by Jodie | Mar 14, 2016 | Advisers, Business
Well, they say that the only thing constant is change and that’s certainly true, especially for the Team at Wealth Planning Partners in 2016.
Not so long ago, we had five advisers on the team, and this is now down to three.
Chad Enstrom has decided to leave the financial services industry and move on to follow his dreams, and Russell Sheasby has started his own company with a new Dealer.
That leaves Leanne Brazel, Richard LeComte and Amanda Cassar at Wealth Planning Partners, continuing to take care of your financial needs.
Amanda has recently completed her SMSF Specialist Adviser Accreditation with the SMSF Association and attended their annual conference in Adelaide, jam packed with technical data and learnings. If a Self Managed Super Fund is something you’ve been thinking about, she’s the one to ask!
Richard continues to specialise in Insurance Risk strategies for his clients and without Leanne, the office just wouldn’t run as it should.
We’re quite proud that Leanne was recently nominated for Practice Manager of the Year at the FSP iLearn conference in Melbourne and we’re pleased to announce she was a finalist in her category.
An Award that took the Team by surprise was Amanda winning the Casey Kinnaird Memorial Award for Outstanding Contribution to the Community for the work done over the past 12 months with The Hunger Project.
It’s also now heading close to the end of financial year, so if you’ve been thinking about topping up your super, salary sacrifice or making the most of some tax deductions, now’s the time to get in and get the ball rolling. Don’t hesitate to give us a call if you’d like to discuss any strategies that are relevant to your situation.
by Jodie | Mar 14, 2016 | Advisers, Finances, Money, Wealth
We all have good intentions when it comes to our wealth. We want to save more, pay down debt, invest well and do better financially… and yet, most of us never meet our wealth or financial goals.
Other things easily get in the way of our resolutions and we get to another January 1st and give it our best shot for a couple of weeks before petering out yet again.
One of the best things you can do for yourself is to find someone to be accountable to. Who is a friend, colleague, family member or professional who is not going to let you give up, who will check up on you, get you to raise your standards and meet those goals you’ve decided you want to achieve?
People who get their goals, quite often set up consequences for themselves, should they not achieve what they set out to do.
As an example, if you don’t pay $1000 of the credit card by a certain date, tell a friend you will donate some money to a charity and make it painful! $500 not $20. Or you’ll give up one of your favourite things for a month, or something else that’s designed to keep you in line. What’ll hurt enough to keep you motivated?
What is a goal in the area of your personal wealth that you’ve wanted to achieve for years and kept putting off?
Who is the best person that comes to mind who you can ask for help from? Send them an email or call them today! Make things start happening for you!
by Jodie | Dec 17, 2015 | Economy, Interest Rates, US Economy
Well, after much speculation and talk, it’s finally happened, the US have raised interest rates.
Here’s a few fast facts for you:
The US Federal Reserve (Fed) lifted the funds rate at its December meeting by 25 basis points to a target range of 0.25-0.50 per cent.
It is the first rate rise since 2006 and follows solid US economic growth in recent years.
The rate rise was well-flagged by the Fed and marks the first in a series of expected gradual increases in coming years.
While rate rises often signal short-term share market weakness and volatility, long-term returns historically have remained solid amid a stronger economy.
If you’d like to read more and find out what’s happened, what if means for the economy and your investments and where to from here, please click here to read on:
Keeping_in_Touch_US_Fed_Rate_Rise_Dec_2015
by Jodie | Nov 9, 2015 | In The Media
Amanda Cassar has been in financial services since 1991 and is waging a war against the under-insurance issue Australia faces.
Amanda is the Director of Wealth Planning Partners. She holds a masters degree in financial planning and is an AFP® member of the Financial Planning Association, participating in their ‘Ask an Expert’ program. She is the Gold Coast Chapter Chair of the Association of Financial Advisers and a member of the SMSF Association of Australia, and the Million Dollar Round Table.
