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What is financial planning advice?
Financial planning advice helps you plan and manage your money to work towards making your dreams and goals become a reality. Whatever your situation, there are 7 key building blocks (sometimes called ‘strategies’) that we can use, in combination, to help make the most of your money.
What is superannuation?
Superannuation (or super) is a fund specifically designed to help you save and invest for your retirement.It’s restricted as you generally can’t withdraw from super until you retire or reach your preservation age (that’s the intention, although there are special conditions of release).
Super funds are set up as trust funds. This means a trustee is appointed to manage the fund on behalf, and for the benefit, of its members. Super receives special tax treatment compared to your other money. When it comes to investing over the long term, there aren’t many better tax-effective ways to save for your retirement.Lower taxes and more investment options – such as local and international shares, property and fixed interest investments – offer your super more potential to grow.
Wealth Protection
Personal risk insurance is all about reducing the risks associated with wealth accumulation and the protection of what you have already acquired.You may be thinking ‘who needs life insurance?’ Simply, if you have a family who is financially dependent on you and/or have debts that are serviced from your income alone, you should consider the peace of mind life insurance may bring. Obviously, the greater your financial obligations and the more dependants you have, the more insurance you may need to protect your assets and your family’s financial security.
Life is full of uncertainty and often the unexpected can occur. The death, injury or illness of a loved one can place an enormous strain on a family both emotionally and financially. Have you considered how your family would cope financially, if something were to happen?
Having a financial safety net in the event of sickness, disability or death can help ensure you and your family are protected during a difficult time.
Debt Management
Effective debt management is not just about the interest you pay, but also the type of assets you’re investing in and prioritising your debts.
There are two basic types of debt we use in our everyday lives:
• Inefficient debt, and
• Efficient debt
What’s inefficient debt?
Inefficient debt is used to buy goods, services and assets that don’t generate any income. This means you need to rely on your own income sources and assets to repay this debt. Also, the interest cost on this type of debt is not tax deductible.
Examples: include home loans, credit cards and personal loans. This type of debt can impact other wealth building opportunities.
What’s efficient debt?
Efficient debt is used to buy assets with the potential to grow in value and generate an income. They can benefit you in two ways:
• The income from the asset can be used to help repay the loan, and
• The interest cost may be tax deductible, helping to minimise any tax.
This type of loan is often used to help build long-term wealth.Examples: include investment property loans, investment loans and business loans.
What are the options for aged care?
It’s not easy making the decision to place a loved one into care. Once you’ve made the call, it can be confusing to understand how it all works. It can also be quite a challenging and confronting issue, both emotionally and financially, especially when the decisions you make can affect your financial position and how long the money will last.Let’s start by looking at the options available!
Retirement Planning
This means that some Australians will spend more time in retirement than in the work force. You’ll need money to fund your retirement – and a fair bit of it. The good news is that there are actions you can take while you are working, as you are easing into your retirement and when you are fully retired that may assist you to reach your retirement savings goals and help make your money last you through retirement.
Estate Planning
Providing for future generationsWe’d all like to leave a legacy and provide for those closest and dearest to us once we’re gone. Estate planning is an effective method to take an overview of your assets, consider how they’re structured and how you’d like them to be distributed after you die. It’s just as important to provide for yourself as it is for the future.