116. Aging and Finance: How Money Habits Change as We Grow Older

The episode discusses the changes in money habits as people age. They discuss how attitudes towards money can remain constant through life but can become more extreme or display in different ways with age. They also notice a sort of cycle where people in their 50s are highly focused on planning for retirement. Upon reaching the 60s, the strict and mindful planning often takes a backseat as they start indulging more but this changes again as they reach the 70s and the realities of aging set in. By 80s, people tend to focus more on sharing and giving away their wealth. They emphasise the importance of understanding the context of aging loved ones when discussing money and the need for patience and intentionality when making financial decisions.

01:18 Observations on Money Habits in Later Life
03:37 The Impact of Age on Decision Making
05:56 The Influence of Affluence on Money Habits
06:39 Challenging the Notion of Changing Money Habits
09:04 The Cycle of Money Habits Through Different Life Stages
20:28 The Role of Money in Facilitating Life

Regrets of the Dying

YOUR HOST

Julie Flynn is an experienced independent financial adviser and financial coach. Justice and equality drive Julie. Which is why she’s spent years studying and researching how stress affects our financial decision making.

Julie is best known for her work with women who have lost their partner and coaching financial services business who want to implement fair and transparent charges.
Ebb & Flow Financial Coaching | Bree Wealth & Tax | Instagram


CO-HOSTS
Emily Pool is a Financial Planner and Will Writer. She is passionate about empowering people to invest their wealth (pensions and savings) sustainably and in line with their personal values.


Michelle Lambell  started her career in financial services as a Stockbroker in 1999 undertaking both advisory and discretionary investment management. Today she is a Chartered Financial Planner, specialising in retirement planning advice, pensions and investments and a Certified Financial Coach. 

Sara Walker is a financial planner and financial coach with 33 years’ experience in financial services. She wants all women to feel financially confident and uses her professional and life experiences to support and educate women over 40 so they in turn feel able to support and be role models for the younger women in their lives.

Jennifer O'Neil is a mortgage and protection specialist and director of Athena Mortgages. Having been in the industry since 2014 Jennifer decided to set up a company in 2020 that suited her core values as a broker – integrity, service, honesty and continuous improvement.
LinkedIn | Instagram | Fac

Transcript

Julie [00:00:53]:

Come. Welcome back to this episode of the Women in Money Cafe, where, and today, we're flipping Question on its head. A question we get asked quite often when we're out and about or when we're giving speeches is, what do we know now about money that wish we that we wish we'd known when we were younger. And that's okay. We can take you so far in life with that. So I can take you to 49. I'm not going to speak for the other hosts. But what we thought we would do is just tell you what else we've learned from observing other people because, Obviously, we work with a lot of older clients.

Julie [00:01:27]:

With some of us have got parents. And we've noticed that the habits that we have with money, They seem to change quite a lot as we get older, and we thought we'd just share some of our observations with you because, Money, it's interesting, And 2, it could be helpful either helping you prepare for later in life or helping you understand how the older people in your life are behaving with money. So today, on this sofa, I am joined by Emily. Hello. Alright. And at the other end, so far, I've got Sara.

Sara [00:02:00]: 

Hello.

Julie [00:02:01]:

Right. Hello, ladies. How are we doing today?

Emily [00:02:04]:

Very good. Thank you, Julie. Had a massage earlier, and I'm feeling mighty relaxed. Thank you, Julie. Oh,

Julie [00:02:12]:

Right. We've got a really chilled Emily. That's great. So I know. So we were chatting about this, weren't we? And when we got thinking about it, we we've seen Patterns emerge with people. I know everybody's an individual, but people seem to go through phases and stages as they get later in life and what they do with the money. So I don't know. Sara, is there anything any observations just off the top of your head that you wanted to share? Just to get us started.

Julie [00:02:39]:

I think.