Amanda believes having a financial plan puts you ahead of the rest, but if it isn’t underpinned by an amazing protection strategy, it can be for nothing. Using “The WPP Way” to help clients ‘secure’ against the unexpected is important, and only then can you safely ‘build’ a great Investment Strategy to ensure future ‘success.’
Amanda Cassar is actively involved with The Hunger Project and their bid to support those suffering from chronic, persistent hunger with a hand-up, rather than a handout. A trip to Uganda highlighted the amazing achievements that can come from having a vision, commitment and an action plan, and she incorporates these strategies into her own life.
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by Jodie | Sep 14, 2015 | Finances, Retirement, Superannuation, Taxation, Wealth
The Federal Government is introducing legislation to prevent fee erosion of lost super accounts with balances under $6,000 stating that they are committed to “ensuring that Australians have adequate retirement savings.”
Assistant Treasurer, Mr Josh Frydenberg has said that the amendment would increase the threshold at which funds would be transferred to the Australian Tax Office (ATO) as unclaimed super funds, from $2,000 currently to $6,000 over the coming 16 months.
For smaller funds, it’s often the case that fees, charges and insurance premiums exceed the investment returns. It’s a problem for lost super, as often the members are unaware that they have the accounts and could easily end up losing money earmarked for retirement. Transferring lost super accounts with low balances to the ATO can help protect these accounts from fee erosion, and preserve value until they can be reunited with the members.
The trouble is, if the member had established the fund for the express purpose of funding insurance premiums for death, total disablement or income protection, this valuable cover can be lost on transfer, meaning the client loses their insurance protection but maintains a small superannuation balance. Hardly the desired outcome in the event of the need to claim – and also highlighting the need to stay on top of our super funds and in touch with our providers!
Currently, lost member accounts with a balance under $2,000 must be transferred from fund managers to the ATO as unclaimed super.
The new Bill is set to increase the $2,000 balance in two separate phases. Firstly to $4,000 from 31 December, 2015 and then to $6,000 from 30 December, 2016.
Time to do a check on your funds to make sure you’ve rounded up all those smaller accounts!
If you think you may have lost Super, click here to run a no cost search: SuperSeeker
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by Jodie | Sep 2, 2015 | Insurance & Protection, Women
#equalfuture
You might be shocked to know that the average super account balance for women when they retire is $90,000 less than the average for men, and 90% of women will retire with inadequate savings to fund a ‘comfortable’ lifestyle.1
These alarming statistics are a stark reality for many women today across Australia. That’s why Amanda Cassar from local financial planning practice, Wealth Planning Partners, is on a mission to improve the financial fate of all Gold Coast women by providing better access to financial education and advice.
Amanda says, “a major contributor to this issue is ‘super baby debt’, where taking time off work to have a family means women can miss out on up to $50,000 in their super2. When not at work, employer contributions may stop. Even with part-time work, employers are only obligated to contribute to super if you earn over $450 a month.”
“Other contributing factors to women not building a reasonable amount of retirement savings include: lack of parity in take-home pay compared with their male equivalent, running a single-parent household after divorce and inability to be the primary care-giver and work full-time.”
So what can women do to close this alarming retirement savings gap?
Amanda suggests the following three strategies that almost every woman can use to boost their super savings.
- If you have a spouse, consider asking them to make a ‘spouse contribution’ into your super account
If you are in a relationship and live with that person on a ‘genuine domestic basis’, and have an assessable income of less than $13,800 for the financial year, then your spouse can make a non-concessional (after-tax) contribution on your behalf and claim a maximum tax offset of up to $540 if your spouse contributes $3,000 or more into your super fund.
Please note: eligibility criteria apply. See the Australian Taxation Office (ATO) website for further details.
Spouse definition: A spouse includes a person (same or different sex) who, although not legally married to you, lives with you on a genuine domestic basis as your husband or wife. It generally does not include a person to whom you are married but who lives separately and apart from you on a permanent basis.3
- You may be eligible for a Government co-contribution
Another option to help you ‘catch-up’ on your super savings is to take advantage of the Government co-contribution scheme. You may have decided to return to work part-time after the kids were born, or alternatively return to work full-time. Either way, if you make a non-concessional (after-tax) contribution to your super fund, and earn less than $50,454 a year (for 2015/2016), the Government may make a co-contribution entitlement of up to $500 if you satisfy the requirements.
