![Not quite feeling the Xmas Spirit?]()
by Jodie | Dec 16, 2014 | Budget, Budgeting, Christmas, Debt Management, Finances, Money
There are many different beliefs and traditions surrounding Christmas, but one thing is for sure… from its start, it was meant to be about joy and celebration. These days for some, it seems more a time of stress and debt.
If ‘it’s only x days to Xmas’ curls your liver, the jingles are grating, your credit card still hasn’t quite recovered from last time, and you still haven’t been shopping… here’s some top tips to keep the finances at least, under control.
If the thought of more debt or the threat of overspending kills your festive spirit, now is the time to take action and make this year the start of something different.
Christmas after Christmas, many allow themselves to fall victim to marketing campaigns, peer pressure to buy more than is affordable, when in truth, family and friends just want a gift with meaning and love, and not having us give beyond our means.
So, keep it simple. So here’s a few tips on how to start saving. Grab a pen and paper and write down everyone you bought presents for last year. Now…
- Cross off people that you haven’t seen all year. If you can’t be bothered actually catching up in person, why buy a gift? Send a card and let them know you’re looking forward to catching up in the New Year. You’ve just given yourself an out, and let them know that you don’t expect to be exchanging gifts.
- Look at the families you usually buy individual gifts for. As an alternate, get something thoughtful for the whole family. A hamper, a movie tickets, a ‘family adventure’ somewhere. Let them know you’re giving a family gift this year so they can change their own plans if necessary.
- Look at your extended family and think of ways to lessen the burden of giving everyone a gift. Think of ideas like buying only for the children, a $10 lucky dip, secret Santa or your own unique raffle!
- For the oldies in your family, give from the heart. They really appreciate your time, memories, a cooked meal, photos and words that mean something. Enlist the help of the younger members of the family to make some new memories for Nan and Pop.
- For those you simply must buy for, just stop and think. Just because someone wants a $100 gift, doesn’t mean you need to buy it. Try and think of something they might need that is within your budget or combine funds with one or more friends to afford what they want.
Be kind to yourselves this year. Buy only what you need. Spend only what you have. And relax, safe in the knowledge that you’re doing the very best for you and your loved ones and not starting 2015 under a burden of financial debt.
![Not quite feeling the Xmas Spirit?]()
by Jodie | Dec 12, 2014 | Advisers, Retirement
Our senior partner, Trevor Pritchard moved to Australia from the UK in the early 80’s and set up as a Life Insurance adviser from the Currumbin area.
Finally, he’s decided it’s time to hang up the boots.
Trevor has worked for many years partnering with MLC originally, to now being with Financial Services Partners, from the Gold Coast and Brisbane areas.
He has a large and loyal client base, who will be sorry to see him leave, however he is looking forward to moving house and spending more time with his wife Penny, who endured a terrible health scare late last year.
For our clients, it’s business as usual with Amanda Cassar, who has been with Trevor in the business since 1991, taking over the reins.
Wealth Planning Partners are moving to a new premises at Robina from January, 2015, and will keep you posted about our new address and contact details.
We hope you have a great end to 2014 and take this time to wish Trevor and Penny all the very best for their retirement from the rest of the WPP team.
![Not quite feeling the Xmas Spirit?]()
by Jodie | Dec 10, 2014 | Advisers, Insurance & Protection
There are a large amount of advertisements recommending you take out life cover out with automatic acceptance, and no medicals. Simply sign up and be covered in under two minutes. Sounds too easy, right?
But what issue does this pose at claim time?
When taking out individual or tailored insurance whether it be Life Cover, TPD, Income Protection or Trauma, the life insurance companies may require you have a medical exam so they know your current health position. Essentially, they are assessing you before taking your money to pay the premiums.
If you are found to be too high risk, then they will notify you and amended terms may be offered. By applying for tailored insurance and possibly completing a medical exam, you know exactly what you are covered for before handing over the money to pay for it.
Going with Direct Life Insurance with automatic acceptance on the other hand, means the medicals are done at claim time. With the chance of a pre-existing medical condition being discovered at that stage, it is then up to the insurance company to assess whether or not, if they had known about your condition at application, they would have covered you.
