Podcast

Smarter money choices; tackling financial challenges and building wealth

James Millard is a financial advisor, director of Sufficient Funds, and author of the new book Insufficient Funds, A No BS Guide to Smarter Money Planning

In this episode of Flying Solo,  James dives into the crucial aspects of managing cash flow, the importance of insight and optics… Plus, how to build wealth while enjoying life. James shares how to create a spending plan to prioritise long-term goals, navigate the gender pay gap, and address common money myths.

Whether you’re a small business owner, a solo trader, or simply looking to enhance your financial literacy, this episode offers practical guidance and actionable insights for making smarter financial decisions.

Key Topics

Importance of Managing Cash Flow Effectively
– Weekly updating and reviewing of cash flow plan
– Streamlining the cash flow plan using systems like Xero, Myob, or QuickBooks
– Creating a 13-week cash flow plan for businesses
Building Wealth and Enjoying Life
– Allocating funds to things of value
– Prioritizing long-term goals such as debt repayment, savings, investments, and superannuation
– Creating a spending plan to align with personal values and goals
Financial Planning and Advice
– Importance of seeking professional advice regardless of age or life stage
– Specific financial challenges faced by women
– Money as a tool to be earned and managed
– Help children understand the value of money through earning, saving, and giving
– Long-term savings and investments for kids’ futures
Insight into Money Management
– Influence of past experiences on money mindset
– Balancing frugal saving and enjoying money
– Decluttering finances and managing debt
– Building emergency funds and strategies for paying off debts
Balancing Budgets and Common Money Myths
– Strategies for managing gift spending within a budget
– Consideration of tax benefits in investing or donating
– Managing tax changes, payroll, super, and GST payments for small business owners
– Challenges faced by sole traders with personal taxable income and the need for a good bookkeeper
Achieving Financial Goals and Taking Positive Outlook
– Setting clear financial goals aligned with personal values
– Steps and clear action items to achieve financial goals
– Importance of self-education before seeking professional help
– How financial goals change at different stages of life
– The five steps outlined in the book: define, declutter, develop, defend, and deliver

Timestamped overview

00:00 Financial advice emphasizes values, goals over money.
04:24 Podcasting and self-education driving financial understanding.
08:57 Build small emergency fund to avoid debt.
10:57 Create plan, seek help if needed.
13:05 Building momentum, tackling debts, budgeting effectively.
16:34 Tax saving through investment and donations explained.
21:35 Forecasting weekly finances three months in advance.
25:17 Focus spending on what matters, not waste.
29:10 Financial advisors adapt to meet individual needs.
32:00 Maximize super, consider age pension, plan wisely.
34:32 Exciting feedback on relatable financial advice book.
39:01 Teaching kids about money through chores and savings.
40:44 Teach kids to earn, enjoy, and choose.
43:09 Book available online and in stores nationwide.

Host Cec Busby

Guest: James Millard

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