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- Herausgeber: John Wiley & Sons
- Kategorie: Ratgeber
- Sprache: Englisch
A money book without the BS
Whether you dream of security and home ownership, you’re building your career, or you want to grow your family… it’s time to figure out what you want from your money. And then make it happen. Financial adviser James Millard cuts through the jargon and shares a simple framework for making better money decisions and achieving your goals. Insufficient Funds is a comprehensive guide to personal finance that recognises the realities and challenges of balancing your life with your spending.
So where do you start? To plan your future and find financial freedom, you need to define what 'sufficient’ means to you. And it’s not about settling for less! Insufficient Funds will show you how to make the most of what you earn — and enjoy it more too. You’ll get lifelong strategies to help you achieve your personal goals and live your dreams.
Inside, you’ll find:
- The 5 Ds: a proven framework to help you Define, Declutter, Develop, Defend, and Deliver when it comes to your money goals
- Strategies to overcome money stress and money mess
- Targeted guidance for the different scenarios, events, and stages that life might throw at you
- A balanced approach to building wealth while still enjoying your everyday life
- Real-world stories and relatable experiences that help show the way
Insufficient Funds is the no-nonsense guide you need to build a better money mindset and a strategic financial plan. The more you align your money decisions with the outcomes you truly want, the more you’ll gain clarity, confidence, and momentum — for a happier, more fulfilling life, today and tomorrow.
"James and his team support my community with financial advice to live their best lives. He is a genius in this space and this book gives away all his best secrets!” — Victoria Devine, founder of Australia's #1 finance podcast, She's on the Money
"James has cracked the code in making financial advice relatable, approachable and insanely valuable. Read the book, follow the 5x Ds and achieve your version of ‘sufficient funds’.” — Glen James, author and founder of the money money money podcast
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Veröffentlichungsjahr: 2024
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Table of Contents
COVER
TABLE OF CONTENTS
TITLE PAGE
COPYRIGHT
DEDICATION
INTRODUCTION
The true meaning of Sufficient Funds
The ATM slip and one all‐time road trip
Our journey to Sufficient Funds
How this book works and why it's important to you
Fuck F.I.R.E. — why retirement is NOT the goal
CHAPTER ONE: Define — the missing step
The power of positive thinking for financial wellbeing
How to spend a billion dollars: find your purpose and stay on it
Three steps to setting bigger adventures (and how we get there with our clients)
Experiences or things — why can't I have both?
It's not meant to be easy — be prepared to work
CHAPTER TWO: Declutter — clearing the path
Clarity: attitude and focus
Build your financial launchpad
Dealing with debt
Debt disruption strategies: creative ways to pay off debt
Cruise Control: Your Spending Plan
FAQs
CHAPTER THREE: Develop — big plans, growth and mad momentum
The ‘mad stacks’ strategy: introducing the four stacks of Sufficient Funds
Goal‐focused investment for the win!
Debunking the tax myth
Tax effectiveness — before you invest you need this…
Investment — your third stack of Sufficient Funds
Superannuation — the fourth stack of Sufficient Funds
CHAPTER FOUR: Defend — through life's ups and downs
Using your emergency fund — remember it's not your money!
Adding kids, not zeros
Drop everything
Pandemics
Protection
Did somebody say intergenerational wealth transfer?
CHAPTER FIVE: Deliver — let it flow
Stay the course
Stay authentic
Find a Sufficient cause and make a difference that counts
Set up a regular donations plan
Keep motivated
Redefine Sufficient
Isn't financial advice just for old people who already have mad stacks?
THINK BIGGER: BEYOND SUFFICIENT
GOT STUCK? REACH OUT
NOTES
END USER LICENSE AGREEMENT
List of Tables
Chapter 3
Table 3.1: 2024/25 personal tax thresholds in Australia*
Chapter 4
Table 4.1 baby setup costs
Table 4.2 life insurance structure, tax and premiums
List of Illustrations
Chapter 2
Figure 2.1 Smashing debt: snowball vs avalanche
Figure 2.2 Client case studies — ‘earning too much to have so little’
Figure 2.3 Your account types
Figure 2.4 Your flow of funds
Chapter 3
Figure 3.1 our Bitcoin journey* BTC p...
