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In this article, we debunk ten common financial myths to empower you to make informed decisions, achieve financial stability, and grow your wealth.

Navigating the world of personal finance can be challenging, especially with the myriad of myths that can cloud your judgment.

From misconceptions about debt to misunderstandings about investing and retirement planning, these myths can lead to poor financial decisions and missed opportunities. So, we thought we’d bust them once and for all!

Highlights from the 2024-25 Federal Budget delivered by the Treasurer on Tuesday 14 May 2024.

In his 2024 Federal Budget speech, treasurer, Jim Chalmers, announced that ‘The number one priority of this government and this Budget is helping Australians with the cost of living’.

But what exactly does that mean?

Let’s take a closer look at what the 2024 Budget proposes -

The next generation of investors are here and they’re keen to take on life and begin their journey toward financial security. This article explores several proven tips for laying the foundation for a wealthy future.

A study conducted by the Australian Stock Exchange reported that nearly 25% of investors over the past two years were aged 18 to 24.

These young Australians were found to be knowledge seekers, keen to take on life and begin their journey towards financial security.

If this describes you, congratulations! You get it, you really do. You’re Next Generation Investors who know that building financial independence starts early.

This article describes options for building wealth before retirement, particularly in this volatile economic environment. It starts with the relatively safer but low yielding options then explains three alternatives which may offer potentially higher returns.

As most long-term investors know, investment markets have their ups and downs. The downs are usually associated with periods of uncertainty, perhaps due to political or economic factors, or even natural disasters. Uncertainty leads to volatility – more extreme movements in asset prices – which can have a big impact on portfolio values. This can be of particular concern if you are close to retirement and preparing for your last payday. So what can you do about it?

As the cost of housing continues to rise in Australia, particularly in across the country's capital cities, retirees are becoming more likely to rent throughout retirement. And if retirees aren't renting, they may end up willing on an asset to beneficiaries that is not free of debt. This article compares the average incomes of Australian retirees and analyses how renting may impact their retirement lifestyle.

As record numbers of Australians transition into retirement, considering your cost of living and comparing it to your expected average annual retirement income is a crucial step in retirement planning. For many Australians transitioning into retirement, the increasing cost of housing continues to be a burden on people's ability to pay off their property in their lifetime. This can lead to a few common scenarios — selling the property prior to retirement and renting, continuing to pay down the mortgage and leaving beneficiaries with an asset that has debt owing, or renting due to lack of affordable properties on the market. Naturally, this is a stressful situation for anyone to think about, whether you're about to retire or you're a young adult watching your parents plan for retirement.

This article addresses an important topic highlighting 10 common mistakes people make as they get closer to retirement. It recommends seeking professional advice.

Many of us would like to think that ‘older’ means ‘wiser’, but when it comes to money that isn’t always the case. The complexity of Australia’s superannuation and pension systems doesn’t help. The upshot is that there are a number of common mistakes that retiring and retired Australians make.

What are those mistakes and how might you avoid them?

This is an in-depth view of what’s involved in buying a home. It answers 12 questions starting with preparing (budgeting) to borrow through to explaining interest rates and a calculation to show what portion of a loan is taken up by interest.

Ready to make the leap from renting to buying a home? Well, before you begin the search for your perfect home there are lots of questions to find answers to. Here are some of the big ones.

Do you need to own your home?

What repayments can you afford?

How much can you borrow?

What’s it really going to cost?

What deposit do you need?

What’s your savings record?

Do you know how mortgages and interest rates work?

Fixed or variable?

How can you reduce your interest payments?

Ready to buy?

Do you understand everything, including all the fine print?

What insurance cover do you need?

This article follows on from the earlier “super through the ages” series. With more Australians working (and living) for longer, it outlines ways to make the most of the final years in the workforce to boost super.

For most Australians, their 60s is the decade that marks retirement. For some this means a graceful slide into a fulfilling life of leisure, enjoying the fruits of a lifetime of hard work. However, for many it means a substantial drop in income and living standards. So how can you make the most of the last few years of work before taking that big step into retirement?

Are we there yet?

This article focuses on buying an established business (as opposed to starting one) later in life and provides a no-nonsense list of questions potential/early retirees should address if considering this option. It addresses using superannuation to purchase a business, with a focus on seeking professional guidance throughout the process.

The word “retirement” conjures up many images. While most baby boomers might be dreaming of more time on the golf course or booking a cruise, you might be thinking about buying a business. Crazy? Maybe not.

