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Dreaming about money? What does it mean?

Dreaming about money? What does it mean?

by | Dec 4, 2020 | Emotions, Finances, Money

Do you dream about money?  Daydream even?  When you have dreams about money, it can be a bit of an interesting view into what your subconscious is thinking about when it comes to the topic of money or finances. Your dreams can influence your decisions, so it’s a good idea to delve deeper into what you’re dreaming about.  Are you dreaming of winning money or giving money away?  Whatever the case, there can be a hidden meaning.  Let’s take a look at what it all might mean?

What does it mean to dream about money?

Firstly, it’s not weird to have dreams about money, you’re not the only one.  Many folks out there have dreams about money.  Even Women’s Day have run articles about dreaming about the dollars!  Although you might think it’s odd, it can be fun to try and see what it all might mean!.  Once you have a better understanding of what your dream might mean, you can nut out a plan and take action. We’re going to go through some common dreams that are commonly experience – then we can see if we can make these become a reality!

Dreaming about finding cash?

How exciting! You’ve found money!  You might find $20 in a jacket or purse, or perhaps you’ve spotted a few bucks on a footpath.  Just think… did you feel excited?  Perhaps the amount of money you found is somewhat less important than the exciting feeling you get finding it.  When dreaming about finding money, your subconscious could be indicating that you might have misplaced some cash somewhere. Have you checked to see if you have any unclaimed money around?  Who knows… it’s worth checking!

Dreaming about winning money?

Dreaming about winning money doesn’t necessarily mean that you’re about to win big in some lottery draw. However, it could insinuate that you currently have positive energy in your life, making you feel happier or might have a bit more luck than usual. Use the opportunity to harness this positivity and look for ways to boost financial security.  Perhaps you could start a side-hustle that suits your hobbies as well as your income goals.

Dreaming about losing money?

This one’s more stressful!  Even though you can wake up from such a dream, you might be in a situation where it’s a representation of your current reality.  Meaning, your real-life finances don’t match your financial goals.  Take a look at your budget.  Are you spending money on items that don’t serve you any value?  Maybe you could cut the pay-tv?  In turn, needing to rein in or cut out necessary spending can take away the feeling that money is slipping through your fingers.  Why not take advantage of this Budget Planner?

Dreaming about a shopping spree?

We all like this one, right?!  A fantasy shopping spree!  A spending spree that satisfies your wants and needs sounds like a fantastic dream.  However, excessive shopping can also have the down-side of placing you into debt. With this in mind, you might want to re-evaluate your money goals and make saving a priority.

The bottom line

As you probably know, heaps of people dream about money at some point in their lives.  When you experience this for yourself, you can decide what action you need to take.  Listen to your subconscious and aim to move toward a financial life that brings you peace of mind. If you’d like to review your own finances, reach out to our Gold Coast based financial planning team, Amanda Cassar and Mitchell Cassar, based in Robina.

Do I need Business Expenses Cover?

Do I need Business Expenses Cover?

by | Nov 26, 2020 | Advisers, Budget, Business, Debt Management, Insurance & Protection, Money, Wealth

As a result of all the global economic changes from the COVID pandemic, many have started their own business to generate income.  With this global shift, people have figured out new ways to be their own boss, in turn, gaining more control of their finances, and have found new opportunities.  For some, this has provided entrepreneurial pathways to success.  However, operating your very own business has its own pressures too.  Running your own show can be super rewarding, and watching it success makes it all worthwhile.

But, you may ask, what happens if you’re unable to work?  How do all the fixed business expenses get paid?  You’ve got commitments with rent and staff!  What can you do?

Business Expenses insurance – what is it?

So, if you’re self-employed or have a small business, you can be reimbursed for particular business expenses incurred while you’re totally or temporarily disabled – (up to your insured monthly benefit amount for up to 12 months).  This ensures that you can keep the doors open whilst you recover.