Chapter 4
Figure 4.1 parental leave budget
Figure 4.2 Rach and Greg's investment plan for private school savings
Guide
Cover
Table of Contents
Title Page
Copyright
Dedication
Begin Reading
End User License Agreement
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James and his team support my community with financial advice to live their best lives. He is a genius in this space and this book gives away all his secrets.
Victoria Devine, founder of #1 finance podcast She's on the Money
People say, ‘Never judge a book by its cover.’ Well this great book is the exact antidote of that. Look again at that cover. And judge it. And when you read it, you'll find that it's clearly different than the ‘normal’ wealth book. It takes you on the journey of a lifetime — very specifically YOUR lifetime. And your lifetime becomes an even better one — simply because you read and than acted on the stunning advice inside.
Paul Dunn, Chairman B1G1: Business for Good, 4 times TEDx speaker and best‐selling author
James has cracked the code in making financial advice relatable, approachable and insanely valuable for young people. Read the book, follow the 5x D's and achieve your version of ‘sufficient funds’.
Glen James, author and founder of the this is money podcast
First published in 2024 by John Wiley & Sons Australia, LtdLevel 4, 600 Bourke St, Melbourne, Victoria 3000, Australia
© James and Natascha Millard and related entities 2024
The moral rights of the author have been asserted
ISBN: 978‐1‐394‐24889‐6
All rights reserved. Except as permitted under the Australian Copyright Act 1968 (for example, a fair dealing for the purposes of study, research, criticism or review), no part of this book may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means without prior written permission. All inquiries should be made to the publisher at the address above.
Cover design by Wiley
Cover Image: © DisobeyArt/Adobe Stock
Finance icons (figure 2.2, p69): © Icons‐Studio / Adobe Stock
Disclaimer
The material in this publication is of the nature of general comment only, and does not represent professional advice. It is not intended to provide specific guidance for particular circumstances and it should not be relied on as the basis for any decision to take action or not take action on any matter which it covers. Readers should obtain professional advice where appropriate, before making any such decision. To the maximum extent permitted by law, the author and publisher disclaim all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this publication.
***
The information contained in this book is general in nature and does not take into account your personal situation. Before acting on any information, you should consider the appropriateness of the information for your objectives, financial situation and needs.
All client names and a bunch of other identifying details have been changed in this book for privacy reasons.
To Tash, thank you for co‐writing this book with me and the stories within. Love you.
To Ada and Eden, you make Mum and Dad so proud. This one's for you.
***
We acknowledge the Awabakal people, the traditional custodians of the lands on which we live and work, and where this book was written. We acknowledge the cultural diversity of all Aboriginal and Torres Strait Islander peoples and pay respect to Elders past, present and future.
INTRODUCTION
Insufficient Funds is a super‐common and very relatable concept. In fact, almost all of us know it a little too well.
Whether you've been abruptly confronted by this problem at a checkout or an ATM, or have suffered the rude shock of being unprepared for a financial emergency, or it's just a general feeling you get when you think about your money, you're familiar with the discomfort it brings. Insufficient Funds is a place you've been — there's a good chance you're there right now and that's why you picked up this book.
The scary thing is that, if left unaddressed, this predicament can ruin you. It can dampen your motivation, crush your lust for life and smother your chances of achieving all the good things you were born to achieve. If left to fester for too long, it can see you settling for a lesser life than the one you're capable of living, and ending up unhappy and unfulfilled.
As you begin to read this book, more than likely your starting point is Insufficient Funds, as defined by you. Crucially, this will not always be obvious. You may not be swimming in debt or have a $0 bank account. Perhaps it's just a feeling that you're not on track, or you find yourself comparing your life to your friends’ or family's, and wishing it was different. It could be you're not happy with your financial progress or direction, you're overwhelmed by options and decision fatigue. Perhaps you're uncertain about how your current financial decisions will impact your and your family's future.
My goal in this book is to guide you far away from this place and ensure you never return.
The true meaning of Sufficient Funds
Most people we meet in our financial advice business are struggling to align their money decisions with their lives in a way that ensures they have ‘sufficient funds’. Often this is because they haven't defined sufficient as it applies to them and therefore are chasing their tails. Even if they have a financial plan, it's destined to fail if they haven't stopped and asked themselves the all‐encompassing question: What really matters to me?
