They Told Me 50/50. It Was 5 Per Cent.

adversity episode high performance money paralympics perspective team culture tristan knowles Aug 31, 2026

Episode 47 · Perspective, performance and money · 55 min

With Layne Beachley AO & Tess Brouwer, featuring Tristan Knowles OAM

 
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About this episode

Tristan Knowles OAM and AIA ambassador has been given his odds twice. At nine he lost his leg to childhood cancer. At twelve he found out that the 50/50 his parents and his doctor gave him when the cancer came back in his lung was a white lie, and that his real chance of surviving had been closer to 5 per cent. This week he sits down with Layne and Tess to talk about what that does to a person, and what he built out of it.

The conversation runs from a foam cover cut off a prosthetic leg at 17, to gold in Beijing and the email that was waiting when the team got home, to the subject nobody expects a six-time Paralympian to be an expert in: money, and what financial stress quietly takes from everything else.

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Key takeaways

  1. Perspective is practised, not inherited. When the cancer returned, his parents and his doctor agreed on an answer before he asked the question, and told him 50/50. He learned the real number at twelve, and it made him permanently curious about how we choose to turn up rather than what happens to us.
  2. Shame hides under whatever you cover it with. At 17 he cut the foam cover off his prosthetic leg, went to school with the titanium showing, and calls it the most liberating feeling he has had. The cover was never about the leg.
  3. Success is having no regrets, not winning. Did I do everything I said I would? Did I make the sacrifices? Did I ask for the help? If the answers are yes, that is success, whatever the result on the day.
  4. Being the best is more dangerous than chasing it. An email from their coach was waiting when the team got home with gold from Beijing. They broke wheelchair basketball into 30 components, ranked themselves on every one, and found out how far off number one they still were.
  5. Financial stress and mental health run in both directions. Beyond Blue and ASIC found someone under financial stress is twice as likely to face mental health challenges, and that the same is true in reverse. Two thirds of calls to Lifeline involve money.
  6. Start with the split, not the spreadsheet. Around 50 per cent of what comes in covers the essentials. Halve what is left: 25 per cent invested for your future self, 25 per cent to enjoy now. The number matters less than knowing where it goes.

 

Chapters

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Transcript

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0:00Challenge accepted

Tristan, Layne & Tess (0:00):

You're tuning into A Wake Up Call, which is your weekly dose of purpose, packed with science-backed tools to beat burnout and boost happiness. Hosted by us, Tess Brouwer and seven-time world champion Layne Beachley. We're the founders of Awake Academy. This podcast mixes raw life lessons, expert wisdom and practical tips to help you stop sleepwalking through life and start living it on your terms. You ready to wake up and thrive? Let's go. Season three is proudly brought to you by AIA, a leading life, health and wellbeing insurer supporting healthier, longer, better lives. Protect what matters most, and AIA will help you to do it for life.

1:41I wouldn't change a thing

Tristan, Layne & Tess (1:41):

Now, you know that we start every episode with a wake up call that changed your life, but I'm so interested to know how that has changed the course of your life in a challenge-accepted way. Yeah, I guess I'm fortunate to have learnt that lesson that life is really precious, but I didn't learn it overnight. It was a bit of a journey. For me, I went through some pretty challenging things as a kid in the form of childhood cancer. We'll probably talk a little bit more about that in a moment, but it might sound strange, but for me, beating cancer twice only felt like I won half the battle, because as a kid I was absolutely convinced that I was going to grow up and play AFL football for Hawthorn. The amputation for me was a real challenge, and I struggled with it for a lot of my teens. When I got to the age of 17, a couple of things happened, and I was in the car with my dad, and he said, "Tristan, if we got home and someone knocked on the door and said we can go back in time and change everything, what would you say?" It wasn't just my answer, but I think how quickly I answered my dad. I said, "Dad, I wouldn't change a thing." So we spoke a bit more about what allowed me to get to the age of 17 and respond to that question that way, and I even looked back at what I went through as a kid as a blessing, because it changed who I was, but I'd learnt to love who I was, and I was pretty determined to continue forward in life as an amputee, having learnt what I'd learnt. As tough as it was at the time, I was grateful for what I went through, because it certainly taught me a lot about being grateful, and perspective, and the importance of mindset, and that things don't always go to plan.

5:03The 50/50 white lie

Tristan, Layne & Tess (5:03):

Yeah, I think going through something like cancer and being forced to think about mortality and death, it makes you grow up really, really quick. And sad as well, I got to know a lot of kids that weren't as lucky as me, that didn't make it. But I think when I relapsed, it was exactly two years after being put in remission. The cancer returned in my lung, and I learned something the first time that I was sick that's a pretty tough lesson for anyone to learn, and that was: the two places that you don't want cancer is your lung and your brain. For me, it was the kids that had those types of cancer that didn't make it. So when my doctor told me that the cancer had come back in my lung, I was absolutely distraught, hysterical. And when I calmed down, I asked my doctor the same question again. I said, "What are my chances of surviving?" And I didn't realise this, but Mum and Dad and my doctor anticipated me asking that question, and they agreed on a response, and the response was 50/50. So I'd gone from sitting there in a moment, for the very, very first time allowing the thought to enter my head that I wasn't going to make it, to hearing 50/50, and it was a real lesson for me in perspective. Mum and Dad got me to think about being so upset, and then hearing 50/50, and then convinced again that I was going to be okay. It was only going into remission the second time that Mum and Dad confessed that they did tell me a bit of a white lie, because my chances of surviving were only around 5 to 10 per cent. Oh, wow.