Don’t forget, if there is more than one owner, you will receive your share of the covered business expenses.

What are the key features of Business Expenses cover?

  • You will receive a monthly benefit for up to a year for certain business expenses that are incurred should you become totally disabled
  • You can also choose a waiting period of either 14 or 30 days
  • If you’re on claim the premiums are automatically waived while you’re receiving benefits
  • Recurring disability benefit continues a previous claim with no new waiting periods if the same disability recurs
  • Make sure you go for Increasing Cover, so keep in line with inflation
  • And, as a bonus, it’s generally tax deductible!

Do you need Business Expenses insurance?

So, consider Business Expenses insurance if you:

  • have a business or are self-employed.
  • You have recurring business expenses like rent, non-income producing staff, accountancy and fixed business overheads.

To get further information with regards to Business Expenses cover, please do not hesitate to reach out for a chat using the form below.

  Or contact your Gold Coast based financial Advisers, Amanda Cassar or Mitchell Cassar or Brisbane based adviser Richard Ayre.
Tenants in Common vs Joint Tenants

Tenants in Common vs Joint Tenants

by | Nov 2, 2020 | Advisers, Investments, Money, Wealth

What is ‘Tenancy In Common’

1. “Tenancy in common” allows two or more people to be owners in a property.  Each owner has the authority to will their share to anyone on death.

2. “Tenancy in common” is different as the transfer of the property in the event of death differs.  In joint tenancy, the title of the property automatically passes to the survivor.  In tenancy-in-common, the title passes to a beneficiary of the owner’s choosing.

Joint Tenancy: What’s the difference?

The main difference between the ownerships is what happens when someone dies.

When a property is owned by the joint tenants, the interest is automatically transferred to the remaining owner.  Most hubby and wife homes are set up this way.  It makes it much easier on the death of a spouse.

Tenants in common don’t have the right of Survivorship

A Will ensures the interest in the property will be distributed according to wishes. Usually, probate must be obtained.  To create a joint tenancy four unities must be present:
  1. All joint owners must acquire their interest in the property at the same time – Unity of time
  2. Unity of title: All joint owners must acquire their interest from the same transaction
  3. All joint owners interests must be identical in nature, extent, and duration – Unity of interest:
  4. Unity of possession: Each joint owner has equal right to possession of each part and to the whole of the property.  But, not a right to exclusive possession of any part

Joint Tenancy: Transfer requirements

If a registered proprietor transfers a share to another person, they must be both transferor and transferee.

The transfer of joint tenant’s interest severs joint tenancy.  And, the oncoming party will hold as tenant in common with remaining tenant/s.  The tenancy between other tenants not involved in the transfer, remains unaltered.

Corporations (a body corporate) may hold as joint tenants. The estate or interest of a company that is dissolved passes to the remaining joint tenant(s). The change is noted on a Torrens title by means of a Request form 11R or Notice of Death form.  This is accompanied by a certificate of dissolution of the company from the Australian Securities and Investment Commission.

In the detail: ‘Tenancy In Common’

When two or more people own property as tenants in common, all areas of the property are owned equally. Therefore, an individual can’t claim ownership to a specific part of the property.

One or more co-tenants may buy out another to dissolve the tenancy in common. A co-tenant may file a partition action if co-tenants are unwilling to sell. When the property is sold, proceeds are divided among co-tenants according to their interest.  For mums and dads, it’s usually a 50/50 split.

Ownership Interests

Where tenants in common may not claim ownership to an individual part of a property, they may have different ownership interests. e.g. Sarah and Debbie own 25% each of a property, while Leticia owns 50%. A tenancy in common may be created anytime.  An individual may obtain an interest years after others entered into tenancy-in-common ownership.

A tenancy in common also differs from a tenancy by the entirety in which the owners of property are married.  Each spouse has an equal and undivided interest in the property.

