What happens to all the wealth you have built once you pass away?

I want you to ask yourself:

• How do I want my wealth distributed when I die and what is the likelihood of that actually happening?
• Do I want my family to get the wealth when I die or do I want to make a bunch of lawyers rich? 
• Do I want my kids to ‘fall out’ over my estate?
• Do I want the government to get a big chunk of my estate in taxes?

And if you are in business or in the business of farming:

• Will the business be able to keep going when I die?

These questions have just scratched the surface, but you get my point - estate planning is vitally important if you want to keep your hard earned wealth, in your family. 

Today our guest is Estate Planning Lawyer Tim Rivett. 

In this episode Tim and I are going to discuss what is Estate Planning, why just having a Will isn’t enough, the common mistakes as an estate planning specialist he sees people make and the things you can do to start sorting your estate planning out. 

You can find out more about Tim:

• Website:  https://rhrivett.com.au/
• Facebook:  https://www.facebook.com/rhrivett
• Instagram:  https://www.instagram.com/rhr_lawyers/

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

Today we have Jeremy Wicht from SW Accountants & Advisers in Brisbane. Jeremy and I are discussing the 2022 Federal Budget and what it means for everyday people, our economy and importantly business owners which includes those on the land.

An election is expected to be held very soon and I was curious how the government was going to balance showing real leadership and doing what is best for our country long term vs doing what is popular short term, just to get re-elected. 

You can find out more about Jeremy at:

•  Website https://www.sw-au.com/people/jeremy-wicht/ 

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

If you want to get a better deal from your bank you need to have enough knowledge and experience to know how to go about it. Or….. you need someone to help you. 

 That someone is known as a finance or mortgage broker. 

 In this episode we are going to be having a conversation with Rural Finance Broker Daniel Dumble about:

• What is a broker;
• What they do;
• How they could help you; and
• The 3 biggest mistakes people make when trying to get the best deal from a bank. 

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

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Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

A family business is a great way to build intergenerational wealth but by nature they’re a bloody tricky beast.  We have all heard the horror stories of families that had built successful intergenerational businesses only to deteriorate into squabbles and eventually total breakdown. Not only is all that wealth squandered, but opportunities for future generations are lost, and family relationships are permanently damaged. It is rarely due to a one-off event. More often it is owing to a series of cascading incidents over the very long term and through the generations.

I noticed throughout my career that two of the major contributors are poor communication and the lack of effective planning. Another is how to integrate and involve the next generation successfully in the family business, particularly when there are multiple children. I have had many conversations with families who have children who want to come back to be involved in the family farm or business but struggle to find a way to structure it.

But there are success stories out there and what we often forget is that they faced the exact same issues that all family businesses face. No family business is immune. The difference being that they confronted the problems head on and managed to resolve the issues which is why they are where they are today. 

Our guest today is Sarah Becker. 

Sarah is one of the young, smart, and driven success stories. She is well known and actively involved in the rural community, she’s a Mum to an energetic young boy, she is a Chartered Accountant, a trusted adviser to many successful rural families and she is a significant part of the family grazing business and accounting practice based in Central Queensland. 

If you’re involved in a family farm or business or have kids that have come back or want to come back and join the family business, you need to hear what Sarah has to say today. 

You can find Sarah online at:

Website: https://www.beckerco.com.au
Facebook: https://www.facebook.com/BeckerandCoQld
Instagram: https://www.instagram.com/beckerandcoqld/

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

-----------------------

Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

I have always been intensely fascinated with people who see the world through a different lens to most of the population. They think and they act differently and choose to take their own path in life. This means that before they become outwardly successful, they are often vastly underestimated and misunderstood.  

They can be perceived as ‘failing’ a lot as they’re willing to give new things a go and sometimes are written off as being dreamers. My observations over my career as a financial adviser was that more often than not, they are the ones that become wildly successful. They are what we call entrepreneurs, and they are the people you need to take notice of and who you can learn a lot from. 

Now don’t get me wrong, thinking and doing things differently to everyone else is a choice that can make your life harder and riskier at times but the rewards have the potential to be exceptional. 

Today our guest is Geoff Birchnell.

Geoff is a qualified Chartered Accountant, has been involved in exporting beef to China, was strategic analyst for a large beef production business which was one of the few who managed to successfully raise capital from a large overseas super fund, and is also a beef producer himself as a director of 3R Livestock. 

Today Geoff and I will be discussing why Geoff felt compelled to quit a lucrative professional accounting career and how a combination of thinking strategically and following your passion can help you find unlimited motivation and purpose in your life.

Remember, finding success in any path you take requires you to listen to people from all walks of life, and getting a glimpse into their unique perspective could be the push you need to take action on that business idea or career change.

Learn more about Geoff at:
 
http://www.3rbeef.com.au/ 
https://www.facebook.com/3Rlivestock/
http://www.instagram.com/3RLivestock

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

-----------------------

Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

IMPORTANT: This podcast is not an endorsement or promotion of any company or any investment products and you should seek personal financial advice suited to your circumstances before investing in any financial products. See legal disclaimer below.  

Many people ask me, “How do I start investing Ben?” and I always suggest the first step is to start educating yourself.

In Episode 6 of The Financial Bloke Wealth & Wisdom Podcast we’re going to begin the education journey with Certified Investment Analyst Ian Boater as we discuss some of the simple things you need to know when investing in the sharemarket. 

I got to know Ian many years ago when I was a young adviser, and he was a young business development manager. 

