Tag Archives: finance

Coming Soon!…

I’m just a little bit excited!

My first book is now at the publisher’s and in editing phase!  What a huge job!  And by November, I should have a hard copy in my hot little hands!  CAN’T HARDLY WAIT!!

Writing a book was always something I’d wanted to do, but wasn’t sure whether a bodice busting romance or business book would manifest itself first… Guess the finance chick won in the end.  I knew what I didn’t want to do was another wanky adviser book on how to do a budget, spread over 30,000 words, so can assure you, that it isn’t that!

I’ve put together a collective wisdom from some amazing men and women in business, in financial services and everyday heroes.  I’ve been incredibly nosy and asked about their life growing up, what lessons they learned from their family around money, the greatest advice they’ve ever been given and what are the best financial tips they’d love to pass on to their nearest and dearest!  I ask about setbacks along the way and how they’ve recovered too.

I can’t wait to share tips over the coming weeks as a bit of a teaser from some of the various people I’ve interviewed, so stay tuned for more…

Get it Together!

There’s so many things that fall into the too hard basket!  Life is busy and there’s so many other priorities!  Just making it through each day and falling into bed at night is a good day’s work for a lot of people.

But, when a tragedy befalls someone near and dear to us, we often see the fallout when people don’t have their sh*t together.  I’m often approached for insurances or to update beneficiaries of a super fund prompted by the life events that happened to ‘someone else.’

So what are the main areas to ‘get on top of’ when it’s time to get your act together?

Here’s my top tips!

  • Make sure your Will is current and reflects your wishes
  • Ensure you have appointed Powers of Attorney – Enduring and Medical
  • Make sure beneficiaries are nominated on Superannuation & Insurance Policies
  • Consolidate those Superannuation funds that you have lying around – or keep them if they have vital insurances
  • Ensure assets are owned correctly and your bank accounts are in order
  • Check over your Insurance Policies – especially Life, TPD, Trauma and Income Protection – are the levels of cover enough?
  • Bring the people who’ll be involved in sorting out your Estate up to date with your wishes
  • Ensure tax returns are up to date and completed annually – personally and for your business entities
  • If you have a partner or family, make them aware of what you’d like to happen
  • Let a couple of different people know where your important documents are stored in the event of the unexpected

Life changes.  Partners can come and go, children grow up and live their own lives, grandchildren arrive and significant people can waltz in and out of our lives.  It may be hassle to work through the list, and yes, some of it may be costly, but if you truly love those you’re leaving behind, one of the best gifts you can leave, is to have your sh*t together.

You really don’t want the crazy ex to benefit from your estate when your gorgeous new partner will be left destitute because you didn’t take the time to update your paperwork!

So, set a date to every year, ensure everything is just how you want it.  It could be on a birthday, an anniversary or at the turn of the calendar or financial year.  Get each area finalised then run an annual check to make sure they still reflect what you’d like to happen when you’re not there to arrange it.

I’ll bet there’s a few people who’ll be very thankful you did.

 

Top 5 Financial Tips

So it wasn’t that long ago that 2017 kicked in and you promised to get on top of your finances this year!  How’s that going for you now that we’re around six weeks in to the new calendar year?

You know what they say about “the best laid plans of mice and men” right?

If you want to break it down into a really easy to follow guide, I’ve got five top tips for you to help get on top of things over the rest of the year…

1. Set goals

Take charge of your financials this year by working out your goals, objectives and priorities and put a plan in place to reach them.  If you want to get rid of credit card debt, increase savings, pay off your mortgage more quickly or boost your superannuation savings, the MoneySmart site has tools to help you work out a plan.  Alternately, hooking up with a financial planner can help you work with a professional money coach to assist you to make it happen, articulate what you’d like to achieve, and give you someone to be accountable to.

2. Map with a budget

As any successful journey begins with a reliable map or an up to date GPS, the path to wealth starts with going back to basics and having an accurate budget.  The thought of doing a budget might make your eyes glaze over, but a budget helps you see where your money is being spent and where you can make changes that will help you build wealth. You can use MoneySmart’s simple money manager to create your budget.  I often recommend clients use it for their budgeting needs.  It’s online, simple to use and comes in a few different languages too.

3. Get a better deal

It’s good to regularly check and make sure you aren’t paying too much for your mortgage, investment or personal loans or insurance policies. Shopping around regularly for the best deals could save you thousands of dollars over the long term. Talk to your lender or mortgage broker about what they can offer.  Different banks have different deals, so they’ll search around for a better deal if they want to keep you as a customer. If they won’t help, feel free to shop around yourself and switch to another option or lender.