Amanda outlines three simple steps to make an eligible Government co-contribution payment:
- Assuming you earn less than $50,454 (‘total annual income’) for the 2015/2016 year, simply make a non-concessional contribution (i.e. from your ‘after-tax’ bank account) to your super fund account. Contact your super fund for their EFT or BPAY® contribution details.
- Then, lodge your 2015/2016 tax return.
- Within 60 days, the Government then pays the co-contribution into your super fund.
- Maximise concessional cap limits while you work
Regular super contributions beyond those your employer makes can rapidly increase your final retirement savings. One of the most tax-effective ways is to make contributions ‘before tax’ via your employer with a salary sacrifice arrangement. Limits apply to the total amount in before-tax dollars you may contribute to super (including your Superannuation Guarantee contributions made by your employer). Please see below for the limits that apply in this 2015/2016 financial year.
- $30,000 contribution limit applies to those aged under 50 as at the end of the financial year
- $35,000 contribution limit applies to those aged 50 or over at the end of the financial year
Need more information?
For more information on super strategies tailored for women and how to achieve greater financial security, please contact Amanda Cassar from Gold Coast financial planning practice, Wealth Planning Partners, on 07 5593 0855 or email amanda@wealthplanningpartners.com.au
The Association of Superannuation Funds of Australia (ASFA), 2015.
2 The Association of Superannuation Funds of Australia, 2012: ‘How the ‘super baby debt’ eats away at a woman’s nest egg.
3 Source: Australian Taxation Office at ato.gov.au
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
* Amanda Cassar is an Authorised Representative of Financial Services Partners, Australian Financial Services Licence 237590. This information is current as at July 2015, does not consider your personal circumstances and is general advice only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances. This article contains information from sources believed to be accurate at the time of writing. This information may be or may become inaccurate. You should seek your own timely financial advice on the contents of this editorial and not rely on this as advice from the provider.
by Jodie | Sep 1, 2015 | Finances, Money
Most of us have heard of the expression ‘healthy, wealthy and wise.’ It shows to me the inextricable link between our health, fitness and mood, and our money mindset and abilities.
And, it’s finally time to welcome in the first day of spring! Woohoo! We’ve made it through another Winter!
Although, being Gold Coast based, that’s hardly a struggle!
Spring has always been associated with joy, passion and reawakening, and we love nothing more than a bright sunshiny day.
Research proves that warmer days and longer exposure to daylight have a great impact on our mood. We even find ourselves smiling more than we have. Bonus!
Being happy is a pretty hard emotion to fake! It’s something we all strive to find and maintain. As the saying goes… ‘whatever makes you happy!’
So, aside from getting your finances in tune, What are some simple things we can do to achieve the healthy as well as the wealthy?
Try the following top tips!
1.SMILE – even fake smiles can lift your mood!
2.Exercise – or just Move
3.Get a good night’s sleep – 8 hours minimum
4.Spend more quality time with your family and friends
5.Money does not buy happiness – spend on experiences, not stuff
6.Get outside – nature does work wonders
7.Keep a gratitude journal – find something everyday that lit your fire
8.Choose to be happy – it can be choice! How do you choose to feel today?
by Jodie | Aug 31, 2015 | Debt Management, Finances, Money
The foundation of how and what we think about money often comes from the environment we were raised in, and our parents own views. We need to be very mindful of what exactly they taught us about money and how this impacts the decisions we make today.
Cast your mind back to your childhood and ponder a few vital questions:
- What did you notice at home when it came to the family finances?
- Did your parents fight constantly about money or was the topic just ignored or never even mentioned?
- Did they teach you lessons like ‘money is the root of all evil’ or ‘money doesn’t grow on trees’ or ‘kids/pets are expensive’?
- Did they live in scarcity, always ‘being on a strict budget’ or having to ‘tighten the belt?’