We all strive for financial wellbeing. While this will look different for each of us, essentially it could be defined as ‘having sufficient funds for your chosen lifestyle at a given point in time’.
Sufficient Funds doesn't mean being restricted to a low‐cost, meagre existence and just getting by. Sufficient for you is about defining what your ideal life looks like then creating and implementing a plan to make it happen!
This involves giving yourself permission to give society's norms the big middle finger. For too long society's expectations have set the rules for us: get an education, get a job, get married, buy a house, have kids, work 9 to 5 for 40 years, take two to four weeks’ holiday a year, retire … then die. Not cool. Life should be way more fun than this!
Life isn't like golf where the quality of the dot points don't matter and the only thing that counts is the number on the card at the end of the game. You could land one shot in the water, the next in the bunker and still sink one from 100 metres out for par. Our lives are defined by the time we spend between the dots, not the scorecard. You make micro money decisions every single day, but do you ever stop to think about the impact of these decisions on the life you're striving for?
Your ability to live the life you dream of is dictated by two core components:
making sound financial decisions
aligning these decisions with your ideal life.
In our work, we meet lots of people who have a fairly good handle on number 1, but almost no one truly gets the second part. Sound financial decisions mean little in the long run if you're not happy. So these two elements go very much hand in hand. You need to be able to cut through to the core of what makes you tick, then be strategic about how you put it all in place. It's tough, but I'm about to show you how.
I spend my days helping people see what's possible with their finances and in this book I'm going to share all this with you and more. It's time to live on your own terms, with a good stash of cash to create your dream life, whatever that means to you.
Let's roll on and see how you're going to take your life from Insufficient to Sufficient Funds.
The ATM slip and one all‐time road trip
At 20 years old, during my time at university, I was lucky enough to do a semester in Canada. I studied for four months at UVic on Vancouver Island in BC. I surfed in a 5mm wetsuit in 6‐degree water, had a season pass at Whistler, partied five nights a week, and passed all of my subjects with flying colours (read: a consistent 50 per cent!). I made friends for life with a bunch of peeps who had a lust for living the likes of which I'd never seen. Maybe it was the mountains, or the Fireball! At the end of that semester I met up with G‐Rod, Sammy and Jezza, three of my best mates from home who had also been ‘studying’ in North America, and we pulled off a dream road trip on a shoestring budget.
A few weeks before we left on this adventure we'd been out drinking at Customs House, one of the usual hangs in Newcastle. It was student‐night $1 drinks, four at a time — a standard Wednesday really for campus‐living uni students. One of the boys, who had sold his body board for $40 just to come out for a night, returned from the ATM with ‘Insufficient Funds’ obtrusively highlighted on his receipt. We all lost it! But as the laughter died a terrible idea was hatched. Insufficient Funds would be an awesome band name! Jezza had mad skills on the piano, but given the rest of us had little to offer in the way of musical talent we reluctantly concluded that this wasn't going to be our path to fame and fortune. The Customs’ drinks flowed and the plans continued to gain momentum. We would start a surf brand instead! A week later we had 50 trucker caps and T‐shirts with Insufficient Funds printed and we sold these to our mates, as well as a few on eBay. We were gaining notoriety around the Newcastle Uni campus. Fuelled by the dream of our future multimillion‐dollar baby, we flew out on our overseas exchange with grand visions of surfing, travelling and partying without strings.
For a thousand bucks US we bought a beat‐up old Chrysler LeBaron station wagon, the one with the wooden panels. It was a shocker, so luckily for us we had our accents for currency. We drove this beast around the US for two months, covering 10 865 miles across 18 states. We basically tracked a horseshoe from Vancouver, Canada, down the west coast to Baja, Mexico, over to Florida, up to Ontario, Canada, and back to New York City. We dumped the car in the Bronx — keys in the ignition — and flew home. The car was registered in Sammy's name and years later his poor mum was still getting holding and towing fines in the mail from Yonkers Police Department. Sorry Louise.
