Your Money Questions Answered by Astute Accountant (Pete!)

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Have you asked any financial questions this week? So hard to get good, reliable answers. Right? If only we had a reliable source... Ah, yes! Pete Burrows! 

In this ep, Pete discusses the value of adult kids paying board, strategies for turning side hustles into full-time ventures, and tips for teaching kids about saving. We also unpack the real implications of terms such as "strong economy" and Pete clarifies common tax misconceptions.

Whether you're considering a second job, deciding between saving or paying off loans, or contemplating higher education, Pete Burrows answers all your burning questions! 

Key Takeaways:

• Charging board to adult kids teaches them responsibility and prepares them for financial independence.

• To encourage children's saving habits, establish bank accounts with incentives for regular deposits and minimal withdrawals.

• Turning a side hustle into a full-time venture requires timing, family support, and financial planning. HINT: there is no "perfect" time to start a business.

• Understanding economic terms such as "strong economy" can empower personal financial confidence and decision-making.

• Evaluating university education against workforce entry and employer-supported studies requires assessing personal career goals and financial circumstances.

Notable Quotes:

• "My answer is 'Yes, people, yes, one thousand times yes' [to asking adult children to pay board]." - Pete Burrows

• "Put money into [the bank account] and then try not to take it out." - Pete Burrows

• "There's no unicorn day of the year that you go, 'You know, it's quiet yet there's willing customers out there…'" - Pete Burrows

• "A strong economy might not necessarily mean everybody's better off, but they want more people to be better off." - Pete Burrows

• "A question that is not acted upon is just a thought bubble." - Pete Burrows

 

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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/

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