- Did they live beyond their means or were they extreme savers?
- Did you see them give money away to the homeless or did they actively support any favourite charities?
- How are they around money now?
Can you see any familiar patterns? Are you personally excited, apathetic or pessimistic about money?
It’s time to have a bit of a think about our personal beliefs around money. Where do you think the ideas came from? Some notice early certain thought patters that they don’t agree with and are brave enough to take the step and change mindset, thinking, “I’m going to do things differently!”
And for the really good news; you really do get to choose what you want to believe from now on.
The patterns and beliefs of your parents, were also handed down from their parents, yet each generation can have vastly different circumstances to be raised in. These ideas from your parents don’t have to be your ideas any more. You can choose to challenge the thoughts once you start being aware of where they originally came from.
So, is there one idea you can change that may help your relationship with money?
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by Jodie | Aug 26, 2015 | Australian Economy, Economy
As you’ve probably noticed, markets have been a little choppy of late! You may be wondering what it’s all about. Hopefully, this will give you a basic insight into what’s been going on!
The primary influences for the recent market falls are:
- The Chinese currency devaluation and share market volatility was met with new government policy aimed at managing risk of further decline and managing investor sentiment. Manufacturing data released on Friday suggests these measures have not had the full desired impact to stabilise growth.
- Other emerging economies are now also facing weaker growth, higher interest rates and higher levels of debt.
- If the US raises interest rates for the first time in 9 years this September, emerging economies will be likely to face even more headwinds that will contribute to their effect on global growth.
Recent market activity and what lies ahead are:
- While the markets move to price for weaker growth can be justified and is likely overdue, it is being questioned as to whether this market correction has been more severe than necessary.
- Developed markets are likely to be effected by the emerging markets slowdown (particularly relating to China), but the developed markets are still supported by a number of positive factors and China still has opportunities to support their future growth.
- We do believe there may be softer returns than experienced in previous years, but we do not see this as a market breakdown, it is more a ‘bump in the road’.
If you’d like to know a little more, please click here for the Market Update as prepared by ANZ by clicking here: Market Update 2015_08 Market correction
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by Jodie | Aug 25, 2015 | Economy
Big thanks to Ord Minnett for the following short but sweet look at the current correction going on in Markets:
Stock markets have continued to trade down while bond prices have lifted following heightened fears of a growth slowdown in China. The correction started after China’s sudden devaluation of its currency. At the time, there was enough doubt about China’s motivation behind the move, leaving open the possibility that the adjustment in the currency was simply part of a planned liberalisation of its currency market. But the steady fall in global commodity prices and weak Chinese manufacturing updates have now moved attention and concerns to its economy.
Investors now face the same question they have had to address many times this cycle: is the fall simply a correction in a sustained medium-term bull market, or the beginning of the end of the cycle? For the moment, we are siding with a correction, but in a multi-year rally that is ageing.
Two prominent risk factors could end the economic and risk market cycle: a surge in inflation which requires the Federal Reserve to raise the cash rate more aggressively and to a higher level than currently expected; and an emerging markets debt crisis.
The latest market turmoil was not set off by the Federal Reserve but by worsening growth concerns about emerging markets, and particularly about China. Growth in emerging economies has been disappointing for years now but this time around that weakness is coming on top of a world economy that slowed to below trend in the first half of 2015.
The main threats to risk markets are now that growth stays well below trend, setting off deflationary forces, or worse, that market turmoil feeds on itself and the global economy, which in turn brings about a recession. For the moment, we believe the odds of a global recession remain low, but accept a higher risk of sustained below-trend growth.
The reason we don’t believe it is the end of the cycle is because we do not think Chinese weakness is sufficient to bring about a global recession, and because there remain sufficient supports from cheaper oil, lower bond yields and monetary easing in emerging economies. The latter does require stable currencies and, in turn, a delay by the Federal Reserve in moving on the US cash rate. A continuation of recent market turmoil and falling commodity prices would probably induce such a delay by the Federal Reserve.
