The 2024 Budget Breakdown – WealthBuilders Guide Ready for Download!

Transcript

Christian Rodwell (00:03.662)
Welcome to this week's episode of Wealth Talk. My name is Christian Rodwell, the membership director for Wealth Builders, joined today by our founder, Mr. Kevin Whelan. Hi, Kevin. Hi, Chris. I'm knackered. It's been a big week. It's been a big week. It's been, look, I've been around the world of finance for over 30 years. Can you tell my throat? I sound a bit groggy, so it is me. It's not some facsimile of me or some AI version of me. It's genuinely me, but just sounding a little bit rough.

No, it's been the most anticipated, talked about, feared budget in my entire financial life. So much so, Chris, that we were inundated with people saying, should I take my tax-free cash from my pension? Are the government going to prevent me from being able to access that in the future? You know, so many things people were fearful of. Now, I understand that. It's important whenever there are...

Changes to be aware of the changes but fearful acting beforehand. I've not really seen that as much and then when we saw the budget boy Was it a big one? 40 billion that's not an inconsequential sum. I mean, this is a huge amount of money not just to fund everyday expenses of a burning a country, but you know big infrastructure projects NHS a whole bunch of things

But the headlines, you know, is, well, what else? You know, I said it's been, for me, one of the most feared and talked about budgets. It's definitely been a budget of firsts though, Chris. I mean, the first ever from a female chancellor. That's interesting. I think she equipped herself very well, by the way. I thought she delivered with conviction and confidence and an impressive delivery for sure. Wasn't quite happy with the content, but the delivery was all right.

And when you see opposite her on the dispatch box, you know, a first Asian prime minister, it tells you good things about our culture, tells you good things about our inclusivity. And boy, did she include everybody in the pain. Nobody was left out. Especially those business owners though. my goodness me. Yeah. If you're a business owner, you feel bashed, you I mean, I, you always listen to

Christian Rodwell (02:33.346)
was a 90 minute presentation, know, presentation speech, you know, and it was interesting. But you hear the alliteration that goes on. You hear the speech, you know, the speech guidance they've been given, the training they'd be given, you know, growth, growth, growth, invest, invest, invest. I'm going to go with pain, pain, pain. And the main pain is the budget bashed business owners, big style.

25 billion per year out of the 40 billion per year trying to raise on business owners. The backbone of the economy, the employers, the risk takers, the people who really putting themselves on the line and those people with whom I have the strongest admiration for what they try and do and their commitment.

And they were bashed, know, pretty much every business was bashed. And I found it hard, Chris, to be, it's almost the first budget I found it hard to find real winners. They're one or two glimmers of light. But the big first for me was the lack of notice to bring decades of other people's pensions and their planning for pensions and immediately say, if you die, we're going to tax you. You know, so pensions.

taxed businesses, taxed everybody, taxed and taxed to the hilt. Massive, massive, massive sums of money. Yeah, I'm just going to pause you there for a second, Kevin, because we're in the middle this week actually of doing some live sessions with expert speakers and the podcast coming out today on the Wednesday. We've been running these since Monday this week. We've had Jeremy Harbour and other guests include Susie Carter, Kirsty Darkins, Manish Kataria.

And we still have a couple to go. So today we're running one and also tomorrow, Thursday. So we're going to go deeper into each of these different areas, right? Property, business, pensions. Today we're giving the headlines. I was going to say the highlights, but they're more like the lowlights, aren't they? But for anyone listening now who actually wants to jump on some of those live sessions, I'm going to put the link in the show notes today. So if you're listening Wednesday morning, quick be quick. You can probably join us for today's session, certainly for tomorrow.

Christian Rodwell (04:55.476)
And what we're going to do, we're actually going to wrap all of these up and put them together and release that on next week's podcast episode as well. So just to let our listeners know that we're covering the sort of headlines today and we're going to more detail next week. Well, thanks for showing me up. And I think I probably needed it because I was just about to jump on the soapbox, wasn't I really? I might continue that if you allow me, Chris. But anyway, it was a fascinating budget. We've written a guide. We've written a guide.

really that helps people wherever they are in their life, whatever they're doing to build their wealth. mean, it's a budget that taxes wealth. Budget taxes business for sure, but it taxes wealth too. And as wealth builders, we've got to stay fleet of foot when it comes to finance. We've got to be on our toes and be able to respond, not to be worried, but to take the best possible action we can take. And what's good about this, and there was a little glimmer.

Chris, which was a big budget, but then it should be set fair for the next five years. We shouldn't have any real announcements that would be dramatic. That's what we were promised, stability in the budget. So I'm hoping we've got time both for ourselves and our wealth builder community and the people who are following us to try and work out what lessons they should apply.

will be able to take stock now, certainly in the first few months, next 90 days is stock taking. Cutting back all the stuff in your garden and getting ready for winter, this is what it's all about. Then you can go again in January 2025 with a renewed vigor on how you're to build your wealth, with as many lessons that you need to apply yourself. And there's plenty of time in November and December to take stock of what you need to do. And there's no shortage of tips and

shortcuts and things to think about that would help you, whether you're a business owner, whether you're an employee, whether you're a portfolio of property owner, or you're an investor, wherever you're looking to build your wealth, this was a complex budget and you're probably going to be affected by two or three of the announcements. Not just one, it's not just like it's 2p on income taxes. It's a whole raft of different things and it probably will affect you in multiple ways.

Christian Rodwell (07:21.848)
Because let's face it, if you're an employee, you're probably an investor. If you're a business owner, you're probably a pension owner, and so on and so forth. There's going to be overlaps everywhere. And it's important not to drop the ball on this budget and make sure that you stay tuned and surround yourself with good people who've taken the time to understand the changes and bring the best possible guidance, not necessarily advice, but the best possible guidance.

you and I've definitely been burning a few candles to try and get to the bottom of this Chris and form my own view and shape that for our wealth builder members and our wider audience. you mentioned the guide that we've put together that's available now. Again, the link in the show notes. So do click that link now, download a copy of that and report all these expert tips together. And as you mentioned, whether you're an employee, investor, property professional or business owner,

We've got information in that guide specifically for you. All right. So shall we leave things there, Kevin? And as we say, we'll pick this up again next week with the input of our experts as well. Yeah. So Sean, three one today, but then, you know, you don't need to be spending time listening to something general. Take a look at the guide. It will give you some things to focus on for where you are on your wealth building journey. And we'll pick it up and dive deeper in.

coming episodes where we'll probably be a bit longer to compensate for this one being a little shorter. Thanks for joining us today. Kevin, we'll catch up same time, same place next week. You're welcome. And see you soon, my friend.