938b wwgd: medically retired at 33 with a lifetime defence pension & what to do next?

Glen James (0:06)

What would Glen do at is that time of the week where we talk to you, the listeners, about your financial life, your circumstances, everything in between. And you ask me what I would do. And I tell you what I would do if I was in your situation. If you are new to the show, this is a what would Glen do. I'm the guy whose face is on the cover. If you get outraged with what I say because it's wrong or it's something you wouldn't do, that's fine, because it is what would Glen do. And we're going to have a great chat today. We've got a live one in the boat, live one in the studio. The desk kind of looks like a bit of a boat shape that you never see on YouTube. But we're going to have a lot of fun. If you do want to run your situation up the flagpole and see if I think it's a bit of a discussion, there is a link in the description and the show notes if you want to come on to a What Would Glen Do. Also, if you want to share around your story, not about what I would do, we do episodes called My Money Story where I just interview you about your money story.

Today, Dylan is in the studio. He's come in from the north, we will say, north near the wall for the Game of Throne fans. And Sarah, his partner, is also in the room. She's not on camera, she's not on a mic, but she's going to let us know when we do wrong things and say the wrong things. So she is in the room. So we're going to get into What Would Glen Do right now.

Before we get into it, this show is general advice only. I've got a license to provide that advice. Full details can be found in the show description. My name's Glen James, former Financial Advisor. I host this show and a show called Retire Right. I've got some books, the award-winning Quick-Start Guide to Investing and the Quick-Start Guide to Your First Property, available where good books are sold or in the description. If you're new here, welcome. If you're in old hand, welcome to M3. Let's get into it right now.

Dylan, welcome to New Vegas.

Dylan (2:21)

Thanks for having me.

Glen James (2:22)

You're living Northern New South Wales-ish.

Dylan (2:27)

Ish.

Glen James (2:28)

You're here with Sarah, flown down, stayed in Newcastle for the night, living the life. What would you like to ask me what I would do in your situation?

Dylan (2:39)

Basically, I've come into a bit of money through medical compensation, and we just wanted to ask, what would you do in our situation? Plus, I'm trying to rejoin the workforce and maybe get a bit of guidance around that as well.

Glen James (2:55)

Yeah. Awesome. Well, I'm going to go through a heap of data and just collect as much as I can. Then I will clarify, then I will issue my decree and ruling of what I would do.

Dylan, how old are you?

Dylan (3:12)

33

Glen James (3:12)

Awesome. What are you currently doing for work?

Dylan (3:16)

I'm currently unemployed.

Glen James (3:18)

Okay.

Dylan (3:19)

But I volunteer three days a week.

Glen James (3:21)

Okay. What doing?

Dylan (3:23)

One organization is called Good Shepherd, and we help people in need with financial assistance and stuff, so financial education and stuff like that. Then I volunteer at AWL or Animal Welfare League.

Glen James (3:41)

Yeah.

Dylan (3:41)

And I walk dogs in the morning on. So yeah. Yeah.

Glen James (3:46)

And so you're unemployed but volunteering. Have you got any income that's coming in?

Dylan (3:52)

Yeah. So I'm on a pension post-defense.

Glen James (3:55)

Yes. Okay. And how much is that pension?

Dylan (3:58)

It's about 2,950 of Fortnite. Right.

Glen James (4:02)

So what's that about?

Dylan (4:04)

That's 76,000 a year.

Glen James (4:07)

Yeah. And how long is that going to continue for?

Dylan (4:11)

For the rest of my life.

Glen James (4:12)

Awesome.

Dylan (4:14)

As far as I'm aware. Yeah.

Glen James (4:18)

Do you have kids?

Dylan (4:20)

No.

Glen James (4:21)

Do you want kids?

Dylan (4:25)

We're not saying no, but we're just focusing on us at the moment.

Glen James (4:30)

Yeah. Perfect. Do you have pets?

Dylan (4:32)

Yes. We have three cats.

Glen James (4:34)

Okay. What are their names?

Dylan (4:36)

Sammy, York and Axel.

Yeah.

They're all, we used to foster a lot with RSPCA and AWL.

Glen James (4:44)

Yeah.