10 years and then left to start Fox and here with his business partner, Jessica, [00:02:57][19.8]

Zoe Moorhead: [00:02:58] on his website. He said his greatest success to date is streamlining the finances of his boyfriend, Liam. So that's why we've decided to start the interview. [00:03:06][7.6]

Carmel Moorhead: [00:03:08] Say you have a partner. And you said earlier that you have a joint account. Have you been together long? [00:03:14][5.9]

Glean Hare: [00:03:15] Yeah. So we've been together for over six years in our household. It's fair to say that I manage most of the finances. However, he is one hundred percent across them and their own joint account, his disability. We talk about it quite, quite regularly and we're probably a unique circumstance in that we joined our finances fairly early on. So he won't mind me saying it's he's pretty. He was pretty terrible with money. He acknowledged that he was terrible with money. It was like, I just don't want to deal with it. Can you just deal with it? So I put together a kind of a household budget and then we talked through it together. So it's never like, OK, this is what we have to do. It's that this is what it is, what it looks like. What do you think? Can we cut workshopped it together, but we workshopped it in line with kind of as things got more serious and we continually kind of workshop it around. What are we actually working toward? [00:04:09][54.4]

Carmel Moorhead: [00:04:10] How early on are we talking? Do you mind me asking about was it like is into your relationship where you started on? [00:04:15][5.4]

Glean Hare: [00:04:16] It's about four months. So the reason for that. So I was just sitting there doing my tax return as a good accountant does. And I just asked my partner, Liam, and I was like, oh, if you done your taxes like. Now, not a lot of like what are you going to do it just casually, four months into the relationship, talking about tax returns, very romantic things like odd and ah, I was like, I you know, when was the last time you did? And he was like, I'm not sure. So and so four months in real life before he runs into our relationship there, I am doing seven years of his tax returns because he hadn't done it. I asked him, why haven't you done it? It was like I just didn't want to go. It's a very different relationship. So like this and to be frank, you know, he just wasn't sure, wasn't sure how to go about it, didn't it, wasn't interested in it. So I was like, oh, I'll just deal with that kind of light up. So that was kind of a trigger for us. He was like, I just I have no interest in this and I don't want to deal with it. So I said, OK, cool, let's let's like work. I'll help you with all your tax returns and get that sorted. And then together we kind of built that budget that I mentioned. And literally within four months we had a joint account with his income going straight into that which I managed. Very trusting, very unusual. That's probably not. The norm, but it it worked for us, like, you know, it's really it's something that's really important tonight is that everyone has different ways of managing this, you know, bring your finances together and not bringing your finances together. Whatever it is, there's no right or wrong. You just got to work out what works for you guys and just talk about it. You don't talk about it. You know, things like what? What's the basis for every good relationship? Communication, right. Finances impacts everything. But you like you like it or not, whether you're gone on holidays with you buying a new car with you going to buy a house with you, going out for dinner or whatever it is, it impacts everything. You've got to talk about it. [00:06:43][147.5]

Carmel Moorhead: [00:06:44] I agree that communication is key. And I kind of wish that I dated Glen because I hate doing my tax returns. [00:06:49][5.7]

Zoe Moorhead: [00:06:50] Seven years of it, though. Thats's a lot of money that he's not claiming. That's right. That's what really triggered me, is he's a very big extreme. Imagine the money that's coming through there. And I definitely think communication is key. It's a lot harder than people think it is there. But you just got to open that extreme line of communication. [00:07:09][18.3]

Zoe Moorhead: [00:07:10] I think talking about money and relationships is extremely important. And as Glenn said, communication is absolutely key. I sometimes give just a bit of a warning because he doesn't like talking about finance as much as me. So I'll just say to him to say, you know, we're having a money chat coming up, give everybody a couple hours or a day and then bang in with it. [00:07:31][21.0]

Carmel Moorhead: [00:07:31] I think it's interesting that Glenn has sort of identified a gap in the market where millennials are going to financial advisors because they all look like their dads. And it's so much more intimidating to walk in and see your dad sitting there and be like, hey, I'm having problems, my money and my partner. Wouldn't you rather go to someone who's around the same age, who's gone through this more recently and can actually help you with practical advice? [00:07:55][23.4]

Zoe Moorhead: [00:07:55] Yeah, absolutely. So now we're going to cut to the interview. Glen tells us a bit about the stage, his clients when talking about finances with their partner and joining their finances and accounts [00:08:05][9.8]

