A healthy financial plan requires saving and investing and it is important to know how they differ. Putting some money aside in a savings account is good for providing a safety net and achieving short-term goals, while investing may provide higher long-term returns and should create wealth and income over time.

Total and Permanent Disablement (TPD) approvals are granted when someone has experienced a life changing health event or injury. Naturally, they come with concerns about future financial security and clients are often quite distressed. If you have had a superannuation TPD claim recently approved, we recommend you seek financial planning advice before you make a withdrawal. TPD payouts allow for some unique and technical financial strategies.

Investing in your family is always a good thing however research consistently shows that women are more likely to take time out of paid work to care for children. This leads to a short fall when it comes to retirement savings. The latest research from ASFA shows a 25% difference, with the median balance for those aged 60 to 64 at $211, 996 for men and $158, 806 for women. 

Financial setbacks hurt. They are not uncommon and happen for many reasons. If this has happened to you or someone you know it is important to know that you can rebuild. 15 years ago, a new client appeared on our doorstep seeking advice on how to get back on his feet. We love this story as it is a pin up case study on the benefit of a financial planner and a disciplined client working together.

In recent years, the Australian government has implemented significant tax reforms aimed at providing cost of living relief to taxpayers. Most notable are the stage 3 tax cuts, which come into effect on 1 July 2024. These changes will amend personal income tax rates and thresholds, offering tax relief for all income earners.

This provides a timely juncture to review your financial plan. Get in touch with your adviser about the best solution for your individual circumstances to ensure you maximise potential benefits of these tax savings.

On Tuesday evening, the treasurer Jim Chalmers handed down his third Labor Budget. A Budget surplus of $9.3 billion is forecasted for 2023-24 which will be short-lived with an underlying cash deficit of $28.3 billion is expected in 2024-25 (and a $42.8 billion deficit for 2025-26). The Budget noted a weak and uncertain global economy where growth is forecast to remain subdued over the next few years.

The end of financial year is just around the corner, and this is a great time to give your retirement savings a boost and possibly save on tax. There are several strategies you can look at depending on your circumstances and it is always wise to consult your adviser about what is best for you.

With the emergence of AI, cybercrime is increasingly sophisticated and the need for vigilance can’t be overstated. Scammers are usually after your bank details, home address and personal identification details to use elsewhere. They can create havoc in your life, so it is best to be alert to the red flags, so you don’t become their next victim.

 Here are the top scams to look out for in 2024:

Most of us are partial to the odd New Year Resolution but financial resolutions are really about goal setting. We suggest getting serious and writing them down if you want to see a successful outcome at the end of the year. Setting intentions and taking action is the key.