In contrast, joint tenants obtain equal shares of a property with the same deed at the same time. Terms for joint tenants are detailed in the deed, title or legally binding property ownership documents. Some states have joint tenancy as the default ownership for married couples.  Others have tenancy in common. A joint tenancy is broken when one or more tenants sell their interest in the property. e.g., one or more co-tenants buys out the others.  The property is sold and proceeds distributed equally among the owners.  Or a partition action is filed, letting an heir sell their stake in the property.

Rights of Survivorship

When an owner dies, what happens to the property depends on the type of ownership. Tenants in common have no rights of survivorship.

Unless the deceased person’s will specifies his interest in the property is to be divided among surviving owners, a deceased tenant in common’s interest belongs to his estate. Conversely, with joint tenants, the deceased’s interest is automatically transferred to the surviving owner/s. For example, when four joint tenants own a home and one dies, each of the three survivors ends up with one-third of the property.

If a registered proprietor is to transfer a share, to hold as a joint tenant with the oncoming person, the registered proprietor must be the transferor and transferee on the Transfer form.  The transfer of joint tenant’s interest will sever the joint tenancy and the oncoming party will hold as tenant in common with remaining tenant/s.

The tenancy between the other tenants, not involved in the transfer, remains unaltered.

Corporations (a body corporate) may hold as joint tenants. The estate or interest of a company that is dissolved passes to the remaining joint tenant(s). The change is noted on a Torrens title by means of a Request form 11R or Notice of Death form, accompanied by a certificate of dissolution of the company from the Australian Securities and Investment Commission.

Tenancy-In-Common Agreements and Taxes

Because a tenancy-in-common agreement doesn’t divide a property, most jurisdictions won’t separately assign tax bills in proportion to interests.  Usually, tenants in common receive a single property tax bill. The tenancy-in-common agreement outlines implications of shared ownership on property taxes.  This includes how tax liability is contractually distributed to each owner.

In many areas, a tenancy-in-common agreement imposes ‘joint and several liability’ on tenants.  This means each owner can be liable up to the full amount of property tax.  This is regardless of their ownership interests. In this case, the owner is entitled to a deduction equal to the amount he actually paid. Where joint and several liability is not imposed, owners can only deduct property tax in proportion to their ownership.  No matter the amount they actually paid!

Pros and Cons of Tenancy in Common

Buying a home with a family member, friend or business partner as tenants in common helps individuals enter the market more easily. Because deposits and payments are divided, purchasing and maintaining the property may be less expensive than on your own. Also, borrowing capacity may be greater when one individual with a greater income owns a larger percentage of the property. In addition, a co-tenant may use a will for designating who receives his interest, giving you more control over your share.  This is a great tool for Estate Planning!

When mortgaging a property as tenants in common, all borrowers sign the documents. That way, the lender can take over the entire property in case of default. If one or more borrowers ceases contributions to the mortgage, other borrowers must cover the payments. That part’s not so great!  Also, if a co-tenant dies without a will, his interest goes through probate, a costly exercise. In addition, remaining co-tenants may own the property with someone they do not know. Furthermore, a tenant in common may file a partition action, forcing unwilling co-tenants to sell the property.

As you can see, there’s a lot to be considered before choosing which way to go.

Fore more information, head over to the Canstar site to confirm that basics about “Tenants in Common vs joint tenants: What’s the difference?”  And getting your own legal advice is always a great idea.

It’s complicated, right?  So don’t hesitate to check in with your lawyer.  Or give your Robina based financial advisers at Wealth Planning Partners a call on 07 5593 0855.  Find out more about Amanda Cassar and Mitch Cassar on our website.

*PodProperty

Are you a slave to money?

Are you a slave to money?

by | Oct 28, 2020 | Finances, Money, Wealth

From a young age we are taught…

GOOD GRADE = GOOD UNIVERSITY = GOOD JOB = GOOD MONEY

Teenagers are believing that this is the only route to lead a success.
It’s a cycle, churning throughout time – being handed down from generation to generation, merely reciting what they heard from parents and teachers in the early stages of their lives.