6:38Cutting the cover off

Tristan, Layne & Tess (6:38):

And I was 12 when they told me this, and it made me fascinated with mindset and perspective and how we choose to turn up. So going back to your question, Tess, around why I chose at the age of 17 to answer that question from my dad that way: I think I knew that statistically I was extremely lucky to be alive. Very, very grateful for what I had, not what I didn't have, which was a second leg. But it did take most of my teens to get to that point where I was truly comfortable and content in my own skin. And up until that point, I used to wear a foam cover over my prosthetic leg, and I realised one morning when I was 17, on the couch eating cereal, getting ready for school, looking at my leg wearing a pair of shorts, and it dawned on me in that moment why I used to wear this cover. And it was obvious, right? I was trying to hide it. And to a large extent, I'd been ashamed for a lot of years to be an amputee. And something came over me. I went to the kitchen, I cut the cover off, I went to school with my leg fully exposed, as you can see it right now, sort of titanium and carbon fibre, and it was the most liberating feeling I've ever had, because I felt truly free for the first time that I could remember. How did the kids at school respond?

12:18Your why, and the four years after Athens

Tristan, Layne & Tess (12:18):

I want to be as good as I possibly can. My introduction to, and again it goes back to what sport taught me, but I went off to my first Paralympic Games in 2004 as a 21-year-old. And we got all the way through to the gold medal game and got beat by Canada. And it was heartbreaking, how distraught we were, but it's nearly a blessing, getting that close to the holy grail so young in my career, that it has made me so much hungrier. And thankfully, a lot of the guys in the team were prepared to go away and sacrifice even more in the next four years, and we were able to redeem ourselves in 2008 by beating the Canadians in the gold medal game. But I think that period of my life taught me that if I was prepared to work really, really hard, anything was possible. It also taught me that you can't win every time as well. I love the challenge, why I still play at 43 at the highest level. I may be a little bit selfish and want that fairytale ending, but at the end of the day, I'm happy to commit to the process, do all the hard work and go on that journey with my teammates. But yeah, I'd love to taste it again. Taste the gold. It's an insatiable appetite, an insatiable thirst. Tristan, you talked just then around something that we really want to instill in people, which is control what you can control. And I have witnessed people in a spinal ward lose the one thing they thought they can control, their body. And then they took control of their mind, and life changed, including my own life. What can you control from a mindset perspective? What has helped you understand this principle and apply it to your life? Because it looks like you've locked in, you understand it, and it has almost become part of your DNA. Today we see people try and control their day by what they consume, the media, gossiping, venting, talking, like everything outside of them. How do you coach people to stay in themselves and control what they can control?

14:44Success is having no regrets

Tristan, Layne & Tess (14:44):

Yeah, exactly. We're all human. I think, for me, how I'd answer that is to explore how I define success. Because you can define it a number of different ways, and your experiences, and as you get older, might change the way that you think of what success is. Because for me, in the early days, as a younger athlete, I thought success meant winning, until you realise that you can't win every time. So you spend a bit more time thinking about, well, what is success? And for me, it comes down to having no regrets. And it's being really, really clear on what your why is, how you're going to get from where you are to that point, having a really, really clear plan. I'm a bit of an OCD planner. I like to have a really clear plan out, checkpoints along the way. It's what makes you a great financial planner.

16:32What comes after gold: hunter or hunted

Tristan, Layne & Tess (16:32):

Did you ever have a moment where you were standing on top of the world, you had those gold medals and those world championships, and you weren't happy with the person that you were? I ask that question, it's pretty loaded, because I had that experience. Because I won seven world titles, but five in fear, and the fear-based world titles were not process-driven, they were outcome-driven. So I was standing on top of the world, but I felt really alone in that moment. I felt really, ah, just abandoned. I had abandoned myself, because the outcome was more important than the person I was. Did you ever experience that? I never had that emptiness feeling after successes, but I certainly had feelings of fear and anxiety around: I've reached the top of the mountain, now what? And I'm really lucky to play a team sport, so when you've got those feelings, you've always got a handful of teammates that you can just go, "Hey, is it weird that I'm feeling this?"