Essentially, they are taking your money before they assess your eligibility for cover.
Would you feel comfortable paying premiums for life insurance without assessing your eligibility for cover? How annoyed would you be if a claim was denied and you had no recourse to all the funds you already paid?
To ensure you have the best possible cover to suit your individual needs, contact any of the advisers from Wealth Planning Partners on 07 5593 6895 who will be able to assist you and put your mind at rest.
![Not quite feeling the Xmas Spirit?]()
by Jodie | Dec 7, 2014 | Advisers, Finances, Investments, Money, Retirement, Self Managed Superannuation Funds, Superannuation
A lot of our daily client queries are based around superannuation. It’s a tricky area for many clients to wrap their heads around with lots of rules, regulations, risks and opportunities.
Here’s some facts below, followed by a key hint on how you can best navigate this somewhat complex, but incredibly important wealth creation strategy.
Fact 1: There are over 500,000 Self Managed Super Funds in Australia, with approximately $440 billion under management – indicating the average amount under management in each, is $880,000.
Fact 2: There are approximately 1000 Self Managed Super Funds in Australia with more than $10 million in managed funds, and up to 6,000 with between $5 million and $10 million. This means that there are a lot of funds with significantly less than the above estimated average of $880,000.
Fact 3: 47% of Australian couples and 78% of singles over 40 don’t have enough funds to retire.
This article explains the situation that couples in Western Australia (and the rest of the nation) need approximately $1 million in superannuation and savings to retire comfortably – a target most of us fall far short on. And with us living longer now, the risk will only become higher!
A study by REST Industry Super reveals 30% of young people are hoping for an inheritance to help fund retirement; however superannuation is improperly accounted for in many people’s Estate Plans leaving family members somewhat short-changed. And with many parents now choosing to have “SKI trips” (Spending the Kids Inheritance) the odds are, there’ll be less to inherit.
TIP: Superannuation is a wealth creation strategy that the informed know how to take advantage of, and many others won’t. Education is key. Many feel it’s too complex and too hard.
Our role at Wealth Planning Partners is as advisers is to assist clients with wealth creation for retirement (through investment, superannuation and insurance), but just as importantly to educate about the opportunity that Superannuation is and then how to secure this fantastic and tax effective asset for the benefit of their own retirement, and family.
We are here to support you in learning the ins and outs of superannuation and have fabulous partnerships with legal experts to assist with Estate Planning and Business Succession issues.
Give us a call to chat about your retirement issues, and ensure you start the New Year off on the right financial foot.
![Not quite feeling the Xmas Spirit?]()
by Jodie | Dec 4, 2014 | Finances, Insurance & Protection, Investments, Men, Money, Superannuation, Women
If there’s only thing life constantly throws at us, it’s change!
It often occurs when we least expect it and can take us by surprise. Especially when it’s the end or start of a relationship! Sometimes when emotions are running high and life is in a state of upheaval, it’s easy to overlook some of the more practical things that need taking care of.
So, here’s a bit of a check-list of things you might have missed when adding or moving on from a life partner…
- Have you updated the beneficiaries of your superannuation fund? (this stays outside of your estate and isn’t usually dealt with by your Will.)
- Have you updated your Will and Powers of Attorney? Or Guardians for the children?
- Do you need to review your Life Insurance and beneficiaries?
- Is it time to provide for you,… reviewing or establishing Trauma cover?
- Does your Income Protection need updating?
- Have you reviewed ownership of any joint investments and debt?
- Have you removed or added secondary owners on credit or store cards?
- Do your mobile phones bills need separating?
- Are you guarantor for any personal or corporate loans?
- Do you need to review any arrangements for family trusts or companies?
- Does your health insurance need review?
- Do your utility bills need amending?
- Do your banking arrangements need revision – removing or adding signatories to accounts?
- Do you need to let the school know changes to custody for the kids?
- Do you need to review and choose new service providers like your accountant or adviser or lawyer?
- Have you let everyone know your new contact details?
With so much going on it’s easy to overlook some items on the list. Or have you been through this change yourself? Let us know if there’s anything we’ve missed! There’s bound to be more!