The road trip was long, the tales we still tell even longer. Here are a few (more or less PC) highlights:
bungee jumping in Nanaimo, Vancouver Island — free on Valentine's Day if you went nude
the Southern Oregon coast — one of my favourite places in the world: surfing with sea lions chased in by the great whites on a remote beach near Florence, and scaring the shit out of a local fisherman in the process
Yosemite, CA — hiking and teaming up with a couple of locals who cooked us our first barbecued steaks in months (shout‐out to Kevin and Sheldon, who then poured all the leftover blood and meat juices around our tent in the hope we'd experience the local grizzlies up close and personal)
all the natural wonders — from General Sherman in Sequoia National Park, one of the tallest trees in the world, to Grand Canyon and Sedona in Arizona
surfing famed California breaks like Steamer Lane and Trestles, and many lesser‐known remote spots in Oregon, Cali and Baja, Mexico
renting kayaks (and scoring bonus joints) from a guy in La Bufadora on the Baja coast, and spending the next five hours exploring the blowhole and random caves — Sammy losing his sunnies and thongs while trying to ride the ‘rapids’
driving through Death Valley, CA, with no aircon, where a flat tyre meant the boys changing the flat in 52‐degree heat while I was busy fertilising the cacti as a result of severe food poisoning (thanks Mexico!)
turning 21 in Vegas — enough said
partying with a 60‐year‐old pimp named Al Jolly in Dallas, TX
riding bikes, dodging snakes and massive gators, around the Everglades
ending up on the ‘don't‐ever‐fucking‐go‐there’ side of town everywhere we went — special mentions include nearly side‐swiping a car in Compton, getting stuck doing a 10‐point turn as we woke up locals at midnight in New Orleans, and me being chased by a drug dealer with a knife through the back streets of Charleston, SC (don't ask)
staying in a billionaire's mansion on a lake in Ontario, thanks to our well‐connected Canadian buddy Blake
seeing Ben Harper and Jack Johnson live at Jones Beach Theater on Long Island, NY.
We literally drove that poor car into the ground. For the last week or two smoke poured from the back as a waterfall of power‐steering fluid leaked onto the muffler. Every time we filled up on gas we needed another bottle of fluid — another reflection on the Insufficient Funds life we were living!
Before setting off on this road trip, still in Canada and gaining some traction in our small community of newfound buddies, we printed a bunch more Insufficient Funds shirts, hoodies and caps and set off down the west coast. We funded some of the trip by selling our merch to randoms along the way. We'd strike up a conversation with almost anyone. They'd be drawn to us because of the accent, and we'd do deals out of the boot in all sorts of dodgy places.
We were going to be the next Hurley, who sold to Nike for $60 million. We'd cash in and never work a full‐time job in our lives!
But … life got in the way. We went back to uni, finished our degrees, put on our sensible shirts and ties, and got our full‐time jobs. At the time we didn't have the balls, maturity or foresight to really give it a crack.
The implications of ‘Insufficient Funds’ never lost traction though. In hindsight the philosophy of our little movement revolved around freedom, living day‐to‐day without a care in the world, having the means — just — to do everything we wanted. That was our life as 20‐year‐olds, the first wave of Millennials, and it was so relatable. Insufficient Funds offered a different, droll way of looking at that dismal $0 balance on the ATM slip.
Our journey to Sufficient Funds
My name is James, and I have Sufficient Funds.
Hold up, who is this wanker?
Before you exercise that faved Aussie tradition of trimming the poppies, let me share a bit more of my story. With a British dad and an Aussie mum, I had an interesting and fortunate upbringing. Born in England, but moving to Australia when I was two years old, I spent most of my youth in and around Grafton in the Northern Rivers. My nanna lived 40 minutes up the Pacific Highway in the then sleepy coastal village of Yamba.
Grafton was an amazing place to grow up and I wouldn't have traded it for the world. In a country town, people's views on money are a bit different from those in the city, and the bar for financial success is set fairly low. I remember being labelled ‘rich’ by the boys at cricket one Saturday because Dad dropped me off in a late‐model Ford Territory.