20:40Thirty parts of the game

Tristan, Layne & Tess (20:40):

Yeah, it's a good question. So I wasn't the captain back during that period. We were led by Brad Ness, who is now our head coach, who's an incredible leader. But facilitated by our head coach at the time, we went through a series of, I guess, sessions together, where we picked apart the game of wheelchair basketball into about 30 different components. And what we did was we ranked where we thought we sat on each of those 30 things that make up the game of wheelchair basketball. And it was a very humbling process, because we realised, looking at where we ranked ourselves on those 30 things, we were like, "Guys, we're not that good at this sport. We have to find a way to get better." I know that example is elite sport at the highest level, but I think you can take that kind of approach to anything in life. Whether it's a hobby or a pursuit or your job or relationships, you can pick apart whatever that is into lots of different things and work out where you need to get better. And that proved to be a really great exercise for us, because it made us hungry. It made us want to get to number one in the world at as many different parts of the game of wheelchair basketball as possible. So you essentially became a student of the game, and as we know, the opposite of fear isn't love, it's actually play and curiosity, and bringing fun back into the environment. So you're now 43. You're still aspiring to win gold medals and world championships. How do you maintain, now that you've broken the game down to those 30 incremental parts and you understand how you fit into all of those positions, how do you maintain the motivation, the curiosity and the playfulness to keep overcoming the fear of failure, and keep challenging yourself to show up as the best version of you every single day? Because there's so many things outside of your control that are going to tell you that you're never going to make it, that you're old, you're tired, you're worn out.

25:59What Paralympians need from Australia

Tristan, Layne & Tess (25:59):

I want to take a step change in a second and talk to you about money. And I want to wrap up this last section learning about your Paralympic journey. What is it that you need from Australia, the government, to support you on this journey? Because you work a full-time job, you're a gold medal athlete, you're a captain of a basketball team that gets less funding, less support. How do Australians support you? Because I just see this incredible moment in time where we can transfer funding and help you guys out. When I was in the spinal ward, the Paralympic rugby team came in and were teaching the young boys how to use their wheelchair for the first time. And they played an exhibition rugby game on the courts outside of Royal Ryde Rehab. And I sat there, I was holding my breath, I'm even emotional thinking about it now, for two reasons: you guys are hard. You're the hardest athletes I've ever seen. Very tough.

29:57Money buys time, not happiness

Tristan, Layne & Tess (29:57):

No, it doesn't. No, it doesn't. It allows you, I think, to buy your time back, because time is the most important and most valuable thing that we've got, to get to choose how to use that. Time and health.

35:54Squirrelling it away, and the literacy gap

Tristan, Layne & Tess (35:54):

It sure does. And our quality of life. Because I think about teenagers or 20-year-olds today that may be earning a little bit of money, and whether they have the financial acumen, or even just the consideration, of saving today for the future. We're all told to live in the moment and be in the moment and do everything you can right here, right now. But it's the consideration of the future that will give you the perspective that we mentioned earlier, to actually start planning for what that future looks like. And I've always been pretty frugal with money. My dad used to give me pocket money, and if I wanted to buy something, I had to save up for it. And by the time I could afford it, I didn't want it anymore. So I had the compounding interest of savings, because by the time I was ready to spend, I still had that, and I just kept it and hoarded it, to where I had mountains of dollar coins and two dollar coins. She still does, by the way.

40:00Start with a budget: 50, 25, 25

Tristan, Layne & Tess (40:00):

Yeah, listen, I'm glad you asked that question, because I reckon one of the main reasons people don't ever take that first step in controlling their financial world is they think it's complicated. They think it's going to be really complex, that they don't know the answers, that you've got to go and see a financial planner, or that what they have isn't enough to see a financial planner. But it's literally about taking the first step. And for me, it's all about control. So I know people hate hearing the B word, the budget word, but a budget is a great way for you to sit down and be really curious about where your money's going, work out how much money you've got left after the essentials, and then make a decision around how you want to use what's left over. And I'm not going to give you the answer that you think someone with a financial planning background might give, which is invest all of it. I've learnt that life is really precious. So I think there's a nice balancing point between treating yourself and having fun now and making the most of life, but also, it's really, really important to put money away for the future. What are the buckets? What do you recommend? Like, budget bucket, fun budget, everyone talks in buckets. I don't. What do you talk in?

43:24Twenty four hours of full health

Tristan, Layne & Tess (43:24):

So I reckon at about the age of 40, I started to become acutely aware, or inquisitive, around, like, what's the point of it all? Like, is the life that I'm living now, is that it? Because I wanted to make sure I wasn't missing out on things that really enrich your life. And I read a book called Tuesdays with Morrie, and it's been a book that's been around for a long time. Yeah, I've read it.

49:17The AIA Do It For Life toolkit

Tristan, Layne & Tess (49:17):

Yes. So, your mind. What's one tool for dealing with adversity that everyone can apply? Asking for help.

51:17Until you can see the better life

Tristan, Layne & Tess (51:17):

What a wake up call. I love that. Find ways to enjoy the simplicity of life and start living it. Love it, love it. Okay, complete this sentence. Your wake up call is not a wake up call until you... Good one. I think we've actually stumped him.

Guest

TK

Tristan Knowles OAM

Six-time Paralympian, gold medallist and captain of the Australian Rollers, financial adviser and AIA ambassador

On two cancer diagnoses, the odds his parents hid from him, and why the way you handle money decides more than you think.

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