Retire Life Ready

We recently had the pleasure of hosting James Wrigley on the START WELL ® podcast, – a leading financial adviser, educator and author who’s incredibly down to earth and genuine, despite his status as one of Australia’s top finance content creators.

We talked about his new Retire Life Ready book, and how, while it focuses on retirement, many of its insights are just as relevant to younger generations making financial decisions today.

We’re really grateful he joined us and brought his warmth and perspective to the podcast.

Here are some of the key moments from our chat…

He wants reading the book to feel like working with him

After thousands of conversations with clients over the years, James knows the key things people are concerned about when approaching retirement. “People all want to achieve similar things in different ways. I’ve explained these things a million times to clients, so it comes naturally to me now,” he says of the writing process.

Written in his conversational tone, it’s an informative and reassuring read that aims to empower readers in the areas that matter most to them. James also has a strong sense of the topics that resonate with people through creating his videos, which helped shape the direction of the book.

Talking to your kids about money is key

People often ask James how they should educate their kids about money, and as a dad of two boys himself, he has some sage advice – starting with what he does in his own home.

James and his wife don’t shy away from talking about money around their kids. “My eldest even knows how much our house cost, and how much is in our bank accounts,” James explains. “We make sure to have those conversations around them.”

He educates his children about shares in real-world terms, investing in companies they use in their own lives, such as Apple and Tesla, and explaining that when someone buys a new iPhone tomorrow, his kids are now part of that transaction.

Longevity and future planning

When it comes to retirement, James believes it’s about more than money, encouraging readers to consider their purpose in life. “Having the money enables us to live a fulfilling life, but we also need to consider what a fulfilling life looks like.”

He says many 40-year-olds he works with are in the financial position to give up work tomorrow, but are terrified of the idea, unsure of what they’d do with their time.

He also touches on the fact that every generation is different when it comes to retirement planning – it will look different for today’s retirees compared to younger generations, and completely different again for today’s children when their time comes.

Property vs shares

It’s a question financial advisers hear repeatedly: how can I get my kids into the property market?

The pressure to buy as soon as possible is intense – a valid argument, considering Australia’s property trajectory over the past 10 years.

But James urges young people to consider shares as a way to start building wealth, as the barrier to entry is lower and it’s an asset that can be built over time and may eventually provide an income. “It’s the next best alternative,” he says. “50-year-old you will love it if you’ve managed to build a two-million-dollar share portfolio.”

Retire Life Ready is a fantastic, engaging read for every age. Although it’s focused on retirement, it can also act as a catalyst for all sorts of important conversations with the young people in your life.

The main takeaway from our chat? Don’t shy away from having those conversations.

Listen to the episode here: Retire Life Ready with James Wrigley