My parents were, and are still, comfortable but certainly not rich. They are a great example of people who spend money in line with their values. They're also proof that the idea of ‘experiences not things’ was around long before it was meme'd and made Instapopular. We were very lucky to have seen a good chunk of the world as kids, mostly on a shoestring, but we weren't rocking the new Nikes and I'm pretty sure I was in high school before I finally got my first pair of Quiksilver school shorts.
Some of these parental decisions were torture for me at the time, but looking back I came to see that without big incomes they did a cracking job of setting themselves up and giving my sister Kate and me a fantastic start. So from a young age I understood what Sufficient meant.
Fast forward a decade, with my university degree in hand, I ended up in finance. Initially I donned the suit and tie, sat in the corporate office looking over Sydney Harbour and embraced the wisdom of the suits who surrounded me. Over time, though, the pull of creating something more meaningful took over in me. The idea of focusing on what was truly Sufficient and being true to who I really was led me to ditch the suits and ties for boardies and T‐shirts — and I never looked back.
Since then I've done a few more things to work towards both defining my version of Sufficient and achieving it. For the past two decades I have been working in the money world, helping individuals, couples and families with their money decisions and financial planning. Looking back on these years, I know I was absolutely destined to be where I am right now and I don't regret a thing. My wife Tash and I have built a business, Sufficient Funds, that serves people in a way that truly makes their world better. In turn, Tash and I have created the freedom we've always dreamed of by running a super‐lean operation that has been entirely virtual since way before COVID made it cool. We have an amazing team, with great systems, and as a family we now have complete freedom of location if we want it.
Talking about travel, we've also had a lot of fun along the way. I've travelled internationally on average at least once a year since a high‐school exchange to Dachau, Germany, in 1999. I've surfed and snowboarded on four continents, made it to overseas weddings, thrown our own wedding, and visited friends and family wherever they happen to be in the world.
This is all part of our version of Sufficient Funds.
Could we have achieved many financial goals sooner?
Absolutely!
But it's never just about ‘financial’ goals for us, neither should it be for you.
You may be saying to yourself, ‘That's all cool, James, but why is this book important to me?’ Well, it wasn't all about making this work for us personally. As a professional, I've clocked over 10 000 hours of one‐on‐one with clients, helping them do this in their own lives.
This heavy devotion to repetition, improvement and feedback is what Todd Herman refers to in his book The Alter Ego Effect when talking about reaching a level of mastery in your field. This field for me is not just about providing financial advice, as my profession would define it, but in focusing on helping people make a successful connection between money and life and use it to truly live out their dreams.
I'll return to our journey to Sufficient Funds in later pages. Achieving, and reaching beyond, Sufficient Funds is exactly what you'll be doing if you read and implement the suggestions in this book.
How this book works and why it's important to you
This book is not a guide to escaping from work. The idea of retirement as a life goal is flawed. It is based on the notion that you work in a job you don't love with people you can't stand and your sole aim is to get out the other end. Putting too much emphasis on retirement as the source of all happiness will likely leave you feeling short‐changed when you discover it isn't the light at the end of the tunnel you dreamed about.
Achieving Sufficient Funds is not about retirement planning. It's something that can bear fruit much faster than that, and it's way more powerful.
It starts with acknowledging that you will always need some form of income to allow you to live.
Defining what is Sufficient for you is covered in chapter 1, and it all flows from there. You'll learn very quickly that the more you align your money decisions with the outcomes you want, the more clarity you'll gain over your future, the more confidence you'll have, the more momentum you'll build and, ultimately, the happier and more fulfilled you'll be!
Following the steps I outline will allow you to take action now towards living life on your own terms, spending money according to your values, and always having money for the experiences and things that seriously matter to you, now and forever!
I share a fair bit about me in these pages in the hope you can relate. This book gets far more personal than most (sorry to Tash, who puts up with my unabashed storytelling even though she is a much more private person). I share a lot about our lives here, as well as stories from people we've worked with, so you can see you're not alone in the challenges you face and that the solutions are very much within your reach.
With my training, hands‐on experience, lust for adventure and no‐holds‐barred attitude to giving new things a crack, I've made that connection in my own life and we're now making it flow for our clients.
This book will give you the skills and strategies needed to implement your money plan in a way that allows you to live your ideal life. Once you've worked out your life plan, you need to implement your money plan. You also need to know how to reassess and adapt when the shit hits the fan.