Are you a slave to money?

So, who has taught their children…
“If you don’t study hard and get good grades, you’ll never get a job!”

Does this sound familiar?  I’m not going to lie… it’s what I was taught!

How about… “Acting like a child isn’t going to get you into a good university”   We are constantly pushing our kids to strive for academic excellence so they have the best chance for success.

But, lets be honest, life can be tough and doesn’t necessarily treat you with kindness.  Some people are fighting every day in order to make a living… to survive.

You see, there’s always been the division of classes:  Upper, Middle, Working and Lower class

The above-mentioned terminology is globally used and seems normal to society – But in all honesty, it’s a very warped view.

Also, people are assigned into groups based on their financial circumstances and are labelled as lower, middle or upper. Naturally, the higher you are ranked the more successful you are perceived to be.

But here’s the kicker….

It doesn’t matter what class you belong to —
you always want more… What you have is NEVER enough.

Yes, even those who are ranked in the upper class! They believe that if only they could attain that little bit more money, they’d finally feel happy and fulfilled.  Really? It’s never going to be enough.

Why?

It’s simple. Our infinite desire to upgrade and “level up” inflates our self-worth, makes us feel smart and gives the perception to others that we are successful.  We also now have plenty of super wealthy start-up entrepreneurs who are college drop outs.  But, they’ve backed themselves and done amazingly well for themselves.

If it wasn’t for this emotional reassurance, many of us wouldn’t be in debt in the first place – credit cards wouldn’t exist and retail companies would go under.  A lot of us pay for houses, cars, clothes, furniture, electronics, and vacations that we can’t really afford because we are always striving to accumulate more and more. More than we currently have… More than what others have.

Ultimately, we are playing a big game with our finances.

The goal? To accumulate as much money as possible. And then? At some point in the future — it’s game over.

Richard Ashcroft is right in saying,

“We are slaves to money, and then we die.”

Wow that was very dramatic!
Ok, so let’s reel it in a bit… We don’t have to eliminate money from our lives. Money isn’t evil. Money is just… money.  It’s a tool.  It’s what we make of it and do with it that counts!
When handled correctly, it can be used as a powerful tool. We just have to be in control of it and understand our emotions towards it.

Firstly, take the initial step of regaining control over your spending.  Stop being an easy target to retail marketing!  Then, go that step further and speak with a qualified profession to go through the best solutions tailored to your circumstances.  If you’d like, contact your Robina based financial adviser Amanda Cassar now.  Wealth Planning Partners are Gold Coast based financial advisers, here to assist with your planning needs.

Warren Buffet sums it up beautifully with his famous quote:

The skills advisors need to handle suspected financial abuse

The skills advisors need to handle suspected financial abuse

by | Oct 27, 2020 | Money, Relationship

Gold Coast based financial adviser Amanda Cassar says ” advisers need skills to handle financial abuse.”  Could you confidently recognise a warning sign of financial abuse?

Unfortunately, financial abuse is becoming increasingly more visible on a global scale.  It does not discriminate. This type of abuse can occur irrespective of someone’s economic status, level of education, race, gender or ethnicity.  It’s important advisors are armed with the particular skillset required to handle cases of financial abuse.  Advisers need a different set of skills in their toolkit to handle the rising global cases of financial abuse.

My road to specialising in Financial Abuse

When writing her book, Financial Secrets Revealed, the intention was to explore relationships with money. Cassar wanted to determine whether the lessons we learn in childhood impact decisions we make as adults.  Our relationship money can change later in life.

Tanya Targett was one of those interviewed for the book. Targett explained how she had walked into her marriage as a savvy media professional. She was an award-winning journalist, had money in the bank, a home and a trust account. Fast forward a few years,  she left the marriage with her daughter. having stashed $20 gift cards to fund groceries.  She had a stroke and emotional breakdown after crawling away from her marriage. Tanya was a victim of financial abuse.

