Episode 86 – The Big Quit – Financial Wellbeing

Episode 86 – The Big Quit

Is the grass greener on the other side? The guys explore what you should consider about job roles and your wellbeing before handing in your notice. With blindfolded monkeys in No Shizzle Sherlock and #tightasstommo tips to wow you – this episode is packed with podcasting gold!

Welcomes & Introductions

Featuring various sporting ‘careers’

If you would like to have a chat with Ovation about your finances & your career, click here to visit the website, email enquiries@ovationfinance.co.uk or call the team on 0117 942 4333

What is todays podcast all about?

Talking about The Big Quit – what it is and what to consider if you are thinking a career change might be good for your wellbeing.

#TightAssTommo

The No Shizzle Sherlock Test

Every episode they guys will take a look at a questionable financial tip – will it be insightful and meaningful advice, or from the land of the bleeding obvious!

“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts.”
Burton Malkiel

Todays Topic –

The stats behind ‘The Big Quit’

There has been a big increase in those changing job roles sine 2018 – people are reflecting on their lives and wondering what changes they can make for their wellbeing

Thank you to Christian and Sean for sharing their reasons for changing jobs

Not just changing job roles – moving house / considering retirement options

Wellbeing and happiness has grown in popularity

The Financial Wellbeing Podcast was ahead of the trend – starting back in 2016!

Click here for more information on Action For Happiness

The yellow car phenomenon

Finding purpose in work and making a more positive impact on the world

New retirement possibilities

Ovation client story: changing career, one with a reduced income but with more purpose

Find out what will give you meaning and purpose – but work with someone as you cannot challenge your own assumptions

An exercise to help you – you have the finances, what are you going to do?

Using financial planning to help when choosing what you want to do

Conclusions from the guys

If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop

If you would like to get in touch with Ovation, click here to visit the website email enquiries@ovationfinance.co.uk or call on 0117 942 4333

Do you have any financial wellbeing questions you would like us to answer? Or do you have a #tightasstommo money saving tip you would like to share with our listeners?

If so, let us know by going to Twitter @Finwellbeing or email – contact@financialwell-being.co.uk

Transcribe of the Podcast Script:

(scroll to the bottom to listen to the episode)

David
Hello, everybody and welcome to another one in our series of financial wellbeing podcasts. My name is David Lloyd and I am the first voice you always hear on the podcast but by no means the most important because the two people who share presenting duties with me are the people that actually know stuff about money. I just know a bit of stuff about life and try and apply it to their great knowledge. So the first of those people I’m going to introduce is Tom Morris, tell us a little bit about yourself Tato

Producer Tommo
can you remember a time when we used to keep it really quiet where we were actually from and who pays and sponsors for all of this sponsor? No. Because I’m gonna do it again. I am a director of Chartered Financial Planner over Ovation financial wonderful financial planning company. If I don’t say so myself based in Bristol, who try our hardest to implement a lot of what we talk about in this podcast into our service for clients. Well,

David
I don’t work for ovation. I paid a small amount to do this podcast by ovation for which I’m very, very grateful. But actually I’m also a client with ovation and I have to say hand on heart that you offer a brilliant service that has kept me financially well looked after and has maintained my financial well being for many years now. So thank you for that. And of course, tomorrow

Chris
he wants to raise later I’d

Producer Tommo
like to say I’m also the finance director. The tight ass follows through

David
official, I can’t lift those I can absolutely conserve that. In the end, the money that I get paid for this certainly doesn’t play by heating bills, but at least it makes me feel that I’m not being totally taken advantage of. But talking of ovation, finance, let’s now talk the person that set the company up in the first place many many years ago. Chris barge,

Chris
Morning everybody. I was just thinking, what would you say you are you you kind of think about what defines you and I think David in my thinking, this has been recorded in April 2022. I think I’m Chris bird, retired cricketer.

David
Have you finally decided to hang up your bat?