Ian works as a National Development Manager for a Vanguard. Vanguard are one of the world’s largest investment companies and they manage over $7 trillion for investors throughout the world. 

Ian is a smart cookie. He’s a Certified Investment Analyst and he was crucial in helping me educate my advice clients on the timeless investor philosophies that were instrumental in their success. 

Complexity is the enemy but education is your friend. Using that theme Ian and I will be having a conversation about the simple things you need to know when investing in the sharemarket.

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

-----------------------

Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

I remember when I originally heard about mindset. I was a young fella and I didn’t take it too seriously. 

For years, I believed hard work and applying your intelligence was all you needed to be successful.

What I came to realise after two decades working with and observing highly successful people was that I couldn’t have been more wrong. 

Being smart and working hard was part of the recipe for both personal and financial success but the key ingredient was the right mindset. 

I didn’t just observe that occasionally but time and time again. 'Ignore your mindset at your own peril'. 

Your mindset will be the difference between success and failure in all aspects of your life. 

The best sports men and women will tell you without the right mindset you will never succeed and that is why the elite athletes all employ the world’s best mindset coaches.

My guest for this episode is mindset coach Shane Bird.

Shane and I going to talk about what is mindset, why is it so valuable and if you want to be personally and financially successful how you can manage and improve it. 

 You can find Shane at: 

 - www.shanebird.com/about-me/
 - www.facebook.com/shane.bird.afarmersmindshift

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

-----------------------

Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

If you want long term financial success for your family, you must learn how to grow wealth. 

 An all too common mistake I see in families financial planning, is that they focus all their energy on trying to learn how to grow the wealth but very little on protecting what they have grown.

To give you an analogy, if you want to harvest a crop, you must grow the crop first. If you don’t protect the crop until it is ready to harvest, then doesn’t matter how good the growing season, you still won't get a crop. 

One of the ways you can protect your crop is with insurance, but only if you have the right insurance in place. Imagine if you insure your crop for hail and then have a flood and you are not covered!

Personal insurance is one of those mechanisms to protect wealth and should be viewed as a critical component of any family’s wealth building plan. 

You need to protect what wealth you have grown so far, as well as what you will have in the future. You need the right cover, with the right money, going to the right people, at the right time. 

Today I have Chloe Arthur a Financial Adviser specialising in Wealth Protection to discuss why getting your Wealth Protection right is so important. 

Both Chloe and I agree that almost 100% of financial plans that came across our desks as advisers, the insurance or protection component of the plan had serious flaws that would have been financially catastrophic to the family should something happen to key members of the family. 

Whether you have a lot of debt, income or assets to protect, kids that rely on you or a business that cannot afford to fail, then you need to get your wealth protection in place and ‘done right’.    

You can find Chloe at https://www.findex.com.au/adviser/chloe-arthur.

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

-----------------------

Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

Ben has always been fascinated with what makes people successful. He loves nothing more than picking the brain of people like David to understand why some are successful and others aren’t. 

As Tony Robbins once said, ‘success leaves clues’ and if you want to find out what makes the exceptional operators so exceptional, then this episode should be right up your alley. 

David is the Chief of Delivery of RCS Australia which provides integrated training, education, and advisory service to the agricultural sector. David has been collecting and analysing data from producers from across Australia for almost 20 years through RCS’s unique benchmarking and business analysis programs. 

He is a numbers nerd a bit like Ben, but he has the rare combination of strong analytical skills and the ability to convert that analysis into something practical and useful. 

You can find David at www.rcsaustralia.com.au/the-rcs-story/our-people/. 

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

-----------------------

Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

...

Aged care is dauntingly complex and stressful for the family and full of traps for the inexperienced. It can be extremely expensive and contribute to a major loss of family wealth but in many cases with good advice and planning it doesn’t have to. 

You may be thinking, I don’t need to worry about listening to anything about Aged Care as I’m not going into care anytime soon! Well, think again. You might not be but there's a good chance you'll need to help your parents out with entering care and it often comes sooner than expected. 

Getting aged care right can be crucial to protecting your family’s intergenerational wealth and it is important to know that sometimes you need to prepare years in advance to get the best outcome. 

In this episode, Ben and Bruce Baynes will discuss how important planning aged care in advance is for both ensuring family members are well cared for and family wealth is protected. 

Bruce is the managing director of Sage Care Advice, a financial planning firm specialising in Aged Care Advice. He has over 20 years’ experience as a financial adviser and made the leap to specialising solely in Aged Care when he personally had to navigate the stressful and complex process of getting his father into aged care. Bruce is a wealth of knowledge, a great communicator and a bloody good bloke. 

You can get hold of Bruce if you go to www.sagecareadvice.com.au. 

If this podcast has ever added value to your farming business, we'd love for you to leave us a rating and review on Apple Podcasts or Spotify.

https://pod.link/1598835360

-----------------------

Ben Law is a coach to some of Australia's most successful farming families. He was raised on the land — three generations of farming in his blood — and has spent almost 30 years and more than 40,000 hours alongside farming families, first as their financial adviser and now as their coach. Along the way he learned the truth nobody talks about: what makes or breaks a family legacy isn't the money — it's whether the family can communicate, get aligned, and prepare the next generation before succession arrives.

That's what this podcast is about. Each fortnight Ben sits down with farming families, trusted advisers and industry experts to unpack how to build a family that thrives across generations — strong in business, strong in relationships, and set up to hand over the farm without losing each other.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

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