But that interview set Cassar on a path of wanting to understand the intricacies of financial abuse.  Just how prevalent is it in society and what are the different forms it can take?  It was hard to believe as a financial adviser, she had never come across something like this. After a lot of research, it was very apparent advisers fell into two camps.  They had either experienced financial abuse first hand with a client or they had had no exposure to it at all.

What is the trigger for financial abuse?

Often there isn’t one defining moment or trigger which leads to financial abuse.  It’s more of a ‘frog in the pot’ situation. The pressure is turned up slowly over time and quite often it’s a build up of little moments.  And, It is often accompanied by emotional abuse and even domestic violence.

Warning signs of financial abuse

Limiting a partner’s employment options or prohibiting them from progressing is a classic red flag. Some forbid work, or any kind of study or professional development. Targett stated her husband told her to give up the ‘nonsense’ of her successful media career and take a shelf packing job.

Other warning signs can include extreme monitoring of purchases. A spouse may demand to see a receipt for every cent their partner spends or will give a controlled allowance. They likely control and monitor all bank accounts as well. Basically, any severe forms of financial control should raise an immediate flag.

As advisors, one of the first time we ever encounter suspected financial abuse could be in a meeting with a prospect, or long-term client. What if one day, your elderly client walks into your office with their adult child who is requesting all funds be withdrawn. What would you do?

If we look at elder financial abuse, thefts of funds is a big warning sign.  It can taking money from the bedside table or large withdrawals from bank accounts. “Inheritance impatience” is another warning sign.  Adult children may justify, “well I’m going to get it anyway, I might as well take it now”.

Action steps advisors can take

First and foremost, make sure you are protected by taking down very thorough file notes. Sometimes, it may be nothing more than a gut feeling but over time, if you’ve built up a lot of gut feelings (and file notes), it could be time to have a conversation with the person or couple in which you suspect financial abuse.  Or if you’re still unsure, contact a local hotline for direction.

Setting the expectation with couples you work with by explaining you like to work with couples who have a respectful relationship.  Explain what a this looks like.  A relationship where both parties have the opportunity to voice their opinion, get involved in decision making and have access accounts.

Getting your licensee involved and working closely with them if you have a case that needs to be referred. Hopefully your licensee has a professional standard team and a procedure in place to handle suspected financial abuse. If they don’t, tell them they need to write one. They should have policies and procedures in place to protect you and your business.

Having a list of people you can call.  Keep a list of local shelters, the elder abuse hotline, organisations like WIRE in your local state or territory. While not all of these providers will be able to solve the problem, they can point you in the right direction.

It’s not easy calling out financial abuse

It takes a very brave person to call out suspected financial abuse. If you do have a hunch something is going on, you don’t have to deal with it all on your own. Get the right people involved to support you and the victim.  Do you feel that you could easily spot and signs?  And feel confident that you have the skills to assist?

Cassar believe it’s also very important to make sure your entire team is on board.  Make them aware of the warning signs of financial abuse. Your team are often your frontline staff. Making sure they have the confidence to speak up if they suspect untoward activity.  What would they do if an adult child popping by reception with a withdrawal form for their parent?  They too can be the difference between stopping financial abuse, or unknowingly supporting it.

Finally, don’t think this only happens to certain demographics of people. So, celebrities and professionals are just as susceptible.  See the examples of Britney Spears, Mickey Rooney and Tina Turner.

Because advisers are in a powerful but confronting position, they need to not just recognise financial abuse.  And, advisers need skills to handle financial abuse.  It’s a very delicate topic, but when approached with support and conviction, could save a marriage.

For advisers who would like to learn more about recognising the signs of financial abuse, Amanda has collaborated with Standards International. Together with this UK based firm they have brought the Financial Abuse Specialist accreditation to market.