If you’re close to reaching your preservation age you will soon have access to your superannuation. An increasing number of people at this stage are taking control of their finances and buying themselves a new later-life career in the form of an established business.

Perhaps you’ve been retrenched and finding it difficult to land a new job. Or maybe, after a short period of retirement, you’re re-invigorated and ready to start afresh.

This article tells a story that, sadly, is more common for many Australian families than it should be – the long-term after effects of underinsurance. It not only details the financial consequences but the impacts on the health and social welfare of those left behind when the key breadwinner dies. Figures and statistics substantiate this unnecessary pattern.

Paul Taylor was a fit and active 45-year-old who drowned while swimming in surf on a family holiday. Witnessing this tragic event unfold from the beach were Paul’s wife, Sue, their 15-year-old daughter Sophie and 12-year-old son Zac.

Relatives and friends were a great support during the following days, but soon after the funeral, and still in a state of profound grief, Sue had to assess the state of the family finances. Until that time she wasn’t aware that the Taylors were amongst the 95% of Australian families that did not have adequate levels of life insurance.

Not alone...

The last article in the series of super through the generations explains what to do to improve super balances in potentially the last decade before having to rely on it. It covers salary sacrificing, TTR, investment focus and insurance, and a recommendation to seek professional advice soon.

If 50 really is the new 40, then life has just begun. The kids are gaining independence or may have left home, and the mortgage could be a thing of the past. Bliss. But galloping towards you is… retirement!

How are you tracking?

According to the Association of Superannuation Funds of Australia (ASFA), a ‘comfortable’ retirement today costs close to $.......... per year for a couple. If you and your partner are planning to retire at 55, to afford this retirement lifestyle and secure your future, at least into your mid-eighties, you should be looking at having around $... million in super. Over time, inflation will push these figures higher. Leave retirement to age 65 and a couple will need around $.......... a year from a nest egg of about $... million .

Find those numbers a bit daunting? Here are some ways to boost your retirement savings.

This third article in the 4-part series on superannuation through the generations calculates how much will be needed for retirement in 20 years, how to increase the balance, salary sacrifice vs paying off mortgage, government contributions, and insurance through super.

Typically your forties is a time of established careers, teenage kids and a mortgage that is no longer daunting. There are still plenty of demands on the budget, but by this age there’s a good chance there’s some spare cash that can be put to good use. As you pass the halfway mark of your working life, it’s time to give retirement planning a bit more attention.

This is the second article in the 4-part series on superannuation through the generations. It covers super for the short and long term, options to increase the balance, how much might be needed to retire on in 30 years’ time and ways to achieve it, and insurance through super.

If you are in your thirties, chances are life revolves around children and a mortgage. As much as we love our kids, the fact is they cost quite a lot. As for the mortgage, this is the age during which repayments are generally at their highest, relative to income. And on top of that, one parent is often not working, or working only part time. Even if children aren’t a factor, career building is paramount during this decade.

Are you really expected to think about super at a time like this?

Well, yes, there are a few things you need to pay attention to.

This article identifies some of the financial issues that your senior-aged clients need to be aware of when starting a new relationship later in life. Adult children may also be affected by their parents’ decisions.

Falling in love is a magical and wondrous experience, but once the heart flutters have settled a little and two people move towards a more serious relationship, various challenges may need to be addressed. Many of these challenges can be easily resolved when we’re young and carefree, but what happens when Cupid appears – or reappears - later in life?

Unlike earlier relationships, when love blossoms late in life careers have slowed down or ceased, the children have left home, and health and fitness may not be what it had been, meaning that a ‘lifetime’ of togetherness may not be as long as first anticipated.

From a less romantic perspective, the financial implications of beginning a relationship at this time of life are serious and need to be considered carefully.

This detailed article explains how life insurance applies to: young singles, young couples, young families, pre-retirees, and retirees. It explains the different types of insurance, what it covers and each stage includes a story to make it more real. The article can be used in full as a special feature on insurance or broken down into a series of messages on wealth protection.

Insurance plays an important role in any wealth creation and management strategy. There is little point in accumulating wealth if you don’t protect it, or yourself, from unforeseen risks that can undermine the best made plans.

Just as your wealth creation strategy needs to be reviewed on a regular basis, so too does your wealth protection plan. Every stage of life brings exciting challenges along with different types of risk.

Let’s look at the most common scenarios. You may see yourself in some of these stories.