Chris
I think so. Is it a problem is that the level of league that cricket I play is now so low that you have to retire at 50 years old or sorry, you have to retire when you hit 50 is about. I hit a few last season and had to retire. I tell you those 30 normal experts I didn’t stand a chance again. But I always wanted to kind of you retire when you can’t ever score more than your age. And I’m there 55 this year so I have to get the 49 and then hit a six

David
Well Chris, all I will say is that I am 66/67 Next month, and I have also actually recently come to exactly the same conclusion. But I’ve got 12 years on you and I played a couple of games last year so don’t give up too soon. Is all I would say to you because you’re you spent a long time retired the reason I’m packing it in, it’s the kind of all those reasons you said I’m more of a bowler than a batsman and I just can’t quite do the things with the ball that I used to be able to do but the real reason is my body is just a little bit older, a little bit creaky and I don’t fancy spending a whole afternoon running around a cricket field or even standing in a cricket field and getting somebody else to do my running around for me. You have not got that excuse.

Producer Tommo
So I’m gonna I’m gonna put more positive spin on my sporting career. If you can call it that then this is a big moment for me. Some of you will or will not know I’m a huge rugby fan. Played it up until I was around about 30 Then start a family and body was falling apart and needed a break. But totally my eldest is five and he really wanted to try rugby to come along this weekend for the first time and I have never seen him more excited about anything in my life. I was full of pride and I was chatting to the coach afterwards. He said you play much while I used to, you know, turn in 35 this weekend, so you qualify for this extra fee then I’m I may do some I was thinking about getting the band back together. Maybe we can get some games play under the lights on a Friday. Night. So I’m starting to get very excited about the thought of playing veterans rugby as now I’ve hit that 35 year old milestone. So I’m coming back.

David
Good for you Tommo listen, I can remember when I played many, many years ago when I first moved to Bristol so I would have been in my 30s mid 30s And I was playing for tube in Bristol. It was a guy there. He was the president of the club and he came out of retirement to play a game because we were desperate for numbers and he played BB he was must have been probably about my age now actually. And he kind of really enjoyed it. We were struggling a little bit physically because he hadn’t actually played for a few years and I spoke to him afterwards. I said did you enjoy anyone? Well, I’d like to say I enjoyed it more than I actually did. But I tell you what, what I didn’t enjoy it was all those Saturday mornings after I packed it in. When I’d open the curtains. The Sun would be streaming in and I’d be thinking I really want to be out there playing cricket and then it wasn’t and I always remembered that and so that’s why I’ve kept going as long as I have I’ve been fortunate enough to be able to play seniors cricket at county level for Somerset. But even that, for me now has been just kind of a little bit too much for me and I’ve reluctantly decided that I’m going to focus on doing other things anyway, we’re not here to talk about

Producer Tommo
basically Chris owning up a lovely new cricket bat last year and we talked about I’m sure on the pod so make sure you get a bit more use out of it that’s your #tightass tip for the day.

David
We haven’t even gone on to #tightass. We’ve not talked about today’s podcast so before we do that, come on to our other regular feature. And before we carry on waffling on about how rubbish we are at sports or not as the case may be. Chris, why don’t you tell us what today’s podcast is actually about?

Chris
Today, David we are eventually when we get around to it. We’re going to be talking about the big quit or the great resignation has been in the UK millions of people changing their jobs over the last few years. Why is it happening and what can people do if they are thinking about whether such a change might be good for their own wellbeing

David
fast forward to talking about that, but before we do that, let’s go to the first of all regular features which is no she’s all Sherlock, in which we listen to the words of wisdom from a financial or investment guru wonder whether this is indeed insightful and meaningful advice or whether it is perhaps arriving on the fast train from obvious land. So Chris, what is today’s stock market shenanigans

Chris
of the day but we’re gonna look at a quote from a Princeton University professor Burton Malkiel I think it’s pronounced back in 1973. He famously wrote a blindfolded monkey throwing darts and newspapers financial pages, could select a portfolio that would do just as well as one carefully selected by experts

David
about our industry good people. You did

Chris
just a bit so much so that they put it to the test and he was proven right.

David
What really so you so called investment experts. I’ll say that so called investment experts but worse job that bucket as

Chris
well. Yes. But that’s the reason why I’ve got this on here because I want to just pass tamo to have a little look at whether this famous story really is valid.

