The Finance Bible
The Finance Bible podcast is your ultimate resource for financial freedom, personal growth, and business success. Hosted by Zeke Guenthroth and Oscar Don, this podcast is designed to help you achieve your goals through actionable insights, expert advice, and practical strategies.
Each week, we bring you fresh episodes packed with valuable tips on a wide range of topics, including investing, property investment, saving, budgeting, shares, cryptocurrency, inflation, interest rates, wealth building, and debt management. But that’s not all—we also dive deep into personal growth strategies and business success tips, helping you develop the mindset and skills needed to thrive in every area of your life.
Whether you’re just starting your financial journey, working to grow your business, or striving to improve personally, The Finance Bible equips you with the tools to create lasting success. It’s more than a podcast—it’s your guide to building a better future.
DISCLAIMER:
The information provided in this podcast is general in nature and does not constitute personal financial advice. It does not take into account your individual objectives, financial situation, or needs. Always consider whether the information is appropriate to your circumstances and seek advice from a qualified professional if needed.
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The Finance Bible
#84 How to utilise your tax refund as a financial game-changer 2.0
Are you prepared for the unexpected? Discover how life insurance could be the safety net you didn’t know you needed. Zeke and Oscar share real-life stories, including one of a client caught off guard by a serious illness without insurance. We’ll help you navigate the intricacies of life insurance policies, ensuring you make informed decisions to secure your financial future, whether you're the primary earner or share financial duties with your partner.
Ever thought about starting a business but daunted by the costs? Learn how a modest $2,000 could be the spark that ignites your entrepreneurial dreams. We break down essential steps from legal formalities to launching a side hustle that aligns with your passions. Whether you’re feeling unfulfilled in your current job or eager to turn a hobby into a thriving business, this episode offers practical advice to set you on the path to financial independence and personal satisfaction. Tune in and get inspired to take control of your financial destiny!
For any enquiries or to connect with Oscar, Zeke, or their company, Asset Road, listeners can visit the following links:
The advice shared on The Finance Bible is general in nature and does not consider your individual circumstances. The Finance Bible exists purely for educational / entertainment purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.
Welcome back to another episode of the Finance Fireball podcast. Zeke here and your co-host, oscar. But before we get into it, please note that nothing in this podcast should ever be considered as personal financial advice. Of course, if that is what you are seeking, reach out. We'll get you in touch with the correct professionals. Get the job done properly, sit back, relax and enjoy the show. Let's get into it.
Speaker 1:Buying life insurance I mean, I mentioned health insurance a bit is a bit different, but life insurance goes a long way too. You on the topic of wills, you know, yeah, I was going to link that actually to insurance. Good, you actually spoke about that. You happen to kick the bucket, you know. It's just another thing what life insurance do you have, aside from what's in your superannuation? Have you reviewed it? Do you even have it in your super? Did you opt out of it with the new rules?
Speaker 1:Remember that client three or four years ago you got diagnosed with cancer and it wasn't like Didn't have the insurance. Yeah, that was cool. Literally, it was like the week before you decided not to have it. Yeah, yeah, that's tough and it just that's what can happen and they weren't expecting that, obviously. But you've got to yeah, you've really got to look after yourself. Yeah, you do, you've got to look after yourself. Yeah, you do, you've, you've got to do it. And especially, especially, if you've got a family and you're the the main breadwinner, or you or your wife are both employed, just securing your income or if you get sick or anything like that is just, it's just so important. Even if it never happens, at least you can go to bed at night knowing that, all right, if I get sick tomorrow or next week or whatever, if I ever do, it's not going to be the end of the world. It's just good to know that. If I live, example, if I jump up right now, run outside, accidentally, trip over, fall 45 floors down from the balcony, then everything's all good, you don't have to worry about it. Well, yeah, it's not all good In terms of your insurance. Financially, you'd probably be standing up. You're going, wow, that's no good. Yeah, but I don't think that'd be my reaction. But, uh, sure, a bit more than that. Oh well, you'd hope it might have to give it a test. No, uh, another fun one, which is actually I mean, I, I think it fun.
Speaker 1:You try to start or grow a business. Oh, I love that. That's a good one. That's probably the best I know.
Speaker 1:$2,000 is not a huge amount of money. It's probably not going to create this huge monster of a business or anything, but it can start. You can get a couple of things done. You can draw up the actual legalities behind it, like create the company, get the accountant to set it up, and then you can just start doing it. Yeah, get all the boring stuff out of the way, yeah, like lock it in, get the AB in, register the name.