Glean Hare: [00:08:06] for 80 percent of our members are in their 30s. So the big kind of life choices and definitely where people have been managing their finances quite separately, a lot of the conversations have started to rise around. OK, we've got a lot of joint goals. How do we stop bringing those two things to kind of separate worlds together? [00:08:25][18.9]

Carmel Moorhead: [00:08:26] Most people will in a relationship will have differing wages and differing how much and what kind of this might be a very broad question, because there's so many different ways and each individual would probably do it differently. What are some of the ways that couples can share their finances? Like, whether it's in my bank account, someone pays what how they split that up yet? [00:08:46][20.4]

Glean Hare: [00:08:48] So one way to start or dip your toe in the water that that I have found works really well is fixed costs. So what I mean by fixed costs is like bills. So if you're living together, chances are you're sharing rent and utilities and groceries or whatever the case may be, anything that's kind of joint regular expenses, open up a joint account for that and then agree on how much each of you are going to transfer into that account and then essentially have all your direct debits just coming from that fixed cost one account. So basically what it means that at a household level, all your bills are accounted for and you never have to have that conversation or how can you transfer the RENTAL, hey, you know, these bills come up. If it's all just coming out of that one account, then it's kind of almost out of sight, out of mind. And again, you both agreed to how much you'll contribute to that account. And sometimes that does change depending on one's earning significantly more than the other, then they might contribute a little bit more. And that's OK. They come to that agreement or it might be fifty fifty. And that means that your everyday spending and your kind of discretionary spend, all the money you spend on clothes, eating out and holidays, all that stuff that is still kept separate. But your joint, you've got your fixed cost together. As things get more serious, then you need to start thinking about how much the household will be spending on fun stuff, how much are we going to spend per year on travel, et cetera, et cetera. And then that obviously flows into kind of some of the bigger goals around investing and property and all that kind of stuff. [00:10:32][104.1]

Carmel Moorhead: [00:10:32] Yeah, I think my partner and I have been living together for six months now. We've just reached the two year being together, Mark. So it's very topical for me. It's very topical. I don't think the joint bank account yet because of going to ask my ideas, unlike so I'm going to chase up both of them fun. [00:10:49][16.8]

Glean Hare: [00:10:50] And that's six months leaving to get away about. It's only about six months away. You've kind of had to have those conversations. In six months time, 12 months time, or if you kick the roommate out, then you definitely want to kind of agree. OK, well, how are we going to do this and just have that conversation upfront so you don't have to? One thing that I strongly encourage everyone to do is have that conversation upfront so that you're not having to kind of rehash the will and kind of bring this awkward conversation, which can be quite awkward, particularly early on, a relationship around money over and over and over again on a monthly basis as they keep coming through. [00:11:27][36.7]

Carmel Moorhead: [00:11:28] What are some issues that couples could consider or discuss before they kind of go into a joint bank account, something like monitoring it, maybe [00:11:36][8.4]

Glean Hare: [00:11:38] in terms of. So with the fixed cost account. So my partner and I have been together for six years and now we joint finances very early on, but we set up our kind of bills account pretty quickly. And if we don't really monitor it like the money goes in and from our respective salaries and then the money just goes out to pay the bills, which is great because you never chase anyone. You never get in that conversation. You're never short for that one particular month. So, yeah, I haven't I haven't in terms of going down that path, I to be frank, I haven't really seen any issues. But again, it's probably just a mindset thing. That's probably the biggest challenge for a guy in the high-income earner and the low-income earner to overcome the high income earner potentially. Oh, I've got to contribute more just because I'm earning more. Again, we need to think about at the household level, the low income, they lower income and they might be like, oh, look, I don't feel comfortable relying on the other person just because I earn more income. We need to start moving towards, particularly as you know, things get more serious. We're managing this together. This is a team effort that's probably the only that's biggest challenge. It's a mindset thing. [00:12:55][76.9]

Carmel Moorhead: [00:12:56] Yeah. With my partner. So I'm probably a bit more of a serious relationship than Zoey is. [00:13:00][4.6]

Carmel Moorhead: [00:13:01] But for better or worse, yeah, that doesn't bother me. [00:13:06][5.5]