Sara [00:02:40]:

yeah. Yeah. Everybody's different, but I think because it's changed so much and so many people Women, they're in Particularly well, quite a long way into their retirement now. They find themselves helping out kids and grandkids and still helping look after Elderly relatives. It can, it can mean they have quite different attitudes. They worry worrying about Those things and that worry then transfers sort of into money. But I think generally there's like a sort of like a curve. That first flush of retirement, if you're if you're fortunate enough to be in a position where you've got more than you need to live, it's a question of, what can we do? How much can we do? We can do it.

Sara [00:03:24]:

And then I find people tend to Go through a phase of feeling quite conservative, quite worried. The fear of old age sets in, And it's, you know, it's are we going to have enough, or should we be doing something else? Do we want pass it on. If they do, they worry about how best to do it, or some of them take the attitude of no. It's bumming with me. But a lot of them worry about the costs sort of care and things like that in older age. So they end up having a lot of worries, and it's certainly known that as you get older, Your world it's not they're not capable of thinking or making the same decisions, but you need more time, and your world gets smaller. So what seems like really quick, easy decision for youngsters or younger people in the family suddenly for them, no. I need Might be days, might be weeks, might even be months to consider something.

Sara [00:04:18]:

And when you get certainly, we've witnessed it within our greater Family Women you've got older generations, and you think, well, why haven't they done that? Or why aren't they doing that? Because that would really help themselves. But they can't see it as quickly or as easily as the younger generations can, and they need longer to think about it.

Julie [00:04:37]:

That's interesting what you're saying about decision making Because I'm thinking of my mom. And what I've noticed is, yeah, she finds what I would consider quite small decisions quite difficult to make. I don't know partly if it's a lack of confidence as well. Yeah. Because if I choose To go and buy, let's say, a new washing machine. Right? And if I pick the wrong one, I don't know how you can pick the wrong washing machine. Actually, no. I did.

Julie [00:05:08]:

I did. I actually bought the wrong washing machine. I bought one of those ones that's meant to be integrated. I don't have an integrated kitchen. But so I did get it wrong, but it's not how you respond and how you react when you get it wrong. I've made a mistake, and, clearly, it's deeply troubled me, and I've lost sleep because of that. So much I even forgot they made the mistake. But I think it's is it maybe fear of consequences, do you think?

Sara [00:05:34]:

Yeah. It could be fear of consequences, also costs. And if you take something like, washing machine as an Lambell, if we want Money washing machine, We know all the different places online that we can go and look and research and compare and blah de blah de blah. And then we might go and look at them in the shop as well. But The older generation might not want you know, used to just go down 1 shop, pick a washing Michelle. So everything becomes a little bit more complicated, I think. Potentially, or they perceive it as being complicated.

Julie [00:06:10]:

It's interesting because I'm pretty sure as well, I've got this memory of when I as a child of us actually getting a new washing machine and having to spend what felt like Ours. Ours stood in coma while my mom interrogated the sales guy about every washing machine in there. I know how it was a big decision. It was a big purchase because that would have been a lot of money to them at that point in time. It's something that would have had to be saved up for. Whereas me, my washing machine broke down. I just went and bought 1. So and like you said, I went online.

Julie [00:06:44]:

I put in the filters of what I wanted. Then I sorted it From low to high price. So I went right. Boom. That one done. Obviously, as it there's an extra box I should have ticked, we've now realized, I'm not really bothered about it, am I? So I wonder if that's the fact that we just were more affluent now as Women, And we've grown up you being used to being more affluent possibly than the generations before us. Emily, what are your thoughts on this?

Emily [00:07:11]:

For 2 things. I've also bought the wrong washing machine. I'm not

Julie [00:07:14]:

alone. Who a mistake did you make?

Emily [00:07:17]:

Well, you've got I didn't know this, but you've got a right side hinge door. And my left hand's sim hinge door, and I got the wrong one. And so when I had to go and empty it or put stuff in, I had to sort of, like, write round and, yeah, squeeze myself into a little corner, so that wasn't great. But anyway and I apologize for my dog, Percy, barking in the background.

