Dave and John talk about how they learnt to understand the investing world to help their families secure their future. The goal is to free up time and reduce stress so that parents can be more present with their kids and enjoy the small moments! Links to all mentioned resources below!

Show runsheet:

• You’ve got control over your finances and have a surplus, now what?
• Assets vs liability - Assets bring money in, and liabilities cost you money
  • Is your home a liability?
• Different asset types
  • Investment properties, shares, business.
  • Shares:
    • What are they? - small pieces of businesses for you to own, which change in value (hopefully increase) and often pay dividends when the business is profitable
• What our investing philosophies are
  • Dave: Property is the centerpiece and shares are on the fringe
  • John: Shares are the centerpiece and entrepeneurship is on the fringe
• Pros and cons of property and shares
• List of resources:
  • Equity Mates - Get started investing playlist - https://open.spotify.com/show/2ZzAxuxFmQ1U78pL3RMxns
  • InvestED - value investing - https://open.spotify.com/show/0lsnMTJtjubPtXDiSOGpFr
  • The Property Couch - https://open.spotify.com/show/09ofZB3Y6309Q88HZSzlop
  • Aussie Firebug - https://open.spotify.com/show/0qtgsURJynMebHSQcFwqTt
  • The Little Book that (still) beats the market - Joel Greenblatt - https://open.spotify.com/episode/3dKkfy3bnVysDN5GhsoSUx
  • The Dhando Investor - Monish Phabrai - https://open.spotify.com/show/5P4AyV2R7BobWufalW6kl8
  • Rule 1 Investing - Phil Town - https://open.spotify.com/show/00isQs80c5XvBAPd1sPLSD
  • Money Smarts - Bryce Holdaway & Ben Kingsley - https://thepropertycouch.com.au/product/make-money-simple/
  • The Armchair Guide to Property Investing - Bryce Holdaway & Ben Kingsley - https://www.thearmchairguide.com.au/order-form-528524771642987655481

DAD HACKS

• John: Go see a tax professional to help formulate tax effective ways to structure your finances - there are a lot of laws and strategies so use professionals to find your best outcome.

• Dave: Involve your kids in your exercise regime.
  • Time poor
  • Bike rides
  • Runshow to
  • Fun at the park

It might be two weeks late, but the boys pulled through to bring some chat around financial nesting. They talk about why they both took on cleaning up their personal finances, how they got control, reduced stress and began accumulating weatlh with every paycheck. What are the bonuses? Having the freedom to change jobs whenever, stop worrying about bills, and ultimately buy back time to spend with their kids

Disclaimer: This is not financial advice, there are no guarantees. If you're looking for personalised advice, seek help from the professionals near you

'Rich Dad Poor Dad' - Robert Kiyosaki: https://www.audible.com.au/pd/Rich-Dad-Poor-Dad-Audiobook/B00FGA7BUG?action_code=ASSGB149080119000H&share_location=pdp

'The Barefoot Investor' - Scott Pape: https://www.audible.com.au/pd/The-Barefoot-Investor-Revised-and-Updated-Edition-Audiobook/B072JX1MH6?action_code=ASSGB149080119000H&share_location=pdp

Show Runsheet:

'Know thy self, know thy enemy, a thousand battles, a thousand victories' - Sun Tzu

KNOW THY SELF:

• Why accumulate wealth?
  • Provide safety for our family
  • Reduce stress over bills that contribute to tension in our relationships
  • Buy back time from ‘the man’ to spend with family and friends (coaching sport teams)
  • Provide maximum opportunity for our children to be creative and provide the best impact they can on society.
• Why did it take us so long to get into it?
  • I believed that a high income was how you got rich
  • I hate math, and I assumed finance was really boring
  • I did not realise that wealth accumulation was behavioural, not a strict budget and constant excel spreadsheeting
• Discuss how our personalities impact our money management
  • Johns creative chaos vs Dave’s considered calculation