Speaker 1:But yeah, growing a business, that's such a especially if you're working for a company who you're not too keen on and you want to start your own little side hustle, um, out of hours you're five to nine, let's say it's a. It's a good idea. You know, if you do have a little hobby and you've always been thinking about it, end of the day, two grand. If you do throw two grand or even four grand into it just to start it up and it doesn't go too well, it is only two to four grand, even though two to four grand is a quite a bit of money. If it doesn't go well, at least you've still got the everything registered so you can come back to it down the track if need be, and then you've already bypassed the boring stuff and it's registered. You don't have to go and open like a restaurant or something. You don't need to start a business like that. It could be just a simple side hustle. You get it going, you might be making an extra couple hundred bucks here and there and then eventually, maybe two or three years go by of doing that, you're getting more money. You got a couple more tax returns. Then you can build that and compound on it and eventually probably quit your job and go and do that.
Speaker 1:Yeah, once the once the income's covering your normal income or close to good time to jump ship. Yeah, absolutely no, we didn't. Yeah, education, jump ship with nothing. Education is another one. There's a lot of courses out there that you can do for like $2,000 or sub $2,000. Depending what role you're in, depending what you know you're trying to do. But there's things out there that you can definitely go on and roll in with $2,000 or less than and basically kickstart a career in there or enhance your position somewhere or be able to get a promotion or something like that and ultimately increase your income through not having to really do much work. You just get a tax refund, pay for this and roll on a course and bang. All of a sudden you can do more than you work.
Speaker 1:Yeah, and if you're filled let's say you're a sales salesman, for example, and you're not too good on sales jump on and do a sales course. We've done one before and we loved it, learned so much, so good, and I think ours was only around $2,000 at the time for the first one, and then the next one was a bit more expensive, but quite a bit more. Yeah, just figure out what your career is and get something calling to enhance your skills and then you can pop it on your LinkedIn. And if you go for another job down the track, you've got a bit more experience to throw out. We've got two more to talk about, one of which I really enjoy. Actually, I enjoy both of them, but one of which, I think, is probably a bit more meaningful than the other.
Speaker 1:But, don, let's talk about your final point. My final point would be holiday. So if you're planning on going on a holiday or taking someone away, or whatever it may be, go overseas or go to the Olympics the Olympics In Paris next week oh, paris, it's a good idea just to use it for that. But the only reason I say that is if you've got everything else ticked off, I think. First, if you've got credit card debt or if you don't have an emergency fund, don't just throw your money on holiday. I would get that stuff sorted. Tick those off so that you've got a bit of a backup and you're not in a huge amount of debt. Yeah, probably, but this is like last case. I'll put the money in the holiday If everything else is looking good financially. Book that flight, get the hotel and just have the trip you want. A couple grand can get your flights to a lot of places. Yeah, a couple grand literally just covers your flights. Yeah, and then you're probably going to fork out a bit of you might have to pay Maybe from your emergency fund. If you think it's an emergency, it's definitely not a good idea.
Speaker 1:Final one for me would be to give it back, not to the tax man, just the charity in general. Jeez, you're a good bloke. What charity? If you had to give one back right now, what would your charity of choice be Right now? What are we July In right now? What are we july? In july, I'd probably go for something to do with funding rehabs and stuff. You know, dry july big big thing out there. Yeah, true, june's men's mental health, like each month, is a specific thing that I would um throw money out to try to try to help out where I can.
Speaker 1:But the other upside to that, aside from feeling good and doing a good thing and helping people, is tax deductible. So then then next year guess what you get more of a tax refund as well, yeah, and then you can keep doing it, keep feeling good about yourself, or you can just have a bigger refund and use it on what you want. If you have a change of mind and want to do something else. Oh, I like it. Yeah, that's good. Just keep on building it up and figure out what you want to do, and it might be any one of these points that we've talked about today. Well, I think that's probably quite a few points we've talked about. Whatever. 9, 10, 11.
Speaker 1:All those people out there who are sitting there about to get their tax refund, probably in the next week or so. Well, I got mine last two days ago. I was a very happy man. Yeah, oh, that's a quick boy. Well, I literally got it sorted on the 1st of July. Oh, she's good. Yeah, all right, let's go. Let's go, come on, we're fortunate. A lot of people have to wait for their employers to like finalize it. Yeah, you were lucky that there was someone over here that just banged down on the first day. Yeah, true, what a gentleman, what a man. Yeah, go ahead, listen to this, enjoy spending your tax return and have a good time. Catch you later. Ciao, ciao. We hope you enjoyed the episode. As always, we know exactly what to do. Hit that follow button, subscribe whatever platform you listen to this podcast on. Also, share it to friends, families, co-workers, whoever you think may benefit from it. But unfortunately, it's the end and we'll see you next week.
