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Below are 5 tips for managing your family finances that can help you reduce some financial stress in the long run. They’re simple, but sometimes applying the simplest changes to your lifestyle can make a large and positive difference to your financial situation. 1. Spend less than you earn. At the risk of sounding like Captain Obvious, to get ahead financially you must spend less than you earn. With the advent of credit cards, lines of credit and interest-free store loans, it’s never been easier to spend money that you haven’t yet earned. That’s why I’m a fan of the old

The role of a financial planner is not just to invest your money, but rather to show you what you can do with your money. Don’t get me wrong, investing is part of what we do but it isn’t why we exist; our primary role is to help you to use your money to get what you want in the future.  So if you ask a financial planner “how should I invest my money?” the response you should expect will be “I don’t know enough about you yet, it depends on what you’re trying to achieve”. A financial planner helps you

With the blockbuster hit series ‘My Kitchen Rules’ dominating TV ratings, consider the similarities between developing a successful portfolio and creating a successful restaurant quality dish. Investing is like cooking; great chefs demand the best ingredients, know which ingredients produce which results, mix ingredients in the right amounts and continually taste and adjust.  Creating a successful portfolio is no different. Master your Ingredients There are four basic investing ingredients in successful portfolios. Cash and term deposits are the safest defensive assets.  Cash provides liquidity, while a series of rolling term deposits protects you with a reasonable yield. Bonds can be

Invest for the long term and look through the short-term – investing is, as they say, a zero sum game – in each transaction there’s a winner and a loser.  You’re highly unlikely to get it perfect every time but you can minimise potential investment losses by investing for the long term.  Investing well is the main game, minimising tax is appealing but secondary.  Trading fast and often is generally a ‘mug’s game’; so avoid being unduly influenced by short-view media stories, following fads or ‘hot stocks’.  A better approach is to follow a long-term plan to suit your wealth,

I’ve just received a large inheritance – now what do I do? I saw a new client last week who is about to receive a significant amount of cash. Jane* has done it pretty tough over the years and wants to make sure she looks after herself and her family as she realises the decisions she makes now will have a lasting impact. Jane is in her late 50s and is a self-employed cleaner with limited income. Her husband works part time in a low income job and her daughter is just starting her final year of school. Jane has

Your last chance to register to claim the Pension Bonus is fast approaching. In fact, you only have until the end of the month (28 February 2014) to register. What is the Pension Bonus Scheme? The Pension Bonus Scheme (PBS) is a scheme to encourage older Australians to remain in the workforce beyond their pension age. When claiming the bonus, you defer taking the Age Pension and instead accrue a tax-free bonus that can be claimed upon retiring, providing eligibility criteria is met. The scheme was cut in 2009 but it remains open for late registrations. Who is still eligible

by Dave Rae, CFP® Retirement planning isn’t just about how much money you need One of the discussions I have with clients is around what’s important to them. These discussions are about getting deeper than just the financial aspects of their life, it’s understanding what fulfils someone. What do they want to be able to do, not just today and tomorrow but in the future as well. Recently I had a discussion with a client named Mick. At the age of 48, Mick is clearly going to meet his retirement objectives by age 60 which is his desired retirement age.

by Michal Bodi AFP® We all have dreams. And we love to talk about them. We know exactly what they mean to us and how they make us feel. Reaching these dreams and making them true means that our lives matter. But most people don’t succeed and don’t realise their dream potential. Why? What successful people do differently is that they also have goals. And it’s having goals and a plan to reach them what separates them from the pack and helps them achieve their dreams. How do we set goals? Here are some practical tips: Think about your dreams

by Amanda Cassar, AFP® Have you heard about Contingency Planning but not sure what it’s about? Basically, it’s protecting assets and owners of your business from liabilities that result from unfortunate circumstances. It’s easy to overlook financial considerations when running a business.  Most business owners make no provision for what will happen when it’s time to retire, they become gravely ill or die.  Lack of planning is rarely done on purpose, but often because owners are unsure of where to turn. Strategies to consider are: Business Loan Protection Strategies Shareholder / Director / Beneficiary Loan Protection Key Person Revenue Protection

by Renee Hush CFP® The value of financial advice can be priceless, but taking that first step in selecting a financial planner and going to see them can be daunting. You are selecting someone to help you achieve your goals, manage your money, give you advice and most importantly to trust. So it is a big decision. We all know the stories about funds that have gone bankrupt and the planners and advisers who have done the wrong thing by clients. While there are bad apples out there, most of us are here looking to help you – it is