David
So talk about can you justify being clever a bit of a key question that we’re asking,

Producer Tommo
arguably no. But that’s on many different levels of my life. Right? Where do we unpack this? Quote, The quote, said the hood and they did to be fair not they showed that they could be there was a luck involved, that may be difficult to replicate. So what actually happened, David was that around 2010, a research company tried to replicate the situation. They randomly selected shares in 30 companies from a list of 1000 and then compare this to the average market changes and returns and monkeys outperform the markets. This sounds conclusive, but it’s not really. The reason that this happened is in the list of top 1000 shares. The 30 largest companies make up about 40% of the value of the whole market. So a funder that sector, market average will almost certainly be weighted to those larger companies. Well, those monkeys that were thrown darts at a dartboard would almost certainly have found some more smaller companies. that represented the market and they tend to provide the opportunity to have really big returns over a given period, but a lot riskier in doing so. So yes, they may have provided larger returns, but they would have taken a lot more risk in order to do so. So it’s not like for like, why am I defending the whole financial industry? I don’t know. But I’m trying to give some to your wants to this.

David
Well, though, I think what you’ve actually done is convinced me that I’m going to end by association with the vape shop and go out and get yourself a monkey.

Producer Tommo
You could do a lot worse.

David
But so you do read a lot of criticism of fund managers you say that that’s unfair.

Producer Tommo
I think it’s worth first explaining that there are two main types of funds or fund managers there’s active and there’s passive also known as tracker fund. An active fund has a fund manager, a real person or team who’s trying to beat the market in return for the human intervention. And there’s potential to beat the market you pay a premium, you pay more you pay more in fund fees. A passive tracker fund simply tracks the market and charge a lot less for the preference. Now arguably passive is is the non monkey version and the sun managers the monkey version maybe some press outlets may be quite generous with the praise of active funds for managers, and that’s because there’s paid up for Tory or smoking around. So then all of a sudden are not so popular. So your question of a lot of criticism and just depends on the performance. I think active managers are they’re earning a lot of money. And if they don’t perform a beat the market then they do deserve a bit of criticism. Yes. But for us, there’s a lot of evidence to suggest it’s really hard to beat the market, regardless of the market. So we’re big fans of building client portfolios with index funds. So sad it’s a lot cheaper. And still provides investors with access to long term growth really diversified. Is that where you’re invested David? There are some exceptions to that are gonna be where an active fund manager would help some sectors could benefit from it. The world of ethical or ESG investing which we’re going to have a series on soon could potentially benefit from a really long answer to a question that I’ve really sat on the fence on other night, David.

David
You have indeed but I think to sum it all up, which I must do now, monkeys could do a better job is not no shizzle Sherlock but actually lowball peanuts.

Producer Tommo
Yeah, sure, why not? I mean, I’ve even confused myself yet. Yeah. The answer is for the first time. I record naked now and again, in this particular example, but on a whole I wouldn’t trust a monkey with your life savings. Lasting go That was wonderful.

David
Sorry, listeners. Hopefully no, no, no, I think not trusting a monkey with the life savings is that I think sums that up brilliantly. However, we will trust Tabo with a tighter to Tabo tip. But before we do that, Chris, you’ve got one this week.

Chris
I do I tell her probably knows more about this than I do. But it was sort of a daughter was telling me about the website or the wowcher. Now I can’t give any details on this because I don’t know anything about it. I’m just simply going to relate the story My daughter told, which was the two of her friends got a three day I think or two day weekend holiday in Hungary. In Budapest and 99 pounds. That’s flight and accommodation. And it was through this website launcher What the The deal is something along the lines of if you if you start at the 99 plan, do you have to go anytime, anyplace. I think you might get a little bit of notice if you need to book holiday, but it’s as long as you can be flexible. You can go anywhere and I think there’s a 199 plan to that will take you to the Caribbean. Now I don’t know anything about that. So massive caveat. Go and check it all out yourself. But I just thought I heard that story from my daughter about her French and I thought wow, that sounds Wow. Wow, that sounds really worth checking

David
out. So I can look into that. Now. I’ve also got one as well which is app based as well. And recently a mate of mine told me about this app called too good to go. And what that is, is you log into it and it gives you deals locally at shops or restaurants. And they usually end of the day deals and it’s when they’ve got loads of food leftover which otherwise they’re going to throw out and they will put together what they call a magic bag of stuff that they’ve got leftover and you pay a low cost for that bag and you go and you don’t always know what you’re gonna get our local bakery and back well Chris does it and apparently you can go and pick up my magic back there later in the afternoon. And I’m assuming it’s going to be a few buns or a loaf of bread or whatever it might be. Certainly if you’re in one of the largest cities in Bristol, I know lots of restaurants participated and you can pick up some really nice bits of food that otherwise they were going to throw out. So not only are you saving yourself some money, which obviously is what this is all about, but you’re also doing something to make sure that food is not wasted and thrown away. So that’s all too good to go. worth looking at two deaths

Chris
and I wish I could be a record shop that would do a similar sort of

David
record record to degrade in the snake. Anyway, that sounds tough, but what have you got for us?