This is an excellent and detailed explanation of the power of compound interest to boost wealth. It also explains the effect of tax and inflation. The article uses a simple example to outline how compounding works and finishes with a call to action to seek advice.

When you invest over a period of time, compound interest is your best friend. In effect, it means you are earning interest not just on your own capital, but also on the interest you’ve already earned. Over the long term, this might be phrased as “interest on interest on interest on interest on interest …” or more simply, “free money”!

So how do you get this free money? This is how…

 When the time comes to consider aged care, where do you start, what options do you have and will you be able to afford it? This feature article gives details of what type of care is available, to whom and how much it costs. It encourages your readers to start planning for this final stage of life earlier rather than later.

The Australian Bureau of Statistics tells us that Australians aged 65 years and over account for 16% of the population – and that figure is rising. Whether you’re concerned about your future self or a loved one, aged care is an issue most of us will have to manage at some time in our lives.

This article highlights some key threats to business that many business owners forget about or don’t get around to addressing adequately – internal fraud, inability to work and disaster management. It touches on insurance cover but focuses on issues that are not normally thought about or dealt with.

Owning a business has its distinct advantages. Choosing your work hours and being able to make decisions for your own future are just two, but this higher level of freedom takes a back seat when things go wrong… and as any business owner knows, things can and do go wrong just like in any other pursuit in life.

Smart business owners plan ahead for even the most unexpected threats but as times change, these threats come in different forms. We’ve highlighted a few in this article with suggestions on how to deal with them before they affect your hard-earned freedom.

This article looks at how much a client needs to save to live their retirement dream and the importance of getting financial advice to ensure they’re on track. It shows the current age pension rates compared to the income required to achieve a "comfortable" retirement by ASFA standards.

We all have a vision of our perfect retirement. But whether it’s travelling around the country in a luxurious motor home, playing golf every day or spending more time with the grandkids, how do you accumulate enough to pay for your golden years?

Lifestyle is a personal choice. The big question is: How much do you need to save while you’re working to pay your preferred retirement lifestyle?

Using a baseball analogy, this article provides a detailed description of the main forms of insurance – income protection, life, TPD, trauma and general insurance. Insurance inside super is also covered. Excellent to use as a special feature on insurance.

Most people either cringe or yawn when the word insurance is mentioned but regardless of whether you find it scary or boring, managing risk is a necessity in the world in which we now live. Let’s cover all of the bases to help make your home run as easy as possible.

First Base – Income Protection

This article uses the analogy of buying a new car to choosing a superannuation fund. It makes this often-confusing decision a lot easier for your clients to understand – and a bit of fun.

Superannuation can be one of the most baffling topics when it comes to managing our finances so let’s relate looking for the right fund to something that might be more enjoyable - buying a new car. What do you look for?

This feature article explains the benefits of protecting a home and contents with the appropriate insurance and what type of cover is available. This is a timely topic, particularly when natural disasters have increased premiums to the point that many Australians are reducing or foregoing insurance. It reminds your readers that not insuring or under-insuring their homes could greatly affect their financial plans if their property is damaged or destroyed.

As a direct result of the widespread natural disasters Australia has experienced in recent years, insurance premiums for house and contents have, in many cases, risen dramatically. When faced with these higher costs, many home-owners might be tempted to under-insure their homes or, even worse, not insure at all.

Your home may be your pride and joy, an asset with a big emotional attachment, but it is also usually the biggest financial commitment you will ever make. It therefore makes sound financial sense to insure your home appropriately. Whether you are reviewing your current cover or insuring a new home, here are some tips to help you make the right decisions.

This feature article details all of the options to take into account before changing super funds. It suggests investigation into investment options, fees, insurance, range of services, etc, and then offers action steps for each point. It can be used as a detailed checklist and action plan for your clients to review their super fund.

One of the best things about living in Australia is the high level of choice we have in everything from milk to superannuation funds. For many of us, having a choice of where our super will be held is an important part of our investment management and a decision that should not be made without sufficient research.

This feature article identifies some innovative activities for retirement to inspire your clients to get their financial plan working for them so they can enjoy what retirement can offer. Its message is that life doesn’t end when work ends.

The concept of retirement has changed dramatically over the generations but there remains one constant for most of us planning the end of our working life – to be able to do what we want, when we want. No more alarm clocks, no more commuting and no more demanding bosses!

But what do we want more of? Time on the golf course? Unrushed holidays in exotic locations? Those are just the basics, however if retirement is looming have you thought about what actually will happen when you stop working? Will you have those choices?