Carmel Moorhead: [00:13:09] But peter and I bought a house and that's when we decided to join finances because we had a joint mortgage at that time. And I sorry we saved together for the house. So we would have actually had a joint account then I suppose. Yeah. I don't think we both had access to it then, but we were just saving together and then the mortgage now we both contributed. But we look at it as a percentage of a whole of our income. We don't look at it as I put in 50 percent of the mortgage, he puts in 50 percent because we are in different amounts. And as you say, it just wouldn't work. Yeah. For one person to just have all this extra money sitting aside that's not going into the pool. It makes no sense to me. [00:13:49][39.5]

Glean Hare: [00:13:49] Totally, totally. And again, you know, just thinking out loud, chances are, you know what I mean. What are your goals is probably paying down the debt. So to your point, there's no point one of you kind of having those funds set aside in a high interest savings account, not really doing anything if we can be smashing down that debt, which is going to benefit both of you in the long run. And you buying property together is you know, it's a fairly big, big commitment. And so there's no point kind of squirreling away. You know, it's this little side bucket because in reality, it's the one poll anyway. [00:14:24][34.8]

Carmel Moorhead: [00:14:25] So we're just going to jump in for a quick second here, because Glenn just identified one way that you can split your account, which is fixed account, and that's how he sort of measured what the joint account would be and how much everyone puts in. But I've got a different idea. I think I would rather do a percentage wise split of the accounts rather than like a fifty fifty fixed account. [00:14:50][24.8]

Zoe Moorhead: [00:14:51] What do you mean by percentage split? [00:14:52][1.6]

Carmel Moorhead: [00:14:53] Well, because oli and I earn different amounts. Hypothetically, if he was on seventy and I was on fifty, I'd rather him put in a certain amount, like a percentage wise, maybe 15 percent of his wage into our bills account. And I'd put in 15 percent of my wage because then I think it balances that out a little bit more. [00:15:10][16.8]

Zoe Moorhead: [00:15:11] Oh, so you mean it's proportionate of how much he earns, say the person in the relationship that earns more puts in more. [00:15:16][5.3]

Carmel Moorhead: [00:15:16] Yeah, but it's not like the it's not like they're getting into a worse situation because they're putting in more same percentage. We've still got the same disposable income after that. [00:15:25][8.1]

Zoe Moorhead: [00:15:25] Well, no, he still has more disposable income after that because it's you know, he's the other. Eighty five percent of your wage is bigger. [00:15:35][10.5]

Carmel Moorhead: [00:15:36] Exactly. So I don't think it's a bad thing that he's putting in more because it's an equal percentage. Yeah, OK. [00:15:42][5.7]

Zoe Moorhead: [00:15:42] I say that that's fine. So we have multiple offset accounts and the you know, it's kind of like a bucket system. So one of them's for investing. One of them's for bills. One of them's for our emergency savings. And the list goes on. We've got a few and I kind of calculated, OK, together we earn X amount like both of our wages, aftertax together amount. And then I just distributed those into the different buckets, the percentage of what I thought should be. [00:16:14][31.7]

Carmel Moorhead: [00:16:14] So I love how you saying I distributed his money. Well. Well, I do. [00:16:20][5.1]

Carmel Moorhead: [00:16:22] So it's pretty. It's kind of similar. But we just utilize both of our wages, put them together in a pool, and then from that pool, look at it objectively and go, OK, we want to be spending this much on shares each pay. We want to be putting this much in our bills. And the way that we do our bills is we calculate roughly what we think our annual bills will be and then divide that by twenty six, how many fortnights there are in a year. And then that's how much we transfer costs so that we always have the bill money ready to go. We also keep it like just with an extra couple grand in there, just in case, you know, the rates will come at once and that's, that works quite well for us. So we're very much sharing. [00:17:03][41.1]

Zoe Moorhead: [00:17:04] Well, I was going to say, you've thought a lot about this a lot more than I have. Sounds super intimidating. [00:17:09][5.1]

Carmel Moorhead: [00:17:10] Well I think it's different when you're renting to when you have a house because there are always additional expenses that can be unknown. Sometimes you don't know how much of those rights. There are all kinds of stuffs. [00:17:21][11.5]

Zoe Moorhead: [00:17:21] I still get surprised when I get a bill in the mail on my own. [00:17:25][3.2]

Carmel Moorhead: [00:17:26] You just have to try and find the way to come up with that money. [00:17:28][2.2]

Zoe Moorhead: [00:17:28] No, I have my own savings. I got my own savings plan. [00:17:31][2.5]