Julie [00:07:38]:

Percy's always welcome.

Emily [00:07:42]:

I think not, but never mind. Sorry about that. No. What I was going to say is I was just going to actually challenge a little bit the title of this podcast because, we've called it, how your money habits change as you get older. And I would argue that perhaps it's not that our habits or our sort of behaviours are changing so much as they're staying the same, but they're becoming more extreme. So I think that if you have, a fairly cautious person or somebody who's always looked after their money and checked prices on things, then I think as you get older, you're going to be doing that more. You and maybe it's because you've put more time on your hand, because you haven't got the income coming in. And I think what is happening is it's not the person so much that's changing, but the world around them.

Emily [00:08:39]:

So the prices are going up. There's loads more choice. There's loads more consumerism. There's different ways now of purchasing. So it's not just about going into a shop on the high street, or even going to a shop in a retail park. You know, a lot of people are buying these large purchases online, and that's the thing that's completely foreign to a lot of these people. So the world around them is changing, and they're wanting to stay the same. And they're doing it to such an extent that they're very entrenched in the way that they've always done things.

Emily [00:09:13]:

And I think that there's I see a definite difference between the kind of clients, who seem to sort of be staying with The Times a little bit more, trying to be a bit modern, having a computer, thinking about, you know, reading the latest which report before they make a large purchase because they know that that's available because they've done their Google research, etcetera, Versus the person who is just walking into the office and complaining about the fact that the banks are closing and they can't go and see someone like they used to that they can't you know, they're frustrated because they haven't been able to or not willing to for whichever reason, to change with the times. And I do think that we have seen such change, rapid change, over the last few decades I think that they're struggling in that respect.

Julie [00:10:05]:

I think that's a really valid point. The well, the world does change, and it, It seems like it's it changes really rapidly at the moment as well. I think that's fair. But What I'm wondering is I don't know I think, Sara, you've seen the same thing that I have. I don't know if this is true for you, Emily. But as If we take people by the decades, people in their fifties, they start to become really focused on planning for retirement And start to get really intentional and mindful about what they're doing with the money. Then we hit our sixties, and all that mindfulness and intentionality generally goes out the window, like Sara said. And it's like, let's do this.

Julie [00:10:47]:

Let's go here. Let's buy Money of them. Let's do that. And then it's like we move into our seventies. And it's like shit's getting real now. I'm getting old. And I things hurt. And I can't do as much as I used to.

Julie [00:11:01]:

And what if I need looking after? And there's it's almost like an element an undercurrent of fear that comes in. And then when I see them move into their eighties, we go all a bit gung ho again.

Emily [00:11:13]:

It's

Julie [00:11:13]:

like so they spent, like, a decade worrying. And then I've hit 80 and shit. I'm still here. Now I'm going to give my money away, and now I'm going to they don't spend it on themselves as much then because by that point, they seem to have everything that they need and they want. But being able to share it with other people and getting the enjoyment and the pleasure of seeing other people's lives changes because of the contributions that they've made It's kind of the cycle I see Poole people go through. Is that true for you, Emily?

Emily [00:11:41]:

Yeah. Definitely. But and I and I try and get my clients to strike the right balance between, you know, whilst they're still fit and healthy enough to have nice holidays and do nice things, that they should be doing that, but also have half a an eye on what the future's going to look like. Because if you oh, lucky enough to stay sprightly long enough. That's great. But if you're going on amazing holidays every year and doing and are very active and, you know, going out to the theatre a lot, then your finances might not stay the course as well as your physical health. So it's just about you know, she's well prepared for the fact that he won't go on for too much longer. And she was talking about how he can minimize his, inheritance tax.

