Ben and Pete explore the true costs of owning a car, from financing and depreciation to fuel, maintenance, and tax. They compare buying new versus used and unpack Aussie car trends, road safety, and environmental impacts. Pete also reflects on financial contentment and how our choices shape our lives.

Key Takeaways:

• Consider comprehensive costs of car ownership, from purchase to maintenance and eventual resale or trade-in value.
• Weigh the benefits of new versus used cars, especially in light of recent economic changes affecting vehicle markets.
• Analyze personal needs versus wants when determining the necessity of a first or second car.
• Explore alternative transportation methods and consider them in the broader context of personal finance strategies.
• Contentment and financial peace are key in making thoughtful decisions that align with personal values and current financial capabilities.

Notable Quotes:

• “The cost of owning a car is not just about the purchase price; it includes registration, insurance, fuel, repairs, and depreciation.” - Pete Burrows

• “We had the finances available to buy the car without taking a loan, which made the new car option more appealing.” - Ben McEachen

• “You can't forget the full cost of ownership of a car. It's not just the running costs; it's what you're going to lose when you trade it in or sell it.” - Pete Burrows

• “Many people overlook the financing and opportunity cost of what they could have done with the money spent on a car.” - Pete Burrows

• “In Australia, we are still a relatively car-obsessed country, often overlooking our beliefs and values when it comes to purchasing vehicles.” - Ben McEachen

Support the show, a product of Hope Media: https://hope1032.com.au/donate/2211A-pod/

See omnystudio.com/listener for privacy information.

Will Ben be convinced by the building metaphor that Pete is workshopping? See what you make of constructing your finances one block at a time. Consider the consequences for greed and legacy when you stack up "savings bricks".

Key Takeaways:

• Savings Bricks Concept: Visualising savings goals as "bricks" to build a wealth wall can help break down daunting financial objectives into smaller, more manageable pieces.
• Building Habits: Establishing regular savings habits is essential, even if contributions are small. Consistency over time can lead to significant financial achievements.
• Diverse Strategies: Savings can include various approaches – from reducing debt, to investing in shares – to support overall financial health.
• Avoiding Greed: Maintaining a balanced view of finances ensures that the goal of wealth-building doesn't overshadow other life priorities and values.
• Financial Legacy: A legacy isn't built overnight but through the accumulation of strategic financial decisions and savings over a lifetime.

Notable Quotes:

1. "Think of your wealth as a wall that's built with bricks, with each brick contributing to your financial goal."
2. "Smaller targets are more motivating and more realistic sometimes, building momentum towards larger goals."
3. "The danger is if it's too much of your focus, it starts overshadowing other important aspects of your life."
4. "A legacy doesn't start the day you leave it. It's built over a longer period of time with habits and discipline."
5. "It's better to give to your kids with a warm hand than a cold hand."

Got a question, comment or personal story to share? Send it through at hopepodcasts.com.au. Ben and Pete will get stuck into it on 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/

See omnystudio.com/listener for privacy information.

Joni asked Pete and Ben to get stuck into the family affair of working out if your kids with jobs need to stump up. So they did, diving deeper than their kneejerk response of "YES". Growing up with the expectation of paying board, Pete and Ben acknowledge the changed landscape of home ownership and accessibility. But the life lesson of paying board remains, as well as the opportunity to live out biblical principles of respect.

Key Takeaways:

• Financial Responsibility: Charging board teaches young adults to manage finances and prepares them for independent living.
• Family Dynamics: Open communication about finances and responsibilities can reduce tension and foster understanding among family members.
• Economic Landscape: Rising costs of living and rental rates contribute to adult children staying home longer.
• Adapting Traditions: Modern families may need to adjust traditional approaches to rent and board, weighing financial necessity against educational opportunity.
• Value-Based Discussions: Families can leverage biblical principles, such as honouring parents, to guide discussions about board.

Notable Quotes:

• "Shouldn't they, in a sense, contribute to the cost of the house? And I think the answer is yes." – Pete Burrows
• "In adulthood, spoiler alert, you're going to cop 100% of the cost of living." – Pete Burrows
• "We're trying to prepare you for adulthood. And in adulthood…you need to pay a percentage of those costs." – Pete Burrows
• "Is it more about while you're here, we're trying to teach you a lesson?" – Ben McEachen

Got a question, comment or personal story to share? Send it through at hopepodcasts.com.au. Ben and Pete will get stuck into it on 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/

See omnystudio.com/listener for privacy information.