Carmel Moorhead: [00:17:31] There's no like there's no right or wrong way to do this. And my way might sound intimidating, but it really works for me. And I feel comfortable knowing that there's always the amount of money that I need there for bills that for the mortgage. It's already there. [00:17:43][11.9]

Zoe Moorhead: [00:17:44] An extra take you a while to set it up. [00:17:47][3.1]

Carmel Moorhead: [00:17:48] But I'm really into this stuff. I'm kind of nerdy and like I always revisit it just to try and see if I can improve it in any little way. And it's like, yeah, you're looking at me like I'm a nerd. I am. I am. But Pay Looks also feels so much like we've sort this out. We've discussed it a hundred times. The system works. [00:18:06][18.8]

Zoe Moorhead: [00:18:08] Let's chill out, go to bed. [00:18:09][1.1]

Carmel Moorhead: [00:18:09] Let's move on and do something fun anyway. [00:18:12][3.2]

Zoe Moorhead: [00:18:13] Well, these are just what we're doing right now. I do think that I'll adopt my solution in the future. However, if anyone else has a solution that they think works really well, I'd love to hear about it because I am still just learning and I think I want to change up what I'm doing. [00:18:27][13.7]

Carmel Moorhead: [00:18:27] And I've already said that I always love improving. So tell me how I can improve self improvement. You're listening to meet pay love We're just going to pause right here and go to our sponsors. When we come back, we're going to hear from Glenn, what to do and how to protect yourself when joining finance is in relationships. [00:18:45][17.9]

Carmel Moorhead: [00:18:49] Just say I was about to stop. I mean, I'm kind of in a serious relationship. What about the stop in one? I am. I'm one of those do. [00:18:58][9.4]

Glean Hare: [00:18:58] So I would be happy to hear that. Yeah. [00:19:00][2.1]

Zoe Moorhead: [00:19:03] Sorry, Ali. I was one of those sort of doomsdays days where I was like, I want to make sure that protected in any sort of joint account. Do you have any recommendations for maintaining making sure that you're protected in your joint account? [00:19:16][13.5]

Glean Hare: [00:19:17] Definitely. So in all relationships, there is going to be someone earning more than the other. That's that's fútbol. In all relationships. There's going to be someone more interested in the finances and kind of manage the Day-To-Day bills and be more involved than the other. That's just human nature, right in my relationship. Probably no surprise then that my partner, however, in saying that even though they may not be interested in it, they may not be terribly engaged, it's important that the person that's not that involved starts to starts to be across the planet since they don't need to be involved in debt level. But if you say to a to work towards a property, you need to understand how much you're saving and when you're going to be able to get there to achieve that goal, because that's going to ensure that the one that's not that engaged actually understand why they're saving and maybe why they're not able to go out and spend some money every single way. Because at a house that we're working towards that long term goal. [00:20:25][67.8]

Zoe Moorhead: [00:20:25] Yeah, I do find the topic of finances is quite overwhelming just because there's so many different aspects of it. And so in your sort of financial adviser, Femto, this is just my curiosity as well, to deal with personal finances, to do with assets like if they have a house or like stocks or anything, do help, then advise them with that as well. [00:20:46][20.9]

