Money: Faith & Finance

Key Takeaways:

• Individuals often lose track of finances due to outdated personal information and inattention to accounts such as superannuation, resulting in billions of unclaimed dollars.

• The Australian Securities and Investments Commission (ASIC) provides tools like MoneySmart.gov.au to assist in reclaiming lost financial assets.

• Proactive life admin, including regular updates to personal details and account management, is crucial in preventing misplaced finances.

• Government initiatives and resources exist to help reunite lost funds with their rightful owners, benefiting both the individuals and the economy as a whole.

• Financial management isn’t passive; individuals must actively engage with and maintain awareness of their financial situations.

Notable Quotes:

1. "No one's going to be your PA! You have to do your life admin." - Pete Burrows

2. "The government does want to reunite us with our money." - Pete Burrows

3. "Where was the last place you put it? Go back there." - Pete Burrows

4. "Have I gone through every super account I've ever had?" - Ben McEachen

5. "It's easier to find a place for something you have rather than search for something you've lost." - Pete Burrows

Ben and Pete dive into the world of financial toolkits, discussing essential elements including budgeting and building a supportive team of financial advisors. They explore how your toolkit can evolve with life stages and personal preferences, emphasising the importance of distinguishing between tools and toys in financial planning. 

Key Takeaways:

• A financial toolkit is personalised and should evolve as one progresses through different life stages.

• Budgeting is foundational—understanding and managing expenses is crucial for financial stability.

• Building a supportive network of financial professionals and informed individuals can vastly improve financial decision-making.

• The difference between tools and toys in financial management is key to optimising your strategy.

• Integrating biblical principles and wisdom can guide financial choices, aligning them with broader life goals.

Notable Quotes:

1. "Financial toolkit is more than just a sound bite. It's your little grab bag. It's your little go-to of how to get things done." - Pete Burrows

2. "A budget should be ground zero. It's the thing you have to have in the toolkit." - Pete Burrows

3. "The application of biblical wisdom can shape how you view money and incorporate it into your financial toolkit." - Ben McEachen

4. "Know the difference between a tool and a toy when you're looking at your finances." - Pete Burrows

Helpful resource

What a question. Pete and Ben know how we all can wrestle with trusting God. When it comes to what we need and ask for, how much should we expect? Using our finances as an example of God's provision, Ben and Pete turn to the Bible, personal experiences and observed outcomes to examine the pointy end of reliance, faith and resources.

You are going to want to take notes. Pete provides plenty of ways to cut costs – by letting us know what we should be auditing every year (or more often).

Key Takeaways:

• Annual financial checkups are essential for effective money management and should involve reviewing all expenses and bills.

• Proactively asking for better prices or researching provider alternatives can lead to significant savings without sacrificing quality.

• Understanding the importance of balancing time versus potential financial savings is crucial for effective personal finance management.

• Creating a “financial toolkit” can help structure the processes needed to make informed financial decisions regularly.

• Complacency can harm financial health; staying informed and active in challenging existing costs regularly is beneficial.

Notable Quotes:

1. "You can't correct it if you don't check it."

2. "If you care about where your money goes and what you're spending on, you should check your bills at least annually."

3. "A bit like going to the doctor, you're hopefully healthy and eating healthy [...] once a year you might go to the doctor and say, how am I really doing?"

4. "I've never seen anybody go, 'You know what, just for hanging around here's a discount.' You don't get anything without asking."

5. "You need to look at the bills, not just pay them."