Key points:
Insurance coverage designed to keep families financially protected
The importance of financial planning
Start prepping today for a secure tomorrow
Embracing the new chapter of caring for a loved one
Managing Debt: A strategic approach to financial wellness
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A self-managed super fund (SMSF) is a private superannuation fund that individuals in Australia can manage themselves. These funds differ from industry and retail super funds, as they offer more control over investment choices and insurance options. However, managing an SMSF comes with significant responsibilities and risks.
The appeal of having control over your superannuation can be enticing, but it entails substantial work and potential pitfalls. It’s crucial to consider the following risks and responsibilities before setting up an SMSF:
Losses without Compensation: Unlike retail and industry funds, SMSFs lack access to special compensation schemes or the Australian Financial Complaints Authority (AFCA) in case of theft or fraud-related losses.
Personal Liability: All members of an SMSF, even if they receive professional assistance or another member makes decisions, are personally liable for the fund’s actions.
Investment Returns: The returns on your investments may not meet your expectations, and you are solely responsible for managing and optimizing the fund’s investments.
Changing Circumstances: You must manage the fund even if your personal circumstances change, such as losing your job.
Member Events: Events like relationship breakdowns between members, the death of a member, or a member’s illness can negatively impact your SMSF.
Insurance Considerations: Transitioning from an industry or retail super fund to an SMSF may result in a loss of insurance coverage, which should be carefully considered.
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Most people don’t think they need a lawyer until they find themselves in a situation where legal advice is crucial. However, upon closer examination, there are numerous instances in life where seeking the expertise of a lawyer can make all the difference between resolving a problem successfully and suffering a loss. Let’s explore the top five reasons why having a lawyer to advise you is essential.
5 reasons:
Ensuring Legally Binding Outcomes
Knowing Your Rights and Entitlements
Saving Money in the Long Run
Avoiding Penalties and Fines
Having Reliable Legal Representation
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The big surprise in the Australian housing market last year was how quickly home prices fell with RBA rate hikes. But the big surprise this year is how they rebounded when most including myself were looking for further falls. October CoreLogic data showed another 0.9% rise in national home prices, leaving them just 0.5% below their April 2022 record.
Key points
– Australian home prices rose again in October, with the supply shortfall on the back of record immigration dominating. Prices are now on track for a 9% gain this year.
– While the supply shortfall is likely to continue there is a high risk that the impact of high interest rates will start to get the upper hand next year particularly if the RBA hikes again and unemployment rises by more than expected.
– Price gains are expected to slow to 5% next year, but the risk of another leg down in prices next year is high.
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We can’t really fault you for getting all worked up, as there’s nothing quite as exciting as embarking on a home renovation project to refresh the look of your space. However, some home renovations can get notoriously expensive and time-consuming, depending on the extent of the work required.
Here are five budget-friendly home renovation ideas you can start doing today.
1. Get new kitchen countertops
2. Paint your walls white
3. Install new lighting fixtures
4. Update your flooring
5. Replace old faucets, fixtures and fittings
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Due to the wide variety of general insurance policies, you can find a policy for each of your needs. However, the wide variety can also confuse, especially if you are a newbie in insurance matters.
Luckily, you can get the guidance you need from your general insurance adviser.
Ask these questions to get the information you need when comparing available options.
1. What Type of General Insurance Can You Advise Me to Buy?
2. How Can I Protect My Interests When Buying Insurance?
3. Does My Insurance Policy Cover Exclusions?
4. Can I Make Changes to My Policy in the Future?
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Are you looking to build up your savings for the future but don’t know how or where to start? Check out these money-saving tips you can apply today.
Top 10 money saving tips
1. Record all expenses.
2. Plan your meals.
3. Save water and electricity.
4. Declutter and sell.
5. Skip the credit card.
6. Make coffee at home.
7. Create a grocery list and stick with it.
8. Bring your own bottle of water.
9. Purchase what you can in bulk.
10. Invest in timeless fashion.
The “news” as presented to us has always had a negative bent, but one could be forgiven for thinking that it’s become even more negative with constant stories of disasters, conflict, wrongdoing, grievance and loss. Consistent with this it seems that the worry list for investors is more threatening and confusing. This was an issue prior to coronavirus – with trade wars, social polarisation, tensions with China, worries about job loss from automation and ever-present predictions of a new financial crisis. Since the pandemic higher public debt, inflation, geopolitical tensions and rising alarm about climate change have added to the worries. These risks can’t be ignored, but it’s very easy to slip into a pessimistic perspective regarding the outlook. However, when it comes to investing the historical track record shows that succumbing too much to pessimism doesn’t pay.