Glean Hare: [00:20:47] Yeah, good, great, great question. And Zoe, just coming back to a point about being overwhelmed, that is so common, most people put their finances on the back burner because they're just not sure what the next step is like. Why do I invest in shares? Do I save to buy a property? What is tax? How do I reduce that? So far, I have no idea what my super is like. These are all questions like I probably should kind of look into it. I think I need to, you know, maybe maybe sorted out, but I'll deal with that tomorrow. The artistic show that I like most people are kind of reaching out to say an advise until they're kind of five years from retirement. Very, very. Because it's so easy to put on the backburner, particularly, we're kind of motivated by money or if money doesn't interest you. But in terms of in terms of how define so it's holistic. So it is cash flow, budgeting, tax minimization, investing, whether that be property shares, exchange traded funds, managed funds. It's super, it's insurances. It's the whole it's the whole the life stuff. But it's also about looking at the the life stuff in line with the financial stuff. So we're looking at all the financials around the budgeting and tax, et cetera, et cetera. But what are the goals that we're actually looking to kind of drive towards? So it is so important to set financial goals? It is. And we think about in our careers at work, we all have kind of clear kind of KPIs business metrics. If you are in a sales role, like a lot of a lot of our members in that tech spies, they've got monthly targets. They got quarterly targets, you know, at work with the 680 or not. In life and in terms of our personal finances, people unshowy like, yeah, I'm saving, I don't really know what full I don't really know how much I don't know what I'll get to what I want, but I'm just kind of saving whatever's left over. At the end of each month. We spend a lot of time with our members really trying to define their goals. So if you want a passive income, so income generated through kind of investments, not know what kind of work and personal exertion or how much passive income. And then if you want this much passive income, how much do you need to have invested? If you're investing, what are you investing in? And it's like really trying to break down the life goals and then work out what from a financial perspective we need to do to drive towards those goals. Because you may have heard of the acronym SMART. So if your goals aren't spot like it's not specific, measurable and achievable, they're not realistic and you haven't got a time frame. Then you kind of don't really know whether it's exciting or not. So hypothetically, you know what I remember that I caught up with yesterday? She wants to buy a property for eight hundred grand so we can you can be really clear strategy that says if you do this, you will be able to buy these property in this time frame. However, if you kind of just saving whatever's left over or investing whatever's left over at the end of each month, a fortnight or whatever, you're getting paid, you have no idea what you're going to get to buy it. So that is setting goals can be really challenging, though, particularly with our demographic, because they're like, I don't know where I want to be. I don't know what I want to do, which is again, another excuse why people put this stuff on the back burner, like do that, let you know, maybe I want to do that. Maybe I do what we strongly encourage our members to do. Let's set some goals. Let's set some really clear goals. Let's drive towards those goals when those goals change, which, let's face it, life changes. And last year, a lot of calls changed. We we had a really good we're having a really good conversation around when those goals change. Let's revisit the financial stuff and then work out how do we realign to those new goals. So it's always about aligning the financial world with the real one. [00:25:03][255.7]

Carmel Moorhead: [00:25:04] Do you find that that conversation changes if they come to you as a couple, or is that pretty similar if they come to you as two people vs. one person? [00:25:12][8.5]

Glean Hare: [00:25:15] Great question. So for couples, it is very challenging if they have different views in terms of what their future looks like, that makes it very hard from from our perspective. And interestingly enough, one of our best referral partners is a relationship counselor, honest truth. So she works down in the shire in Sydney. And she said that a lot of her clients, patients, if they stopped arguing about their finances and more on the same page of what their issues would be put to the side. So if the couple don't have joint goals, then it's very hard for us to build a financial strategy that deviates towards two different paths. For individuals, though, it's probably a simple, simple conversation in that old at that time, all that really kind of thinking about is themselves. [00:26:19][64.1]

Zoe Moorhead: [00:26:20] Is it difficult for you when your role is to provide financial advice, when sometimes you find you're in the middle of a maybe a domestic monopod, domestic dispute, but they're trying to work things out together. So I imagine there's a fine line between counseling, that counseling side of things and then providing the financial advice. That seems to me that couples in that situation really need to attack it from both ends. [00:26:47][26.6]

Glean Hare: [00:26:48] Totally relationships. One of the biggest financial decisions you'll ever make in your life. He's your life partner. Not very romantic. I actually wrote a blog on MySpace, but like, if you guys aren't on the same page and working towards common goals and you're both kind of just doing your own thing, the chance of you achieving those goals is significantly, significantly reduced. And yeah, it is it is challenging. Come like if if they're not on the same page, it makes our job any possible because we can't build a strategy that works towards two completely separate objectives. So in that regard, it is a lot of counseling and coaching and bringing workshopping what feels right for both of them. And something that I'm always passionate about is giving the members comfort that their goals aren't set in stone. Right. Like, I don't want them to finish a circle or walk out of the meeting room and go. That's what the rest of my life looks like. It's about. Let's work towards something. Let's agree that this is the place, the priorities of the moment. And let's acknowledge that they may and more than likely we'll change. And that is OK. That is normal. I mean, I did it counting and doing so. I wasn't really taught a kind of that psychology part. But we we actually have done some psychology courses because money can be really emotional and everyone has very different relationships with money in a couple. How those to manage money, how they want to see money, how those to value money is very much dependent on the individual operations, which could be quite different. But again, I keep coming back to this concept of a household that needs to be kind of a household view, that needs to be a household approach, and everyone within the household needs to be on the same page. [00:29:00][132.1]

