What is your run rate?
Watching the cricket over the past few weeks has reminded me of how financial planning has a lot in common with cricket.
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Compound Interest
The great Albert Einstein described compound interest as the eighth wonder of the world.
“He who understands it, earns it; he who doesn’t, pays it”
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How to start investing
On paper, investing money seems like a no-brainer. You put a portion of money away and let time turn that loose change into a small fortune.
So why wouldn’t you do it?
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INVESTING 101
Investing isn’t just for people who already have a lot of money.
Many people who come to us, have heard a whisper about the power of investing and they want to get their head around exactly what it could mean for them.
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Your life is too important to stay trapped in the cycle.
When you spend more then you make, you go in to debt. Spending more than what you make “sells” your income to the future. Without a plan to catch up to the cost of the money you’ve already spent, at some point the interest costs become a significant monthly expense and your debt will accumulate, increasing even faster.
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Ask our Advisors - Should I top up my super?
“Should I put my savings into my super to boost it?”
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Q. "Is now a good time to buy a first home or should I wait?
Do you think property prices will drop further when the mortgage freeze ends?
As a solo first home buyer, I am struggling to find affordable homes at the moment."
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A world of pain for life insurance
The life sector was front and centre during COVID-19 as consumers, through a variety of experiences with death, illness, or losing work due to the economic crisis, “suddenly” woke-up to the entire life insurance topic.
We found many more clients asking about personal insurances, as COVID-19 had everyone reaching for their policy documents, in the same way consumers pore over T&Cs in their house insurance policies after a bushfire or flood.
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Financial Stress is the biggest cause of break-ups.
The first step could obviously start by sorting out your finances, tightening your belt or getting a financial plan, whether through professional financial advice or a more DIY route.
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Life is the most difficult exam.
Many people fail because they try to copy others, not realising that everyone has a different question paper.
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One of the keys to investment success is to avoid the noise. Investment noise is the constant drumbeat of extraneous information that we’re all subjected to day in and day out. It comes to us via the financial press, the internet and even in the workplace. Ignore this noise and your odds for success increase.
Click the link below to learn more from our Newcastle Financial Planning Advisers.
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The ‘ostrich effect’ is the decision to ignore dangerous or negative information by “burying” one’s head in the sand like an ostrich. Or investors “put their head in the sand” to dodge facing their financial portfolios when they're expecting bad news.
Research suggests that investors check the value of their investments & superannuation funds significantly less often during bear markets.
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Planning is bringing the future into the present so that you can do something about it now.
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People buy new golf clubs before getting golf lessons & wonder why their game isn’t getting better.
Financial planning advice is very similar.
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We are just a few weeks away from 2021.
The Newcastle Advisors team have been preparing their predictions for the year ahead, and it’s almost time to share them with you.
How about you….What do you expect to happen next year? Do you have financial goals you are trying to achieve? Do you have a plan to take advantage of opportunities as an investor?
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I remember growing up and hearing my parents say things like;
'We can't afford that' 'Do you think money grows on trees'
Psychologically that plays with us as we get older.
It almost felt like money was only for a certain type of person & it wasn’t for everyone.
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If I could buy a building that would generate an income $100,000 per year.
Generally speaking that building would be yielding 5%.
So that means the building will cost you $2m.
Therefore, if you could earn $100,000 per year, that means you are worth $2m.
So you have an asset. Your ability to earn is your biggest asset.
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Initially, buyers would have a choice: a one-off stamp duty bill, or a relatively modest annual property tax.
The opt-in would be once only. If a buyer chose to pay property tax, their house, apartment or commercial building would forever be subject to the annual tax.
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A global pandemic and the nation's first recession in 29 years has seen Australia’s national debt blow out by 40% to $703 billion, thanks largely to the pandemic.
It seems ordinary Australian’s have taken a more prudent approach, reducing their collective credit card bill by more than $7 billion over the past year.
However, this is in contrast to the boom in 'buy now, pay later' services. But regulators are circling and consumer advocates warn that this modern day lay-by service leaves Australians at risk of spiralling into debt.
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"Help, I think my financial planner is charging me too much?"
We see this all too often.
Each month we have people coming to us for a second opinion, asking “is my financial planner charging me too much?”
To be honest, only you will understand if you are being charged too much.
As what you value from a financial planner is very personal.
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