Key Takeaways:

• The importance of understanding the psychology of money and how early financial experiences impact adult behavior.

• Logical financial management strategies versus emotion-driven spending, and the significance of budgeting and disciplined spending.

• The role of Christians Against Poverty (CAP) in assisting individuals to navigate out of debt and build sustainable financial habits.

• The profound sense of relief and emotional uplift that comes from financial independence and being debt-free.

• Incorporating biblical principles into financial planning to promote long-term stability and generosity.

Notable Quotes:

1. Glenn Solway: "Severe discipline now is empathy with your future self."

2. Glenn Solway: "Money is a great servant, but a terrible master."

3. Glenn Solway: "I'm now more generous than I ever was because I can give out of the surplus."

4. Glenn Solway: "If I don't have the money to buy something, I don't buy it. I save money, and then I use the money I've saved to buy that cash, and I own it."

Join the Money: Faith and Finance Group on Facebook here!

We love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Support the show, a product of Hope Media: https://hope1032.com.au/donate/2211A-pod/

See omnystudio.com/listener for privacy information.

Key Takeaways:

• Understanding Stage 3 Tax Cuts: Pete clarifies that on average, individuals will see an additional $20 to $70 per week, depending on their income bracket.

• Impact on Different Earners: Middle to high income earners benefit from these tax cuts, with varying degrees based on income levels.

• Historical Context: The episode revisits Stage 1 and Stage 2 tax cuts and the introduction of the Low and Medium Income Tax Offset (the Lamington).

• Economic Implications: With more disposable income in hand, these tax cuts are likely to have inflationary effects.

• Actionable Advice: Pete suggests conscious utilization of the tax savings by planning for debt reduction, investments, or smart spending.

Notable Quotes:

1. "It's much easier to talk to clients about tax if the next word out of your mouth is cuts." - Pete Burrows

2. "Know what the extra tax saving is and make them work for you." - Pete Burrows

3. "Inflation is higher than what the Reserve Bank would like, and the country would like to see it lowered a little bit." - Pete Burrows

4. "If you did have high interest rate debts, I would argue to try and pay extra off them." - Pete Burrows

Join the Money: Faith and Finance Group on Facebook here!

Always love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Support the show, a product of Hope Media: https://hope1032.com.au/donate/2211A-pod/

See omnystudio.com/listener for privacy information.

BONUS EPISODE!

Ben asks all the smart questions and Pete gives some advice on Tax Returns.

Key Takeaways:

• Year-Round Tax Planning: Starting tax planning as early as July 1 ensures better organization and maximized deductions.

• Utilize Technology: Software and tools can simplify tracking expenses and managing tax returns, making processes easier compared to last-minute rushing.

• Ethical Tax Practices: Christian values underscore the importance of honesty and integrity in tax reporting, reflecting broader societal benefits.

• Review Personal Finances: Use tax season as an opportunity to review and reassess your overall financial position, not just for tax purposes.

• Understanding Deductions: Be thorough with deductions but prioritize accuracy over maximization to avoid potential audits and penalties.

Join the Money: Faith and Finance Group on Facebook here!

Always love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.

Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.

Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.

Support the show, a product of Hope Media: https://hope1032.com.au/donate/2211A-pod/

See omnystudio.com/listener for privacy information.