Transcript date:

Thursday 14 May 2015

Topic:

New family finances radio program for the outer-eastern community

"UNLOCKING YOUR FINANCIAL FREEDOM"

Topic Introduction and Relevance to you

I'm so excited after more than 15 years on the air, to be launching a brand new segment – Unlocking your financial freedom.

And if you're wondering why I decided to change the segment after so long, well frankly you're the reason!

Each week I get calls and emails from listeners, and so I started asking what is it that you want from a finance program. And the issues that came up over and over were:

-          That you wanted more consistency with the timeslot. Having
           me scheduled on different days and different times was a tad
           confusing.

-          You wanted practical guidance on money relevant to the
           day-to-day lives of families in the outer-east.

-          You wanted ideas that can be implemented by business
            owners and non-business owners alike.

Well folks, I'm responding to your feedback! And what I'd like to do today is give you a taste of what you can expect from this fresh new program, so that you can decide whether it's going to be valuable for you, and if so, it'd be terrific if you could also tell your friends and family about it.

Main Segment

Before I get too far into explaining the new segment, I want to touch very briefly on last Tuesday's Federal Budget. The budget is something that occurs every year, there's always a big hoo-ha about it, and there's a massive amount of information. And it can be really tough to discern from all this "guff" what issues are actually relevant to you, your family, your lives. So what I'm going to do in my next segment is break it all down and make it really easy for you. I'll do the hard work and read through all the reports, attend the briefings, and then I'll come back to you with a 20 minute summary of the issues I believe are most relevant to you and what you need to do about them. How does that sound? Good?

Ok, then let's move on to Unlocking Your Financial Freedom and the exciting new changes I have in store for you.

First up, I've heard your request for less confusion, and so as of today I will be presenting the Unlocking Your Financial Freedom program every second Wednesday from 1.15pm-1.45pm. So pop that in your diary now. That's every second Thursday 1.15pm-1.45pm as of today, so I'll be back on the mike in a fortnight.

I also appreciate that you don't just want information that's informative and interesting, you need it to also be relevant to your day to day lives. That makes sense, and frankly that's what I can do best!

If you're a regular listener then you'll know that one of my soap boxes (and I'm only 5ft so I do have a few) is that we are not taught day to day money management in our school curriculum.

You see, there are what I call the 7 ultimate steps to unlocking your financial freedom – 8 steps if your'e a business owner, and if you can put in place a strategy for each of those steps, financial freedom is pretty much assured.

What I'd like to do now is give you a brief overview of the different steps because the Unlocking Your Financial Freedom segment is going to focus each fortnight on different topics relating to the 8 steps. And I think you'll agree after I've gone through them that they are definitely relevant and practical.

 

Step 1: Cashflow

It's funny, but when it comes to money – oh hey that rhymes – one of the most stressful things is our income. It's never enough! And if you're a business owner you have the added pressure of irregularity. Your income isn't the same ever week and sometimes it can be a real juggle. It makes such a difference to be in a position of assurance when it comes to your cashflow, and that means you need to get serious about your budget and your spending. Understanding of your net cashflow position (both business and personal) is fundamental to your financial freedom. So that's definitely and area I'm going to help you with.

 

Step 2: Debt Management:

What would it mean for you to be debt free? Less stress, less arguments, and no more money wasted on loan interest?

Your 2nd step to financial freedom is putting a robust debt management plan in place. One that will make sure your loans are structured correctly and that you pay off your debts faster so that you can focus on getting ahead!

 

Step 3: Savings

It takes discipline, but if you're sick of living week to week, concerned about not having a decent cash "buffer" for unexpected expenses, or that you won't have enough for that well earned holiday, then it's worth doing. You need a strategy in place that takes into account both your short-term needs (savings) and your long-term needs (investment).

 

Step 4: Tax

And speaking of savings (funny how these things just seem to flow; you'd almost think it was common sense). It's important to make sure you don't pay any more tax than you have to because that would be a waste.

Financial Freedom involves knowing how to "squeeze" as much money out of the Government as possible (legally of course!!). As well as maximising your business and personal deductions, you should also review any tax effective strategies you might be able to take advantage of to improve your financial position.

 

Step 5: Super

Are you on track to have $744,000* saved by retirement? Because according to the *Association of Superannuation Funds of Australia this is the minimum estimated amount needed for a couple to lead a "comfortable lifestyle" in retirement.And if you're single, don't think it's half – it's more.

Superannuation may be the most important investment you make in your future financial freedom.

And business owners, have you thought about what will happen if your business doesn't sell for what you expected?

Decisions about your super today will directly affect your future lifestyle!

 

Step 6: Protecting your lifestyle

Imagine you had a machine in your home and once a week you turned the handle and it dispensed $1,800. Would you insure that machine for potential breakage or malfunction? Of course you would; in the same way that you've insured your home, contents, car...

You care about the lifestyle and financial security of your family right? You should be spending a small percentage of your income to insure your greatest asset - your ability to earn income.

But this can be a confusing area – so let me guide you as part of the new segment.

 

Step 7: Estate Planning

Did you hear the one about the 8 year old who inherited $6 million from his dad's estate while his mum inherited the house and $200,000?? How could this happen? Because his father didn't have a Will.

If it's important to you that the right people inherit your assets when you die, and that someone can make decisions on your behalf if you're not able to, then you need to do something about it.


Now the final step is just for our outer-eastern business owners:

 

Step 8: Business building

When dealing with the day-to-day operation of your business, it's easy to neglect things like finances, systems, and marketing. But this can create run-off problems, including weakening the business, anxiety, and cashflow struggles. This can then in turn lead to business and financial stress and more time away from the family.

So your final step towards unlocking financial freedom is spending time to grow your business, and work ON it not just work IN it.

 

Summary/Action/Special offer

Ok, so I'm hoping that gives you an idea of the relevant and practical topics I'm going to be covering for you as part of Radio Eastern's brand new segment "Unlocking your financial freedom".

On top of the family finance information, I've also created an email address dedicated to any questions you might have. So from now on if you have any questions after the program about ANY money issues, you can email me directly at askCaren@hendrie.com.au. You're even welcome to email me topics you'd like me to cover- after all, this is your segment!!

And wherever possible I'm going to bring you special offers exclusive to Radio Eastern listeners.


Unlocking your financial freedom

The Hendrie Group are very happy sponsors of Radio Eastern, and have been for – well a really long time!

At The Hendrie Group we guide families through the ultimate 8 step formula to unlocking your financial freedom, and we've been doing this for more than 35 years.

We're a family business and the most important thing to us is looking after you and your family.

We'll get you from where you are now to where you want to be in the future!

The Hendrie Group is located at 23 Lacey Street Croydon and you can call us on 9725 2533.

Don't forget to tune in to 98.1 Radio Eastern on Thursday each fortnight at 1.15pm for the Unlocking Your Financial Freedom segment filled with tips, ideas, and information about achieving financial success for your family.

Next fortnight we'll be discussing the federal budget and what it actually means for you.

You might also like to visit our website which has loads of great information, including a recording of today's program which should be up and running within the hour. Just go to  www.hendrie.com.auAnd of course you can email me directly at askCaren@hendrie.com.au

The Hendrie Group

1st Floor
23 Lacey Street
Croydon, VIC 3136

T: (03) 9725-2533 E: support@hendrie.com.au

www.hendrie.com.au


WINNER
Madison Financial Planning Practice of the Year; WINNER Grosvenor Securities Adviser of the Year;
WINNER Count Financial Planning Practice of the Year;
7th Place IFA National Best Practice (of more than 300) firms).