Emily [00:12:43]:

And I said, well, you know, unfortunately, because of the fact that he's 97 and he's not so mobile anymore, he's going to struggle to spend a great deal. And she told me she'd had told me that every Friday, he takes his he doesn't take his carers out, but his carers go to the fish and chip shop, and he buys them all fish and chips, and they all sit there together on a Friday and I eat in their fish and chips. And I said, yeah. You're right. He's going to struggle to spend that kind of money that is an awful lot of fish and chips. And, yeah, I had I had her and her husband do stitches, but, I think that just demonstrates, though, that there's a there's a there's a way of living for each age and each level of health and mobility. And we just got to encourage our clients to find their fish and chips. Whatever it is that makes them happy at the right age and at the right time whilst not jeopardizing the future.

Julie [00:13:44]:

Love that story. I'm tempted to change the episode title to the fish and chips episode, but I don't think Poole are going to quite get what we're all about. So, Sara, I'm just wondering then with your experience of observing, like, your own parents and your clients, I mean, have you seen them go through this cycle as well?

Sara [00:14:04]:

Sort of. I have Effectively, 3 sets parents in my family. Just don't ask. And we've got different Decades of age, potentially. Well, almost. Some are closer than others. And it's interesting that the When you said earlier, Emily, about the attitudes you have with money when you're younger tend to stay with you, And, certainly, in the example of these 3, you know, just listening to what we were saying Emily is the same. So we've got Money set who the oldest said, and the attitude has always been the same.

Sara [00:14:45]:

It comes from an era of we don't have enough, So we have to scrimp, and we save, and we don't spend a lot. You know, and I save a pound a week to take my kids away Once every 2 years on a on a holiday. You know, that kind of background to now, I think the attitude there was, well, it's going to be as hard for my children as it was for us. So We've got this house. They live in a in a in a very in an area, sorry, where house prices are crazy. So it's now worth silly amounts of Money, And all they want to do is leave that house to the children Mhmm. To their own detriment. So they won't, you know, they could have moved and done all sorts of sensible things that would have made life so much easier for them, but no.

Sara [00:15:38]:

Because that means there'd be less money to pass on. And in the meantime, they live like they haven't got any money, but, actually, they do have more than enough income to do various things. So there's frustrations for the family, in in for them, for that because they didn't need to be living the life that they are. They could be much more comfortable. There's that attitude, and then there was the attitude where it has completely changed. Not completely changed, actually. No. That's wrong.

Sara [00:16:08]:

Because Very cautious. Very sensible. You say you don't spend until you've got it blah blah blah. And then no gifts. Absolutely not. Kids stand on their own 2 feet, end of, and then all of a sudden there's a softening and a change because Suddenly, there is the realization that even though we're still very cautious about things, we have got more than enough. And, actually, they need it now, not later. And then in the 3rd lot, it was It's completely different.

Sara [00:16:45]:

But then younger, again, you know, much younger. So it's more about doing what they want to do and having fun and Yeah. So there's 3 very different attitudes, but if I look back, they're probably pretty much they might have matured with them, But they're the same attitudes they probably always had about money. It's just perhaps coming out in different ways because of the idea, all the other things that we start to talk about as you get older. Mhmm. But it's 3 very different behaviours.

Emily [00:17:13]:

So what age are that second lot that you said has suddenly come to this realization amazing.

Sara [00:17:22]:

Middle late eighties. We've got middle late middle towards late seventies, and then we've got sixties, seventies.

Emily [00:17:30]:

It happens gradually, doesn't it? But

Sara [00:17:32]:

Yeah. And I think, also, it depends, doesn't it, when what your Circumstances are whether you're on your own, whether you've got lots of family, whether you've got kids, grandkids. You know, some I've got some clients who just live for their grandchildren, And it's all about the grandchildren, you know, and making sure they're alright rather than the kids. You know, it's all about is it I think it I think it depends. It does it does vary, but certainly, there's a lot of it's either we need to protect ourselves, or we need to protect a future generation. There's used to be a predominance in 1 or the other, I think. Right.