Key points
– The natural human tendency to focus on bad news, the increased availability of information and the rise of social media are magnifying perceptions around worries and making it easier to be pessimistic.
– However, to succeed as an investor it makes sense to err on the side of cautious optimism: otherwise, there is no point in investing; growth assets like shares have trended up over the long term; and trying to get the timing right of the 2 or 3 years out of 10 when they fall can be very hard.
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5 key considerations when looking at insurance for professional services:
1. Professional Indemnity Insurance
2. Cyber Insurance
3. General Property Insurance
4. Building and Contents Insurance
5. Business Interruption Insurance
Retirement Planning Tips:
1. Tailor Your Strategy to Your Time Horizon
2. Eliminate Debt as a Priority
3. Invest in Your Health
4. Overreliance on Social Security
5. Neglecting Inflation Consideration
6. Failing to Budget for Medical Expenses
Read full article here.
Upskilling and Reskilling: Strategies to Increase Employability
In a fast-paced, evolving work environment, continuous learning and adaptability are paramount to dealing with unemployment and in building and succeeding in one’s career.
Employees and employers alike need to embrace upskilling and reskilling strategies to meet market demands and enhance staff employability.
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Learning From Bananas: Insights Into Stocks and Bonds as Investments
In the world of investing, stocks and bonds often take centre stage. They represent two of the most common types of investments, each offering unique benefits and risks. As an investor, understanding stocks vs. bonds is key to building a diversified portfolio tailored to your financial goals.
Just like bananas, stocks and bonds in the financial market fluctuate in price over time, and these price movements can offer valuable insights into investing strategies.
Stocks vs. Bonds — the Basics
When you invest in stocks (aka equities), you’re buying a small piece of a company. As a shareholder, you stand to benefit from the company’s success in the form of an increased stock price and potential dividend payments.
Bonds, on the other hand, represent debt. Investing in bonds means you’re essentially loaning money to a corporation or government entity for a specified period. In return, you receive regular interest payments. At the end of the term, the bond issuer repays the principal.
Whether stocks or bonds are “better” depends on your personal financial goals, risk tolerance, and investment timeline.
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Life is unpredictable, and financial surprises can arise when you least expect them. This is where an emergency fund comes in
1. Determine your goal amount.
2. Start small.
3. Make saving for it automatic.
4. Allocate windfalls and unexpected savings to your emergency fund.
5. Review and adjust your goal amount periodically.
6. Keep it accessible but separate.
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Retirement is the perfect time to transform your passion into a profitable venture. With your own business, you’ll be free to work on your own terms and follow your dream.
Here’s how you can embark on this exciting journey.
1. Align your business idea with something you’re passionate about.
2. Evaluate market demand.
3. Develop a business plan.
4. Build a robust financial strategy.
5. Network and market your business.
6. Embrace flexibility and lifelong learning.
Please read full article here.
Superannuation health check
The reality of financial independence
Achievement vs Enjoyment
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Here are the top 6 tips to ensure you have healthy relationships:
1. Accept each other for who you are.
2. Communicate with intention.
3. Allow for change and growth.
4. Be trustworthy and always follow through.
5. Practise patience and fairness.
6. Love yourself.
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Financial stability is crucial if you want a comfortable and fulfilling retirement. Ensuring your financial health will help you avoid the stress and uncertainty that come with retiring prematurely.
The Key to the Ideal Retirement
1. You have peace of mind.
2. You can maintain your standard of living.
3. You will manage healthcare expenses.
4. You reduce the possibility of stressing your family.
5. You’re prepared for longevity and inflation.
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Education is a vital investment in your child’s future, but it can also be a significant financial burden for those who are unprepared.
Key Points :
- Estimate your child’s educational expenses.
- Make a budget and save.
- Pay off debt ASAP.
- Consider investing.
- Practise money-saving tips with your children.
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Know the Basics of Saving and Investing To Achieve Your Financial Goals
Key Points
Set goals
Save first.
Set a budget.
Consolidate accounts.
Consider investing.
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People typically associate the new year with hope — a time for fulfilling plans, whether those are financial, personal or professional.
The past year is finally over and you can now look forward to what the new year has in store. While it’s also possible things won’t be so different from the last, you still need to plan for the year ahead. Why?
Age pensioners will be able to pick up extra shifts and earn some extra cash before Christmas without losing their benefits.
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