Producer Tommo
Good tip by the way, David? Excellent tip. This one we had to I’ve mentioned it before but we’ve just come to the end whilst we’re recording this for your week after the end of the tax year. Always, always busy. And it’s really useful tip for those that work from home and you’re able to get tax relief if you work from home which helps to the idea as you’re going to be spending some money on on electricity or Wi Fi etc to work from home. So HMRC the tax man recognises that so if you Google HMRC tax relief or working from home, you’re able to go on there you don’t need to do a self assessment to reclaim it. You can go for a link very straightforward. And yeah, they give you this. They assume that it’s cost you six pound a week to work from home and you’ll get tax relief on that six pounds. So if you’re a 20% tax payer you’ll save one pound 20 And if you’re a higher rate taxpayer, you’re saved two pound 40 So you know times that my 52 it starts to add up a bit.

David
Yeah, well as somebody who’s worked from home pretty much all my working life then I’ve always done that but you know, my accountant does it for me when they when they submit my tax return. I’ve certainly I’ve always benefited from that. So I think since working from home has become a lot more popular, more and more people are doing it. So thanks Tom for pointing out pointing people in that direction and it’s easy to do. It’s easy,

Producer Tommo
really easy, really easy. So make sure you do it.

David
Right that Okay, let’s move on to the main event. Well, no, actually, the title has trouble obviously, is that. But let’s move on to the other event, which is the thing that we’re talking about. So Chris, tell us all about the big quit.

Chris
Well, David, according to statistics from the labour department in America, four and a half million people in the US quit their jobs in 2021. Microsoft study shows 41% of workers around the world are thinking about leaving their jobs. And the UK website the HR director reports that 29% of UK workers are looking at changing their jobs in 2022

David
Wow, these are pretty big numbers that’s a lot higher, I have to say that I would have expected them to be the

Chris
ONS the Office of National Statistics say that on average. Around 9% of people change their jobs each year between 2000 2018 So 9% 29% in America, they call this the big quit and in the UK has been termed the great resignation.

David
I prefer the big quit myself. So currently 29% instead of 9%. That’s a huge increase. It’s one in three people thinking about changing their job. What’s the reason for this? Now? I’m gonna guess that the pandemic and the enormous opportunity for reflection on our lives must have had a large part to play and

Producer Tommo
you’d imagine there’s a few issues at play here. I know we’ve had this conversation with many clients over the last year,

David
but really you’ve had lots of clients asking if they can change their jobs.

Producer Tommo
Yeah, quite a few people we want to carry on working from home but their employers won’t let them or people who have pursued hobbies at home during lockdown and realise that they want to make more. Make more time to do the hobby. And just the isolation we all went through wondering why you’re working so hard at jobs that don’t satisfy them. Lots of people are reflecting on their lives and wondering what changes they might make.

David
To be fair, given that Ovation specialises in that sort of financial planning, you probably would expect to be having those conversations more often

Producer Tommo
More often than not that’s true. That’s that’s a fair comment. But some of these are really quite profound changes we’re talking about.

Chris
I put it out on Twitter to ask if there anybody, anybody who has changed their jobs or less money. We got a few interesting comments. I sent you one, David. Yeah,

David
I’ve got it here. It’s from Christian Tate @ChristianRT who said that he changed jobs, the one that paid less money and months ago, changed from being a designer to a guard, the groundskeeper and in his tweet, he said early days, I guess, but loving it so far less stress, more enjoyable, following a new passion, feel fitter and healthier. The reason was, I just started doing something different and worried about how long I could continue my existing job into my 50s and 60s.

Producer Tommo
And here’s someone I know Sean banks who Sean banks, S P on Twitter, you said that he stepped back financially to leap forward culturally. The finances take care of themselves when you’re in the right place. I would do it all again in a heartbeat.

Chris
Do we have a few comments like that our Twitter account is @Finnwellbeing. So anybody else who’s got something to share? Please do tell us about it. It’s not just jobs. It’s also location and people moving in in London in droves to get a better living experience. Early Retirement is now far more common than it was with many people leaving career jobs to pursue lifestyle jobs but for less money. The Yale course on happiness has been taken by millions of people the whole subject this podcast, but also to their wellbeing and happiness is much more on people’s lips these things.