Julie [00:18:12]:

It's interesting what you were saying. It depends on the circumstances because obviously a lot of the clients that I work with are widowed. And I have noticed a significant change that happens once you become single later on in life. The you know, when all the intentionality goes flying out the window. All of a sudden, they start to get really intentional again. And they're a lot more free with money than they've ever been before. And it that's still something that happens overnight. It takes a couple of years to get there.

Julie [00:18:44]:

But because, Money, at the start, you've just got the terrifying shit, I'm in charge of all the money phase, which can last quite a while. But then once they've reconciled themselves with the fact, right, it's me, and all of this is for me to do with as I choose. And I think it's that idea. Once it becomes an active choice, right, I get to choose what to do with this and being aware of what your circumstances are. And I think as it's I wonder if that's a lesson we need one of the lessons we need to take away with this is just that being aware that every day, whatever we do, it's an intentional choice. But it's so easy in life to go on to autopilot. So if we take that decade in your fifties where you're really focused on the pension, you can become a bit blanket. And maybe that's why when we get into our sixties, we go a little bit nuts.

Julie [00:19:33]:

But I think if we could find a way To keep that that intentionality there and that awareness that everything that we do, we have a choice. And are we actively making that choice Based on what is ultimately most important to us, or are we being driven from a fear place or possibly even a greed place? I don't know.

Emily [00:19:55]:

It's that whole thing about making sure that the expectations that you have about you and how your life should be are the ones that serve you and not the ones that have been put on you, you know, during your childhood because somebody told you x, y, zed. You know, it has to come from you. It has to be in line with your values. And I think when you if you've been married, a large portion of your life, and you've had shared finances or even really not have anything to do with those finances and let somebody else take the lead. It's only until you find yourself Flynn your own that you suddenly stop and think, oh, gosh. You know? And it doesn't like you say, it doesn't happen overnight. It's a gradual thing where you suddenly realize, well, that person's not here anymore. It's only me.

Emily [00:20:38]:

And, actually, the only person I've got to please here now is myself. Yeah.

Julie [00:20:44]:

That's quite fun when we get to that, but

Emily [00:20:48]:

So you persuaded them to go on lots of cruises and things?

Julie [00:20:53]:

You know my favourite client, Anna? Anna was about 84, the first time she ever went on an airplane. Wow. She'd never left the country before and went off to the opera in Vienna. Oh, wow. The really funny part of the story is that Anna wore hearing aids. So half time at the opera Women came out, she's talking to her niece. And the niece like, are you enjoying it? She goes, I thought they'd be singing. And he's just like, have you checked your hearing aids, Anna? She didn't have a hearing aid that right?

Emily [00:21:25]:

My goodness.

Julie [00:21:26]:

I love that. You know, you're in your mid eighties. You've never left the country, and you're like, I want to see the opera in Vienna. Let's go.

Emily [00:21:33]:

Wow.

Julie [00:21:34]:

So like I said, and it's interesting because and it was once Frank had died Because they've been very closed about money and very private about money. And then once she got there, it was just her, and she could actually do whatever she wanted. Her money habits did actually change quite significantly. So it was very much about giving away to the next generation, the generation after that. So that she could get the play because she didn't need anything else. She didn't want anything else apart from the opera. So it was being able to see The younger generations be able to buy a car, be able to buy a house. Things like that.

Julie [00:22:09]:

That's where joy and pleasure came for her. So I think that's the lesson I would take away from my clients is just that being aware of what are the things that make me happy because money is just a tool.

Emily [00:22:20]:

Yeah.

Julie [00:22:21]:

So what is it at this point in my life that is going to make me happy that money can facilitate?

Emily [00:22:28]:

You know, Money book I'd really recommend that everyone read regardless of their age and certainly if they're sort of in later life and they're wondering what the what the hell this has to do with the rest of their lives? And it's called The 5 Regrets of the Dying.

