Key Takeaways:

Budgeting: Create a budget and stick to it, ideally making it a rolling budget to keep track of your finances monthly.

Use Money-Saving Apps: Leverage apps to compare prices and save on essentials like fuel or groceries.

Pay Off Loans Strategically: Aim to pay off loans and bills more frequently to reduce interest.

Community Resources: Utilize free resources like libraries to save on entertainment and educational needs.

Sell Unused Items: Regularly declutter and sell items you no longer need to free up space and add to your savings.

Notable Quotes:

"Don’t spend more than you earn and actually have a budget." — Pete Burrows

"Convenience comes at a cost." — Ben McEachen

"Use an app that can help you save, like the petrol apps." — Ben McEachen

"It's free to ask. There is no downside to asking for a discount." — Pete Burrows

"Make your own lunch. Retail food can be quite expensive." — Pete Burrows

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.

Do we really need a financial planner? How could anyone plan my money better than myself? They're charging a fee??! Joining us is financial planner Hamish Ferguson, founder and director of Vison Newcastle.

Key Takeaways:

• Financial Planning's Core Value: Financial planners like Hamish Ferguson emphasize both technical skills and relational abilities to offer holistic financial guidance.

• Client-Specific Solutions: Effective financial planning is highly personalized, addressing specific client goals and circumstances.

• Early Engagement: Engaging with a financial planner early in life can set a strong financial foundation and mitigate future financial risks.

• Fee Transparency: A good financial planner provides clear and upfront fee structures, ensuring clients understand the value and cost of services rendered.

• Relational Skills Importance: Beyond technical expertise, the ability to build strong client relationships and communicate effectively is crucial in financial planning.

Notable Quotes:

1. "There are definitely clients that after the first meeting, I would say, look, I don't think you're quite ready for financial advice at this point in time." - Hamish Ferguson

2. "The goal is different to almost the tools we use. And what I typically say to people is, you know, the stock market property, super, our home, at times, they're all tools." - Hamish Ferguson

3. "It's not always about returns, it's about peace of mind and knowing that everything is right and you're on track." - Hamish Ferguson

Resources:

• Vision Property & Finance: Vision Property & Finance

• Money Smart Website: Money Smart Website

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.

Past Ep - Making Housing More Affordable

Past Ep - The Blessing and Curse of Inheritance

Past Ep - Mastering Money Mindset: Balancing Logic and Emotion

Key Takeaways:

• Changing Conversation on Housing: In Australia, perceptions and discussions have drastically changed, necessitating a new approach to homeownership versus renting.

• "Rent money is dead money"????: Challenging long-held beliefs, renting can offer significant financial benefits, such as lower costs and greater flexibility.

• Buying Costs: The interest part of mortgages is equivalent to 'dead money,' similar to rent, a reality many overlook when evaluating homeownership.

• Investment Alternatives: With the high costs associated with buying property, exploring alternative investment options and savings strategies is crucial.

• Future of Housing: The solution to the housing crisis lies in building more homes, rethinking government policies, and adapting to demographic changes and economic demands.

Notable Quotes:

1. Ben McEachen: "What has happened to the Australian dream of owning your own home?"

2. Pete Burrows: "Interest on your home loan is just the price of renting money off the bank."

3. Ben McEachen: "Renting was something you did as a stepping stone towards buying your own house. That's totally changed now."

4. Pete Burrows: "If parents were going to help you, it would have been to help you get into a house, but now we need to rethink our priorities."

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:

• 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.

BONUS EPISODE!

Ben asks all the smart questions and Pete unpacks Budget 2024 in 15 minutes!

Key Takeaways:

• The 2024 Budget offers immediate financial relief for individuals through tax cuts, HECS debt readjustments, and energy bill rebates.

• There is an emphasis on sustaining economic measures that will not exacerbate inflation, keeping in mind the impact on the Reserve Bank's interest rate decisions.

• Long-term considerations include structural deficits due to ongoing commitments and whether future tax increases or service reductions might be necessary.

• The government's forward-facing plans, such as the Future Made in Australia initiative, aim to shift the economic focus towards sustainable and clean energy.

• The complexity of government budgeting is compared to personal finance management, highlighting the need for a balance between current benefits and future stability.

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.

Special guest is Nelson Hsieh, a New Testament expert with Tyndale at Cambridge who has a detailed interest in digital currency. Pete and Ben ask the basics about cryptocurrencies before hearing more about Nelson's take on "Would Jesus buy Bitcoin?" Nelson explores issues of accessibility and control of currencies, as well as challenging assumptions about who can create what we tender.

Nelson S Hsieh is a Research Associate in New Testament Text and Language at Tyndale House, Cambridge. He is a Graduate Student, Systematic Theology, of Southern Baptist Theological Seminary.

More from Nelson Hsieh:

• Should Christians Condemn Bitcoin or Embrace it? (Sola Network)

Discover more on topics raised by Nelson:

• Women in Middle-East accessing bank accounts
• How many computers mining Bitcoin?
• Refugees flee warfare carrying Bitcoin (also, here).
• Alexei Navalny receives Bitcoin donations to counter Vladimir Putin.
• Notes no longer convertible into gold – Australia

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.