David
Yeah has this become possible all these early retirements? It’s not like we’ve all suddenly got more money than we used to have. And

Chris
obviously a few reasons I split this chatted I’d like us to explore them and if I’m gonna be honest, he said, blowing on his nails and rubbing them on his lapel. I think the financial wellbeing podcast had something to do with it. What do you think chaps?

David
I think we’ve changed the world for the better. It’s all down to us. Nobody else has had any issue whatsoever. Where’s my MBE?

Producer Tommo
And in case you didn’t know listeners, you are one of 2 million each episode that tunes in we really are making no joke actually just got the numbers and I will put them on on here out there but I’m good actually we’re making it we’re making a difference of each share

Chris
in the pocket 5000 Absolutely amazing. But genuinely we were at the kind of started this the financial well being but the podcast appeared in 2016 but so many other people have been producing content on related topics as mentioned the Yale course on happiness. People like take humble and meaningful presented Claudia Hammond has written books about her relationship to money. Amazing organisation Action for Happiness established in 2010, which as the Dalai Lama is patron has started had real impact if any, if you don’t know about action for happiness is really worth going to their website. They’ve got an app there are so many tools about becoming happy. We should really do a podcast on action for happiness. At some point they’re great. And we started the initiative for financial well being W which helps financial advisors to learn how to focus their advice on the well being of their clients.

Producer Tommo
I’m gonna major awards for financial advisors now even include financial well being for the first time of the year and I may have been up for a few of those but anyway, this is this podcast isn’t isn’t about me. Great. Seems

David
to be trying to get your nominated for what I so I haven’t mentioned that. All about new topic itself. Anyway, bringing it back to what we were talking about. Within this word Zeitgeist is old fashioned although it does seem to me that that’s very appropriate in terms of what we’re discussing now.

Chris
It is it is well being is one of the prevailing moods of the Western world It seems to get our lives more focused on what makes us happy not just on accumulating wealth. That said, there are still plenty of people still trying to get rich or famous. But things are definitely changing.

Producer Tommo
Like yellow cars.

David
Well Oh, there’s another one of his strange statements. yellow cars Tommo do share.

Producer Tommo
It’s a well known psychological synonymous. synonymous

David
phenomena. Just say thing thing.

Producer Tommo
You never notice yellow cars. However, if you get a car that’s yellow, or want to buy a car that yellow, you suddenly start noticing yellow cars everywhere.

David
Right? So there’s been a lot more about happiness in the press and podcasts like this one. What else? Well,

Chris
the same time people reflect on the work. Larger companies haven’t always been as quick to amend their working practices. The research firm McKinsey for example, does some research to show many employees want more purpose in their work, but our company’s providing that traditional models of working just don’t really fit anymore employees especially young people are moving jobs to work for companies that are more purposeful, have a more positive impact to the world. The work I do on employee ownership is all about this employee ownership is absolutely booming. A big part of that intimate employees feeling part of their business.

David
Yeah. And is this working to those young people?

Chris
Fortunately, not always. I think this is there’s a number of reasons for this. But job search site of the Muse did a study that showed a whopping 48% of people who swapped jobs wanted their old job back. They say that’s partly the jobs not always being what they are advertised to be. I think it’s also about the fact that large companies who advertise their positive purpose in their marketing, don’t always deliberate in practice. The direction of travel is one way so I’m sure that’s going to be changing. But I think there’s certain lessons to be learned.

David
There’s also been a big shift of self employment over the years and might partial retirement also be a factor. So I’ve been moving into retirement solely for many years now. I still do quite a bit of writing and active work because I enjoy it. And when I do it, I still work really, really hard. But the difference is that I only do it now when I want to as opposed to when I need to because I don’t need to do it in the same way that I used to.

Producer Tommo
I mean, you’re spot on with this, and you’re a good example, David. And you know, one of the questions we ask clients is around what they’d actually like to do in retirement. You know, whenever that might be, and the conversation starts off about retirement, but then we go on to test what might be possible if that so called retirement includes a part time work that was fulfilling, and this often brings that that retirement date or certainly working less date forward, you know, financially if you’re willing to work, part time a little bit longer, then then you can bring that that free time forward a little bit, but I think gone are the days of the gold watch and on your way. Thank you very much and everybody retires at 65. And it’s

Chris
also about financial planning and career changes and how much income you need. Double it tell that story. That client is a huge help recently because I love that stuff.