Emily [00:22:48]:

That's an Australian lady. I can't remember her name.

Julie [00:22:51]:

I will put a link in

Emily [00:22:52]:

the show notes. We talked just before this podcast about ideas for other podcasts. And I'm sure the listeners will be really pleased to know we're going to be doing Money about books. But, actually, this is a this is a great book that you can learn a lot about not so much it's an indirect thing, but I think it would help you put money into perspective to read this book because it really is about life. And, you know, with all my financial well-being foundations and beliefs. Life is obviously not about money, but there's an acknowledgement that money is needed sometimes to have the life that you want. And money just facilitates life. And, really, what this book does, if you ever had any, doubt about what it was you wanted out of life.

Emily [00:23:41]:

I think it would really help you know what it was you wanted out of life, and it certainly would tell you what wasn't so important in life so that you could put your focus in the right places. So definitely recommend that book.

Julie [00:23:54]:

That's great. So, Sara, as you think about all the people older than us who that you have observed and are some people older than us, Like I'm just going to say it. Just. Is there anything in particular as you reflect on it, you think, Actually, that's something I've learned from working with these people or knowing these people that that is helping you move later on into life.

Sara [00:24:22]:

Oh gosh. Loads. I mean, I think the 2 main things are is to try and weigh you weigh you can to get some Michelle so you can get your ducks in a row so that you're not Constantly worrying. So, you know, however much you've got or haven't got, you know what it is and what you can do with it, so you just know where you're at. But also, making sure that because, certainly, it was a big concern of mine is what you know, are things Set up as easily as they can be for when you're no longer here for the you know, for loved ones to take care of. So, you sometimes find clients can be reluctant to plan things or do something a bit more Then with their wills or with a bit of, you know, legacy planning. And then all of a sudden, Money of them will get ill or have an actor and all of a sudden that realisation of, oh, we're not quite as Invincible. All this this long life retirement might not last.

Sara [00:25:29]:

So I think I think for me, it's certainly Everything is in place. So if something happens, absolutely everything is known. Everything's because I don't Okay. If I'm not here, I'm not here, and I can't worry about it. But I don't want to worry about it while I'm here. I want to know everything's as smooth as it can be, and that I've done all that I can within the realms of, you know, what's possible To enable us to feel secure so that I was like, my big thing is I don't want to be a burden to my children, and I've heard that an awful lot from clients over the years. I want them to, you know, stand on their own 2 feet. Apart from that, I want to go and have my thumb, but I don't want to be a burden too.

Julie [00:26:14]:

Alright. So you what you've learned is Get your shit organized. And you don't want to be a burden.

Sara [00:26:21]:

No.

Julie [00:26:22]:

What about you, Emily? Are the things that you've learned from working with people older than yourself that think would that the listeners would be interested and that would help them?

Emily [00:26:31]:

Yeah. I think, one of the most powerful things that I can do with my older clients is the cashflow model. And a lot of people will go, oh, that sounds a bit scary. I don't think I'll understand that or technical blah blah blah. I do it in the most simplest of ways. I don't use an extremely sophisticated tool. My software is good enough. It's very colourful and very visual.

Emily [00:26:59]:

And, I can explain things in a way that elderly people can understand, but I what I can do is show them that they have enough. And if I can show them that they have enough, that then I find that the anxiety goes. And more than that, once the anxiety goes, they can then say, well, I've if I've got more than enough, what am I going to do with all that extra stuff, you know, money that I don't need? And that's when the nice part happens when you start to say, well, let's talk about your family. How old are they? You know? How what's happening in their lives? Okay. So you've got a granddaughter, and she's about to go off to university. You've got a grandson, and he's about to start taking driving lessons. Well, there you go. There are 2 obvious things that you could do to help out grandchildren.

