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56. Cash Flow and Budgeting Plan

360 Money Matters

Release Date: 09/20/2022

136. Property Guest (Marcel) show art 136. Property Guest (Marcel)

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, Marcel Dybner, a Partner at Besser+Co Estate Agents in Melbourne, recounts his journey starting from a challenging rental experience that steered him towards making a positive impact. Initially focusing on sales, he entered property management before joining Dion at Besser & Co. He addresses the current property market dynamics, where increased interest rates and landlord pressures are prompting property sales. Furthermore, the strategies for selecting attractive properties are emphasized, highlighting...

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135. Protecting Your Assets  show art 135. Protecting Your Assets

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss asset protection strategies concerning personal and business finances. We stress the importance of segregating personal and business assets to shield against risks like creditors or business failures. Utilizing trusts, companies, superannuation for asset protection, and advising seeking professional guidance from financial advisors, lawyers, and accountants for legal compliance and tax planning. Lastly, we emphasize early planning and professional advice, noting the need for a comprehensive...

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134. Rentvesting show art 134. Rentvesting

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss rentvesting, a strategy where you rent your home while investing in other properties for income. This approach provides flexibility in your living situation while potentially generating returns from your investments. We discuss the tax advantages, such as mortgage interest deductions, and potential drawbacks like less security in your living situation and loss of first-time homebuyer benefits. We also touch on the need for careful cash flow management and alternatives like "own vesting." ...

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133. Market Wrap show art 133. Market Wrap

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast! We are back again with our monthly ‘Market Wrap’ segment. In this episode, we discuss the latest trends in global investment markets. We examine the S&P 500's decline of 2.47% and its connection to inflation, which came in at 0.4%, while addressing the shifts in interest rate expectations and potential recession signals such as the Mel and SAHM rules.  In Australia, the ASX 200 saw a minor decline of 0.79%, mirroring the US market, while rising inflation is outpacing income growth. There is also an increase in...

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132. Asset Rich & Cashflow Poor show art 132. Asset Rich & Cashflow Poor

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discussed the concept of being asset-rich but cash flow-poor in the context of retirement. The accumulation of assets without sufficient income, due to tax considerations, can lead to challenges during retirement. The options presented included liquidating assets for income-producing alternatives, downsizing the family home, considering reverse mortgages, or purchasing a downsized home early. Proactive financial planning, with advice tailored to individual circumstances, is crucial. It is essential to...

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131. Maximising Age Pension show art 131. Maximising Age Pension

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discussed getting the most out of age pension. We talk about who can get it, how it's been changing, and how the government decides who gets it based on what you own and earn. We also share tips on how to maximise the age pension also! Furthermore, we explain that there are limits to gifting money while still qualifying for age pension. That’s why it is important to plan early and get advice because living costs can be tough on just the pension. So, think carefully about your money to make sure you're...

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130. Equity to Invest show art 130. Equity to Invest

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discussed equity in property, focusing on its calculation, utilization, and implications. We explained equity as the difference between the property value and the debt owed, influencing the loan-to-value ratio (LVR). An LVR above 80% may incur mortgage insurance costs due to increased risk for banks. Utilizing equity can enable diversification into other assets or properties to further expand your wealth creation.  Another key point highlighted was structuring loans to ensure tax deductibility...

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129. Bought a Property, What is Next? show art 129. Bought a Property, What is Next?

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we advise listeners like Danielle, who has settled on a property and mortgage and wants to know what some of the things are that she should be considering next. We stress the need for a cash flow management strategy to ensure affordable mortgage payments and achieve savings goals. Insurance coverage is essential, including life insurance, permanent disability cover, income protection, and building/contents insurance. Building an emergency fund is crucial for handling unexpected costs. Also, seeking...

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128. F.I.R.E Movement show art 128. F.I.R.E Movement

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss the F.I.R.E (Financial Independence, Retire Early) movement. We explain that this movement encourages people to retire early and achieve financial independence by saving and investing a large portion of their income. Additionally, living a frugal lifestyle and reducing expenses are key to achieving this goal. We acknowledge that the F.I.R.E movement may not be suitable for everyone, but we emphasize the importance of being intentional with spending and making conscious financial decisions. Tune...

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127. Insurance Inside vs. Outside Super show art 127. Insurance Inside vs. Outside Super

360 Money Matters

Welcome back to another episode of the 360 Money Matters Podcast!  In this episode, we discuss personal insurance and the benefits of holding it inside or outside of superannuation. We explore different types of insurance covers, such as life insurance, permanent disability, income protection, and trauma insurance. We also discuss the increasing responsibilities that make having the right insurance cover important. Funding options for premiums are discussed, including using cash flow or faying for this through superannuation. Furthermore, we also touch on tax efficiency and how this will...

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More Episodes

Welcome back to another episode of the 360 Money Matter Podcast! In the previous episode, we gave you updates on the investment market and the factors affecting it. 

In this episode, we’ll be sharing proven strategies to help you develop your cash flow management and budget strategy skills. It all begins with being realistic about your financial situation and expectations. From there, you’ll be able to clearly see your income and expenses and reflect on how you can improve the way you handle your finances. We will talk about strategies such as setting a realistic budget, the bucketing strategy, reviewing and improving your structures and many more. These are all to help you become more confident with your money management. 

This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis &  Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706

 

Episode Highlights:

  • The factors affecting the increase in cost of living
  • The gateway to wealth creation
  • Setting a realistic budget
  • The bucketing strategy 
  • 2 Key buckets that you should have in your cash flow strategy 
  • Keeping your expenditure in line with your income increase
  • How often you should review your structure
  • Becoming more confident with your money management 
  • Things to do to help maximize your budget and cash flow
  • Budget Fatigue
  • Separate Savings account
  • Finding the balance between budgeting and living

 

Connect with Billy and Andrew!

360 Financial Strategists

 

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