MBP 16. Money & Stress – Improve Financial Stability with Darren Wright

Episode 16 – Darren Wright

The Man Bits Podcast promotes better mind, health, and wealth to help you be the best version of yourselves.  

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In this episode, Paul welcomes Darren Wright to the show. Darren lives in Adelaide and has been in finance for 20+ years. He’s a partner and senior financial adviser at Godfrey Pembroke, a tax adviser, and master member of the Stock Broker Association.

Darren’s role is to help clients achieve lifestyle and financial goals. Listen as Paul and Darren talk about money matters – how it affects you and your relationships, how to classify the good and bad debts, and how you can start to build wealth.

Podcast Show Notes:

  • Introduction to The Man Bits Podcast
  • Today’s episode is about perspective
  • If you feel vulnerable, please go to com/support
  • Paul welcomes Darren to the show
    • In the late 90’s Darren moved to Sydney and ended up in the stock market
    • In 2003, he moved back in Adelaide and joined the largest firm that time
    • Darren is a father of two
  • Long-term is what people should start thinking about in terms of finances
  • Darren, over the years, has seen how finances affect people’s health
    • Being stressed in financial situations also affect relationships and marriages
  • The key is to have a level of control over your financial decisions
  • Most people who get to retirement only have their homes paid
  • There’s a lack of proactive effort in people
    • Start early in planning your future
  • What you do with your money is the biggest factor in your finances
  • Insurance is a level of protection for your income
    • It’s important in the perspective of protecting
  • The biggest risk for people with salaries is having the habit of spending all the income without having a savings capacity
    • Try hard to save regularly and reduce the spending
    • Identify the reason why you want to accrue wealth so it becomes emotional and psychological too
  • Use your emotions to fuel making good financial decisions
  • The age of being able to access your super VS the age of pension
    • 41 is a good age to start saving up for retirement
  • The Middle Bits
    • What is your #1 tip in achieving kickass mind health? – “Balance — have things in your life that you need to do and things you like to do”
    • What fundamental piece of advice would you tell your 15-year old self? – “Think longer term”
    • What useful or inspiring book or resource that you could recommend to our
      Audience? – Value.able – Roger Montgomery
    • If there’s one word to set your intention for 2018, what is that word? – “Control”
  • Someone who isn’t disciplined will have problems using credit cards
  • One strategy to get out of credit card debt is to pay more than the interest every month
    • Another is to refinance through a personal loan
    • The trick is to get rid with all the cards or get a low credit balance
  • The question in cryptocurrency is if you’re willing to lose the amount of money you’re investing
    • “That currency, we don’t know if it’s going to be there forever”
    • “What if you’re risking too much?…Remember, it’s gambling”
  • Clarity vs Speculation
    • “Don’t risk more than you could afford to risk”
  • There’s no rush in getting rich
  • Paul shares about how he got his crypto investment
    • Property is more secure for Paul
    • The real advantage of property is in leverage, though leverage may add risk
  • Connect with Darren on LinkedIn or on darren_wright@godfreypembroke.com
  • Darren shares what he’s excited about this year
  • Join our Facebook Community
  • Send us your comments, suggestions, or feedback at info@themanbits.com
  • If you feel vulnerable, please go to com/support

 

Episode Takeaways:

  • Finances affect not only the mental and physical health of people, it also affects relationships and marriages.
  • Be proactive in organizing your finances.
  • Get rid of the high-interest debts first

 

Mentioned Resources:

  • able – Darren’s recommended resource
  • Darren’s LinkedIn account

 

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Disclosure: This post may contain links to products or services with which I have an affiliate relationship and may receive compensation from your actions through such links. However, I don’t let that corrupt my perspective and I don’t recommend only affiliates.

Disclaimer: Some of the content of this podcast may contain topics of a sensitive nature such as depression, anxiety and suicide. Whilst I have experience in coaching, training and remedial therapy I’m not to provide mental health advice or counselling. Therefore, engaging with the content of this podcast should not be considered a substitute to professional therapy.

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