Emily [00:27:51]:

Maybe it's that your own children in middle age might have been doing very well clearing the mortgage and perfectly happy, but have you asked them? Maybe they've found it difficult raising children. Maybe their bank account's a bit dry or maybe it's a family holiday that that that person could take everyone on. You know, there's a lot of opportunity to do some really nice things with the amount of money that's sitting there that is going to be surplus to requirements. So I think I think that's really powerful.

Julie [00:28:23]:

I think that's a tracking point actually because, like so Emily's talked about cash flow planning. This piece of software that we use to do our job, which is basically to see we plug in the information. We plug in what you want, and we see if we're going to run out of money. Hopefully, we don't. But I think that's cracking because if you introduce that in your fifties, where you're a bit stressed and focused about your retirement planning, You can then see that you're on track or you know what you need to do to get yourself on track. So that's going to take the fear and the stress out of the fifties. Then when you hit 16, you're tempted to go a little bit nuts and a little bit wild. You Jennifer back to the plan, and you can check, yeah.

Julie [00:29:02]:

I can do this, And it'll all be okay. Then you get into your seventies, and you're starting to worry about the cost of care. You can refer back to the plan, and you're like, yeah. No. I'm okay. I mean, you're into your eighties. Well, maybe you've started gifting already or enjoying the money properly. So I think that just takes the uncertainty out of it, doesn't it? So I love that.

Julie [00:29:21]:

I love that.

Emily [00:29:22]:

Financial planner to do that, though, I'd hasten to add. So

Julie [00:29:26]:

you don't. You know?

Emily [00:29:28]:

Well, you An elderly person might. Sorry. Unless they're Julie.

Julie [00:29:32]:

I'm going to give a shameless plug here to a friend of the podcast, mister Pete Matthew, And his Meaningful Money Academy. So, Pete Matthew, Meaningful Money Academy. We had Pete on the podcast. He will give you access to the software that I use actually And tutorials on how to use it. Yes. You can come and see a financial adviser, but this is all stuff that you can do yourself as well.

Emily [00:29:55]:

I'd say for the most for the most part, the elderly clients I see are not going to be able to cope with that. You never know. You might you might get somebody with a bit of a whiz.

Julie [00:30:05]:

Trying to think. I've probably got clients that could do it. Definitely the children could. But so, yeah, definitely come and see Money of us because we do all that stuff. Or if you don't want to come and see 1 of us, go have a look at mister Pete Matthew. We love him. Alright. So as we wrap up this So

Emily [00:30:20]:

have you

Julie [00:30:21]:

got any closing thoughts or pearls of wisdom for me, Sara?

Sara [00:30:26]:

Pearls of wisdom. I would say if you've got Older generations in your Emily, and if sometimes there's a money conversation that comes up that causes a bit of tension, I would say You take a step back, try and think of yourself in the shoes of the older person. Think about their life, think about what their life's been like, what Money's been like for them in life and try and understand perhaps why they are behaving or responding in the way that they are And help and try and be patient and understand that they might need longer to understand or think about a money question or problem.

Julie [00:31:05]:

Yeah. I think that's great advice. What about yourself, Emily?

Emily [00:31:09]:

I think it comes back to intentionality. Like you said, Julie, I think you can bumble along as much as you like, you got to ask yourself why. Always ask yourself why. Come up with the answer. And then, I think the direction that you're going is normally clear. Yeah. Alright.

Julie [00:31:25]:

I think my key takeaway is actually something you said, Emily. It's like a little love in between me and Emily at the moment. When you said about the fact that the world seems to move so fast So maybe, you know, they're not changing, but the world is evolving at a hell of a speed. I think thinking about things in context of that, I think that's probably one of the key takeaways from me. Mhmm. Right. Hey, ladies. Thank you very much for an interesting discussion.

Julie [00:31:51]:

Okay. Like Emily said, we are planning on doing an episode where we're going to do a book review of books on money. If you've got a favourite money book that you absolutely love, You want to drop us a little message telling us all about it. We'll give you a shout out when we do that episode. But until next time, please do take care of yourselves.