Producer Tommo
Yes, remind me remind me the client Chris.

Chris
He’s a solicitor.

Producer Tommo
There’s so many things Chris misses the point. So many. No, no, I know exactly who you’re talking about. So a client of ours we started working with them and what they were beginning to they’re beginning to they worked as a as a as a lawyer and we’re very successful

David
and very well but we get quite disillusioned with the purpose

Producer Tommo
from it as much anymore. And we talked and we took some coaching and got to know what really made them in that job. And it was that they really enjoyed the training element of what they did bring in bringing young younger lawyers through and really happened with that. But then another passion of theirs was history. So it talks about forever. And then almost a light bulb went off. It’s an okay, there’s something there I really enjoy history and already enjoy teaching other people. Anyway, go when we pay to compromise. I’ve been in contact with some teaching training organisations and I’m thinking I’m gonna go move I’d love to become a history teacher and retrain. But I need to know that I can financially do that. This week, my financial planner came in and we proved that he can he can switch careers, reduce his income significantly. And do this very purposely build job for him, that he’s really engaged with that fast forward. He’s going through that training now and he’s going to be qualified in a few months time. And the phrase that really stuck with me so how’s it going? And he said, I used to be knackered off now knackered and happy at the end of the day. And that that

Chris
seriously, I’ve actually got goosebumps is such a wonderful thing to hear, isn’t it?

Producer Tommo
It does make it that was a night that was a good day. That was a good thing for me personally, being able to help someone with that. Of course, it’s all their endeavours that that have gotten there, but it makes this job worthwhile when you’re able to help people in that way.

David
Yeah, I think that’s a brilliant story. It’s worth reminding ourselves that if we do want to make a change, it’s not like we’re necessarily making a change because we want to do less as as you said he’s still knackered. What we want to do is do it because we want to feel better about what we’re doing at the end of the day that we did before, which goes back to what I was saying before, you know, I still work pretty hard when I work. And I can get nakid at the end of the day. But you know, I will say that was a good day and I’ve really enjoyed it. And so I think it’s about I guess your general attitude if someone’s listening to this and wonders what they might do to investigate this to themselves. What should they do, Chris?

Chris
Well, first thing is to find the thing that would give them meaning and purpose, which the first

Producer Tommo
thing they should do is email TomMorris@ovationfinance.co.uk And then listen to what Chris is about to tell them

Chris
the second thing you should do is to find out what will give you meaning and purpose, which isn’t actually that easy to do. Remember, the first pillar of our definition of financial well being is to have a clear path to identifiable objectives. Now the clear path is the financial planning that Tom was talking about that you need him for the fact you probably could use him for the identifiable objectives as well because you can’t challenge your own assumptions. And having somebody else to work that out with you is really, really important. Now, some of our listeners might already have a good idea about what their what they would want to do their equivalent to the history teaching, but even then I’d suggest that there could be a little exercise they might want to go through that I literally just thought up well okay yesterday. So imagine that you win the lottery, you win enough so that you know, you wouldn’t need to work again. Okay, we’re not talking stupid money, but just enough so you don’t need to work again. Now think of yourself a year later. You’ve bought the house, the big car, maybe you’ve travelled to Machu Picchu or to watch Barcelona at the Nou Camp, whatever it is the thing that you want to do that bucket list stuff. You’re lying in bed in your dream house on your lap is that bucket list that you drew up just after the big win. Each item on the bucket list is a big tip by The New Day stretches out in front of you. What are you going to do? The question is what will make you jump out of bed with excitement if you don’t need to earn once you’ve done your goals you’ve ticked your bucket list stuff up. This is not such a simple question to answer. So take time. It could be it’s your current job or the business gives you huge purpose. It could be somebody else’s job or business or gives you huge purpose to be somebody charitable making a difference to other people. Once you start to get an idea of what it might be then you can compare that with where you are.

David
So suppose someone decides that achieving meaning and purpose isn’t going to come from their current job then what do they do?

Producer Tommo
This is the clear path, which is what we financial planners called cash flow forecasting. What we do is we get all of the client’s financial information together we’re talking pensions investment savings, income, house that liabilities, mortgages and loans and get their expenditure future costs that we might want to think about everything. We then make certain assumptions depending on the client on factors such as their risk levels and investments and capital growth etc.