• Money Management:
  • Track expenses (atleast 3 months worth)
    • Gives you an idea of where you are over spending
    • You become more conscious of your spending
  • Use the excel cashflow budget - it has graphs!
    • Budgets need to be forward facing, but you need to review at the end of each month
• Work out the best money system for you
  • Dave: Savings, weekly expenses and splurge account. All incoming money into savings account, all bills come out of savings. I pay myself each Thursday from my savings (amount is based on my budget) into weekly expenses and splurge account. This must last all week.
  • Other people like to have heaps of accounts for all their different expenses ie. fuel, groceries, shopping, holiday accounts. If it works for you great, however it takes more work.

KNOW THY ENEMY

• Finding the enemy from the allies
  • Shop around on your “fixed” bills
    • Speak to a mortgage broker about your interest rate.
    • Review all insurances (car, home/contents, life, TPD, income protection) yearly.
  • Budget your discretionary spending ie. eating out, subscriptions, shopping, gym, in app spending, haircuts haha
• The enemy is consumerism and unchecked spending
• The Hedonic Treadmill

Dave and John talk about being in the thick of the newborn phase, from changing clothes for the first time, hearing tests (for the babies, not the husbands) and how much time to take off work.

The boys share their experience of baby blues and how they could best support their partners in their roles of caring for the newborns.

The Wonder Weeks: https://www.thewonderweeks.com/

The 5 S's for Getting Baby To Sleep: https://www.happiestbaby.com/blogs/baby/the-5-s-s-for-soothing-babies

How to Cut Your Own Hair: https://www.youtube.com/watch?v=eUwR_CbezmQ

Modern Day Dad Challenges:

• Dave’s Surprise: The golden bullet strikes again
  • I believe the words used where ‘baby making machine’
• Hospital stay:
  • First night - what our experiences were
  • Tests done on babies in the hospital:
    • hearing
    • Hepatitis b and vitamin K vaccine
  • Breast feeding
    • Collecting colostrum
    • Latching
    • Many opinions presented as fact
    • Nipple confusion - bottles and dummies
  • Skin to skin contact
  • Swaddling to stop moro reflex
• Back home:
  • Putting bub in the car seat for the first time
  • Introducing bub to pets
  • The importance of the first month - western vs eastern cultures
  • How long to take off work
  • Challenges we faced
    • Dave: Overtiredness, learning wake windows, googling fucking everything, first bath, being overly anxious about her sleep
  • Baby blues:
    • Mood swings, anxiety, stress, overwhelm. 80% of women experience the baby blues
    • Occur between 3-5 days post birth
    • Rapidly changing hormone levels that happen during birth and soon after.
    • Birth experience can also play a role
    • PND rate according to the national institute of health ‘Postpartum depression most commonly occurs within 6 weeks after childbirth. PPD occurs in about 6.5% to 20% of women. It occurs more commonly in adolescent females, mothers who deliver premature infants, and women living in urban areas.’

• Eat, burp, change, sleep, repeat (and cuddles)
• ‘Sleep while baby sleeps’
• Nappy changes
  • Dont leave poop too long as it can cause skin irritation
  • Any redness of skin needs cavilon, bepanthan, sudocrem
  • Female anatomy, wipe front to back
  • Male anatomy, get all the crevices
• Tummy time, contrasting colours
• Trying to eat meals while they’re still hot

What Dad’s Didn’t Teach (John): 5min

• Alex's Pram modification
• Teach your wife to cut your hair - actually, thats a risk, cut your own hair
  • Talk about the fade tutorials on YT

Dad Hack/Advice (Dave): 5min

• Make household chores fun with toddlers:
  • As blokes we constantly have a to do list of what needs to be done around the house
  • Get the kids involved and make a game of it
  • Studies show that kids who are involved in chores at a young age tend to do better academically and have improved problem solving skills
  • Kids love to feel needed and part of the team “help”