There's plenty of information out there about the money side, but very little about how to make that much‐needed connection to your life, which means you may struggle to implement your plan.
Experience has shown me that there are five important steps on the road from Insufficient to Sufficient Funds. These are:
Define
Declutter
Develop
Defend
Deliver.
To be very clear, I have found that only once you've nailed each of these five steps can you expect to achieve your goals, so I've structured the book accordingly and I strongly recommend that you read and action these stages in the order in which they are introduced.
In chapter 1: Define, I'll discuss the importance of mindset, and help you map out your particular definition of Sufficient Funds.
In chapter 2: Declutter, you'll learn how to set up a fail‐safe system to remove money waste from your life, so every day you can smash out money moves like you've never done before.
Chapter 3: Develop is where the rubber really hits the road — think investments, tax and superannuation — but in a way that's easy to digest. This is where you move on from simply counting your chips to strategically building ‘mad stacks’ that link directly to the goals and values you defined in chapter 1.
By the end of chapter 4: Defend, you'll be fully equipped to shield yourself and your family from the inevitable bumps in the road. You'll discover how to bounce back after depleting your emergency buffer, strategies for sudden shifts, the interesting role of perspective and how to insure against the unforeseeable.
Finally, in chapter 5: Deliver, we bring it all home and discuss what comes next. If you have implemented everything in this book up to this chapter, you'll be well on your way to achieving Sufficient Funds. The trick now is to stay motivated and on track. Loaded with practical tips, and with a clear picture of how you can consistently redefine Sufficient, you will be unstoppable.
You've achieved Sufficient Funds, when you're clear and confident about your future, you have a protection plan and suitable buffers in place, and you're building mad stacks in all the areas you need to achieve all the big goals you've set for yourself.
I am seriously pumped about the results you'll get, but before we rip into it, a quick note about retirement.
Fuck F.I.R.E. — why retirement is NOT the goal
You may have heard of the FIRE movement? Investopedia describes it as follows:
a movement dedicated to a program of extreme savings … By dedicating up to 70% of income to savings, followers of the FIRE movement may eventually be able to quit their jobs and live solely off small withdrawals from their portfolios decades before the conventional retirement age of 65.
Firstly, to make FIRE work, you need to be one very ‘special’ human, someone who thrives on frugality, because you will spend years, even decades, spending next to nothing, saving like crazy, likely working a job you don't enjoy, to eventually quit and live off the pennies you've managed to squirrel away.
It might surprise you, but even as a financial guy, most extremely frugal people irk me. If you can live a low‐cost life and be happy doing all the things you want to do, that's truly amazing. Good for you, but for the most part frugality is about extreme sacrifice. Spending nothing and as a result having no fun, is not a pathway I'm chasing. I've found too many fun things I love to do — think heli‐skiing, mountain biking and regular travel — things that cost money and that I don't want to wait until I'm 65 to enjoy.
If you spend the best part of your work life saving a high percentage of your income, you'll actually find it difficult to unwind from this behaviour when you're finally able to stop and enjoy it. Look at Jack Welch, storied president of General Electric. He had a heart attack that nearly killed him at age 70. He said his biggest regret was how tight he'd been with his money. Growing up without much meant he squirrelled it all away. Even with his huge income and assets, he still wouldn't allow himself to stop and enjoy it, until it was almost too late. For your sake, I sincerely hope this isn't you, but if it is, this book will be insanely helpful in showing you how to achieve your version of Sufficient while allowing you to live now.
Another issue with FIRE is that you must rely heavily on consistent investment returns. The spreadsheet you downloaded from Mr Money Moustache's site — Google him, he's a bit of a hero, but not someone 99 per cent of us are likely to be able to emulate — is tracking your daily, weekly, monthly progress towards Financial Independence. You're working your shitty, soul‐sucking job, spending way too much time tweaking and updating your Excel file, sweating towards that day when you finally get to call it quits. Then an unexpected global event means the arse falls out of the share market, and 30 per cent is shaved off your investment balance in a matter of days. You're now working another five to 10 years to make this up. Soz …
We are living and breathing a very cool alternative, and so are our clients. Let's do this!
