Tag Archives: financial advice

BOOK CHAPTER TEASER! MEET AMY NEESON!

So my new book Financial Secrets Revealed covers off financial tips from Business Gurus and Financial Geniuses, and that may interest you… but what about the everyday battlers?  Those heroes who go about their lives trying to make ends meet and make a difference…

I’ve included the amazing story of Amy Neeson, who’s had more than her fair share of ‘tough luck’ thrown her way and ask how she handles her finances.  I’m talking family cases of open heart surgeries, hernia, melanoma, intellectual impairment, broken bones, flesh eating amoebas, heart disorders and more…  Seriously!

I delve into her (ok, our) family life growing up (she is my sister!) and how she’s handled financially all the massive hurdles thrown their way.

She also lets us know what advice she’d love to leave for her children to follow and the best financial tips she’s ever been given.

Financial Secrets Revealed is in it’s final stages of edit and will be ready to order in the near future.  I hope you’re excited to get your hot little hands on a copy when they’re available!  Not long now!

Book Chapter Teaser! Meet Jenny Brown!

Ever wondered what secrets an award winning financial adviser shares with her clients?

Meet Jenny Brown, an amazing adviser based in Victoria who features in Financial Secrets Revealed.

Jenny shares her story of growing up in a rural area in southern Australia and being taught that ‘money didn’t grow on apple trees’ seeing they were surrounded by orchards.  She shares how delayed gratification and working hard for what you wanted was just how things were done.

We follow her journey from advertising and into financial advice and the best advice she was given along the way from some of her mentors.

I love Jenny’s main advice tip to just ‘Get started.’  As we know, there’s never a perfect time.  Don’t worry about if it’s too late or too early, just begin your financial journey and don’t be afraid to ask for help along the way.

If you want to learn more about Jenny’s story, what she thinks about budgets and business plans, and her favourite form of investment, then get ready for Financial Secrets Revealed where you’ll learn so much more.

Stay tuned, book release date isn’t too far off now!

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…

What does an Adviser really do?

The term financial adviser or financial planner has been around for a long while.

When I left school though, I’d never heard of a Financial Adviser and certainly didn’t know it was a career path, or that it was the one I would take.

I knew about Life Insurance Agents or Brokers, Accountants, Economists and not much else.  So if you’re like I was, and not really sure what a planner did, allow me to enlighten you…

Advisers are Authorised Representatives of an organisation that is licensed by ASIC (the Australian Securities and Investment Commission.)  Some choose to hold their own license, some are through non-aligned companies and others are through big corporates that you may recognise such as AMP, MLC (NAB) or ANZ.

The upshot is, you need to be licensed to give advice and that’s a role we take pretty seriously.  People pay us for what we know, meaning we’re in a very trusted position and one that we don’t take for granted.

When you initially meet or research an Adviser, chances are you’ll be provided with their Financial Services Guide and Adviser Profile.  This outlines what your Adviser is allowed to provide advice on.  Some are very limited and choose to specialise in a particular niche, such as Insurance or Self-Managed Super Funds (SMSF.)  Others are educated in many areas and are called ‘generalists.’  Additional accreditation may be achieved in areas such as Aged Care and SMSFs.

Most covered areas include investments, finances, budgeting, insurance, superannuation, retirement and pre-retirement planning, estate planning, risk management, business risk mitigation and taxation.  Advisers are usually only too happy to let you know the areas that they’re qualified in and can offer advice on.

Chances are, seeing an adviser can add value to your personal financial situation, so why not consider a meeting with a planner real soon!  Most offer their initial consultation at their own time and expense, so what have you got to lose?

Get your finances baby-ready

A pre-baby financial checklist can make all the difference to new mums, writes Sally Patten.

For the majority of women, having a baby is one of life’s magical moments. It is also a moment that brings new responsibilities, including those of the financial variety.

Ideally, planning for a baby in financial terms should start a year, or even two years, before birth to ensure there is enough money tucked away to cover maternity leave and that other arrangements, such as life insurance, are in place.

Being prepared will help mothers to revel in their newborns as they should.  “If you are stressed about money, the experience is not as enjoyable as it should be,” says Kellie Payne of RI Advice Group Caloundra.

In the early planning stages, it is important to investigate how much money you can expect to receive through work entitlements and the government’s parental-leave pay scheme. Taking into account your expected income, the amount of time you plan to take off, your current expenses and any additional expenses that come with having a baby will enable you to figure out what the shortfall might be and how much you need to save ahead of time.

“Be prepared for additional medical and pharmacy costs for both you and the baby,” warns Payne.

Adele Martin of Firefly Wealth recommends opening a separate bank account for parental expenses, or better still, put the money into a separate mortgage offset account.

Check your insurance levels

In the case of health insurance, not all contracts cover pregnancy and baby-related services and if you do need to raise your level of cover, a 12-month waiting period will typically apply.

If you want to be covered by private health insurance for pregnancy “you’ll need to be on a health cover that includes pregnancy at least three months before you start trying to fall pregnant”, warns health insurer nib health funds.

Having a child is also an ideal time to look at your life insurance, which may pay a sum of money in the event of death, and income-protection policies, which may pay a regular sum of money in the event of serious illness or injury. Both can be critical when there is a baby or child who will need providing for if something happens to you.

Finding the right life insurance and income-protection policies is no mean feat and advice is recommended.

Strategies for Life Queensland financial adviser Tanaya Bendall says in terms of income-protection policies, would-be mothers should consider whether the policy will pay an agreed amount without having to show proof of income.

Martin notes that many insurance companies won’t insure pregnant women after the last trimester because they are viewed as higher risk.

A convenient way to increase insurance levels may be through superannuation, because this won’t have any impact on your cash-flow levels.

Finally, Martin believes women should not ignore superannuation during this time. She suggests investigating whether they are eligible for various super contribution allowances, such as the government co-contribution and spouse contributions while they’re not working or working part-time.

How a baby changed Emily’s financial outlook

A lot changed for Emily Shields when she had her first child, not least her financial outlook.  The embryologist knew she did not want to go back to work full-time.

“I wanted to be able to spend that time with Evie. But it also makes you think about being able to provide for her,” says the 37-year-old.  “We were lucky when we were kids that we never had to want for anything, and I want to be able to provide that for Evie.”

Shields was in a fortunate position: her partner Sam could support them. He had just started his own financial-planning company when Evie was born, and Shields was able to take a year’s maternity leave from her position at one of Melbourne’s leading IVF clinics.

She extended this leave by becoming a home-based sales rep for a health and beauty company for six months.  Now back at work two-and-a-half days a week, Shields is pleased to have resumed her career, knowing Evie is well looked after.

“All I knew was that I didn’t want her going into childcare,” says Shields. “It’s been easy knowing she’s going to family and Sam’s aunt can work around us with times and dates.”

The immediate financial plan is to continue working part-time while keeping a long-held investment property “ticking over” until they are ready to buy a house.

“We’re quite happy with a public primary school but I’d like Evie to go to a private school for high school if we have the money.”

Case study: Natasha Hughes

This article is part of a series published in the Sydney Morning Heraldand The Age called Her Money, that aims to help women take control of their financial futures. This series has been created in partnership with ANZ.