Before automatically renewing insurances, check whether your current insurer is giving you the best value for money. You might be able to get a better policy for a lower price or with better conditions.  Often it’s worth asking a broker or agent for help as they have access to different policies and can run comparisons for you based on what’s important to you.

4. Improve your knowledge

It’s long been acknowledged that “knowledge is power.”  Before you commit to any investment opportunity, make sure you understand the features, costs – upfront and ongoing, benefits to you, and all possible risks.  Does the investment fit in with your plan? Don’t invest in something you don’t understand, and “if it sounds too good to be true, it probably is.”

Forewarned if forearmed, so equip yourself with as much knowledge as possible. Subscribe to investment magazines, download popular books on the subject, follow experts on social media or if you still feel clueless, engage a financial adviser to assist.

5. Manage Risk

Investing wisely helps build your wealth for the future.  You’ve probably heard of the benefits of compounding interest, so the longer time frame you have, the better off you should be.  All investments involve an element of risk – and often, “higher the risk, the higher the potential return.” Before you invest any money, take the time to understand the risk versus return.  You need to work out your own personal style of investing.  Are you conservative?  balanced?  or an aggressive investor?  Often, we’ll have a different profile for different types of investment.  If you’re younger, you’re likely to have a much more aggressive approach with your superannuation than you would with funds being saved for a housing deposit.

You’ve probably heard “don’t put all your eggs in one basket.”  This is what diversification is all about. By spreading money across different asset classes and industry sectors, you are less likely to be affected by a particular economic event, like a drop in real estate prices, a fall in the share market or in a particular industry or sector.

So work your way through these five tips.  I’d love to hear how they’ve helped you get on top of your finances!!

Are you feeling Lucky?

Is it time to take “Luck” Out of the Financial Equation?

It finally happened!!  You got the promotion you wanted and the salary is better than expected.   Congratulations! Must be time to celebrate right?  That new handbag has totally been calling to you and you really deserve the splurge!   Then you find $50 in a pair of jeans before heading out for the night and think, time to buy myself a lottery ticket!

Feeling like luck is on your side is a big-time confidence boost—but on the downside, it can also cloud your judgement and lead to not-so-hot financial consequences… if you aren’t careful.

As an example, an older Ohio University study found whenever the State’s football team won a game, local lottery ticket sales surged.  I’m guessing that even though the fans are obviously into football, they also knew the odds of hitting the jackpot were the same as they had always been.  It seems though, that the excitement, even euphoria of the victory on the field, then made them feel as though they could triumph over anything, including turning the win into a financial windfall too.

If you’re more comfortable with footy tipping than an investment on the stock market, evaluate how much you rely on luck versus good money sense.

Obviously, the splurge of a few dollars won’t negatively impact your bottom line over the long term, that’s a given!  But jumping into bigger financial decisions—like, finally scoring that renovator’s delight that you’re totally sure you can flip quickly for a profit, just because you’re on a lucky hot streak, certainly can have a much bigger and longer-lasting impact.

So what’s the best way to keep wishful thinking from clouding your judgement?

Basically, just think things through.  Do the due diligence you would on making any investment and thoroughly research the pros and cons.  Seek professional help if you need to – investing a few hundred on advice early, can save you the heartache of the loss of tens of thousands later.  Remember also, that a professional adviser isn’t clouded by the same emotions you are, and may also have an idea of a few other things you hadn’t thought of.

Sometimes, you can have a win because you were brave enough to finally act instead of coming from a place of fear.  But when you’re weighing up that big money decision, seek help ensure you’re not acting out of a misguided, “can’t-lose, I’m on a roll” gambler’s mindset versus a positive, well thought-through plan.

Ask any successful person and they’ll tell you, the harder they work, the luckier they get!

2013 Wrap Up

 

Well, 2013 has been a huge year for me!

I’ve had the privilege of heading off on three overseas adventures – twice to the United States and once to Thailand; diving the Great Barrier Reef; assisting clients with retirement savings needs, protecting their lifestyles, assisting with claims handling when things go pear-shaped; meeting some amazing people; cooking up some fantastic feasts and indulging in some great food and drink in beautiful places with wonderful company and getting to kick back with family and friends.

I figured I might just have to start a blog and share some of my adventures.

I’ve already got trips to Sydney and Melbourne for work lined up; an off-shore work retreat for the team to Bali; a conference in Kuala Lumpur with the Million Dollar Round Table (MDRT) amongst other challenges.

I’m really looking forward to three weeks R&R over the Xmas and New Year break, resting, refreshing, reading and writing and getting my head into a great place for a new year.

Catch you there!