Zoe Moorhead: [00:29:02] Do you have any strategies for, say, a young female mid 20s speaking to her partner about seeing a financial adviser? And he's saying, no, we don't need to. I've got it all covered. I watch a lot of YouTube. How how should that person approach their partner? And if that's their goal, convince them to come and see you. [00:29:24][22.5]

Glean Hare: [00:29:27] So I reckon that happens a lot because to to my comment earlier, broad generalization. Yeah. Watching YouTube and listen to blogs, etc., I've got this. I would encourage them to do so in terms of our engagement, the way that we approach things. And this is to say, for most financial advisors, not just boxing, and most advisers would be really comfortable to sit down, have a half an hour, 45 minutes, super casual chat just about what what what it is that you guys are working towards. Really high-level overview of your current position and into to the advisor to to share some areas where they particularly think that I could potentially add value. One of the challenges is to that for that young female or the young male talking to their partner, whoever it might be is the other party that's probably not that keen to go. It doesn't really know how they can like how they advise can actually add value. And that's OK, because very rarely will someone in their 20s think that a financial adviser is actually appropriate for them. So if you can encourage them just to come along to a chat, casual chat with the advisor, then that's just going to give them some more insight in terms of where there could be some opportunity to kind of work together. If the one person that wants to go to a financial adviser has that coffee chat and then has to relay everything that they spoke about, that conversation to their partner, that's not going to go anywhere. It's like Chinese whispers. You want to make sure that the partner that doesn't want to go is engaged in that conversation and is right from the outset. So that, again, it does not rely on that person that wants to see the adviser having to explain and repay everything that was in that casual conversation. Yeah. So most advisors, including us, that box, and they always start just as super casual chat, which just kind of a bit of a get to know each other and see if there's a worthwhile moving forward. And for us, it's for and for most other bosses that would be free as well. [00:31:40][132.9]

Zoe Moorhead: [00:31:42] So that's it for our interview with Glen. To find out more about him, you can visit his website at Foxandhare.com. Let's discuss some of the stuff we've learned from this interview. [00:31:52][9.5]

Carmel Moorhead: [00:31:53] Yeah, I think one of the biggest takeaways for me is if you're in a happy and committed relation. Shape you feel that you can discuss honestly and communicate openly with your partner about money, then really the best thing to do is tackle your wealth creation or building your assets and finances together as a team. And I know from personal experience, I was I did work for a judge as an associate for a number of years in the area of family law. I saw a lot of property and financial break ups. The people that walked away with the most money were the ones that built money together. And it makes sense if you've got more meat in the pie, there's more to divide. So don't be scared that you might be breaking up with someone that's might be unavoidable. You can't predict the future, but go in and do your best together as a team. [00:32:40][47.8]

Zoe Moorhead: [00:32:41] But it is overwhelming. So joining finances, especially to meet with someone who's going into a de facto relationship, we're not quite there yet. So overwhelming and it's scary the process of combining your finances and getting a joint account. It had never occurred to me before, but I really like the idea of going to see a financial adviser to get that third opinion and for someone to sort of help mediate that conversation and navigate combining finances with a significant other. [00:33:08][26.7]

Carmel Moorhead: [00:33:09] Yeah, I really like the idea of having a third party that's unbiased and can help you work out your joint goals together. And it was really interesting when Glenn said that one of his biggest referrals is a relationship counselor. [00:33:22][13.2]

Zoe Moorhead: [00:33:23] It makes sense, like money and emotion go hand in hand, basically. [00:33:26][3.2]

Carmel Moorhead: [00:33:27] And that's what we'll be hearing about next week with Sarah Asheton from ships as sexual health and intimacy psychological service. And here's a little grab from what you can expect [00:33:36][9.1]

Sarah Asheton: [00:33:37] if you're in a relationship with someone. And the only reason you're with them is because you think it'll be OK when they change, then you should not be with them, because that sets up resentment and it sets up this constant feeling of unease and a dynamic of the other person's perspective. They're now under pressure to change themselves in order to keep the relationship right. That's not a condition under which they can change. [00:34:02][24.4]

Carmel Moorhead: [00:34:02] And that's it for this week of meet pay love. You've been listening to Carmel and Zoe. If you want to hear more from us, make sure you subscribe wherever you get your podcasts, follow us on Instagram at meet pay love and send us a little email either Zoe or carmel @equitymates.com. [00:34:18][15.1]

Carmel Moorhead: [00:34:19] Thanks for listening. [00:34:19][0.0]

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