Here’s what you need to know today

• US President Joe Biden announced he would not run for re-election with a note on Twitter (X). The President, and many other senior Democrats, have thrown their support behind Vice President Kamala Harris. No major US political party has ever switched candidates so close to an election, so the next few weeks will be fascinating to watch.
  
  

• The cost of the CrowdStrike global IT outage is still being tallied. The damage bill in Australia is expected to surpass $1 billion. CrowdStrike saw its share price fall 13%. But beyond this incident, many in cyber security still believe that CrowdStrike will remain the ‘gold standard’.
  
  

• In a sign of biting cost of living pressures, Cash Converters revenue in Australia was up 11% over the past year. The company said 600,000 transactions took place in its pawn shops.
  
  

• After an insane 6 months, we are seeing signs that some businesses are slowing down their spending on AI. Meta will not release their new AI model in Europe and will pause their generative AI models in Brazil. Both decisions are largely due to regulatory scrutiny in those markets.
  
  

• Another day, another Boeing incident. This time, an Air India Boeing plane was forced to make an emergency landing in Siberia and a Southwest Boeing plane is under investigation for flying at a dangerously low altitude. We can’t help but wonder if Boeing incidents get more media attention now or if Boeing is just having an unprecedentedly bad run.

What the…?

Turns out Donald Trump and Kamala Harris have a friendlier past. Financial records show Trump donated to Kamala’s previous campaigns, twice - $5,000 in 2011 and $1,000 in 2013. Trump’s daughter Ivanka also donated $2,000 in 2014.

Maybe their previous support will see a friendlier tone leading up to the 2024 election. Maybe, but we doubt it.

Investing is a lifelong journey

Here’s what you can learn today.

Question: What are some common "aha" moments you see in clients when they come in for financial advice?

We put this question to Glen Hare, financial advisor and cofounder of Fox & Hare

A significant "aha" moment often revolves around relationships and money. Everyone has a unique relationship with money, and these differences can be profound between partners. Many couples are not on the same financial page, which creates challenges in achieving joint goals. 

One common realisation is how crucial it is to align financial goals and strategies within a relationship. Often, one partner is more engaged with the financial side than the other. By helping the less engaged partner understand the reasons behind specific financial decisions—such as opting for less expensive vacations or saving more aggressively—we bridge the engagement gap.

One of our best referrers is a relationship counsellor, who has observed that many of her clients would benefit tremendously from being financially aligned with their partners. The counsellor notes that when couples are on the same page financially, they tend to be happier and more stable in their relationships. Financial misalignment is a common source of stress and conflict in relationships.

The key is to start with life goals rather than numbers. Understanding what you both want to achieve in life, whether it's homeownership, travelling, or early retirement, lays the foundation for a financial strategy that supports those goals. Additionally, it’s important to recognize that goals will evolve, and the financial strategy should be flexible enough to adapt to these changes. This dynamic approach makes financial planning a continuous and engaging process rather than a one-time task.

If you would like to speak to Glen or one of our preferred financial advisors, fill out this form on our website. 

This email is thanks to Australian Property Scout

Join Sammy Gordon, regular Equity Mates property expert, in the studio with his co-host Jimmy Ibrahim as they dive into the most common mistakes they see intermediate investors make in their journeys that hold them back from true success in their journeys.

After both building sizeable portfolio’s, they break down personal mistakes in their own journeys and what they see on the daily working with so many investors in building their portfolios. 

Bulletproof your property investing journey by tuning in to this episode of the Scouting Australia Podcast on your favourite listening platform.