Posts

Recent

Insuring inside or outside super

When it comes to choosing whether to hold personal insurance inside or outside super, both options have pros and cons. Which one is right for you? Benefits of eachInsurance inside super§Premium payments can be tax effective (although benefits may be taxable) §Premiums may be cheaper §Often require no medical checks to get automatic cover §Can help you stay covered during periods of low cash flow. Insurance outside super§Can offer more cover options §Policies are typically more flexible and customisable §Can offer higher levels of cover §Premiums don’t eat away at your final super balance. Types of insuranceMany super funds offer three basic forms of personal insurance. These are life, Total and Permanent Disability (TPD) and income protection. Other types of insurance like trauma cover generally can’t be held within super.
Outside super, you can mix and match types of cover. Policies can sometimes be packaged up with one provider to reduce your premiums, which could otherwise be more expensi…

Navigating the options of aged care

Image
Successfully transitioning between in-home care services, retirement villages and full-care accommodation is all about making timely, well-informed decisions.Buying, selling and moving house are among the most stressful times in life. Even more so when you are retired and your health begins to decline, along with your financial assets.

The earlier you can start planning and put money aside before you retire, the easier it is in the long run. The difficulty is that no-one knows how long they will live or what their future healthcare and accommodation needs will be.

To make the most of your retirement assets, it’s important to understand your aged care options and what each will cost. Making a false move at this stage of life can be costly.
Retirement villages

Retirement villages are a lifestyle choice for retirees who want to downsize from their family home to a more manageable unit, but continue to live independently. Most villages offer opportunities for social activities and some of…

The business owner’s checklist

Image
Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by taking steps today that will prepare your business for tomorrow.
When you’re running your own business, it’s demanding enough to keep up with the day-to-day, which means it’s easy to lose sight on the big picture. But without careful planning, your business might not be prepared for whatever the future holds.
Here are five essentials that every small business owner should factor into their business plan.
1. Give it structure. Make sure you structure your finances so your personal assets and business assets are kept separate. As a minimum, you should have a separate business bank account and credit card, and pay yourself a salary. By untangling your personal finances from your business bookkeeping, you may even save time on administration.
2. Be prepared for the unexpected. If anything were to happen to your staff, your equipment or your intellectual prope…

Insurance for every life stage

Image
It’s a good idea to regularly revisit your personal insurance to make sure it’s giving you the level and type of cover you need at your specific stage of life. Here are some things worth considering to make sure you and your family are protected.
Recent research shows that Australians are largely underinsured, with the median level of life cover meeting only 61% of basic needs.[1] Part of the problem may be that we tend to ‘set and forget’ our insurance – even as our circumstances and responsibilities evolve throughout our lives. That’s why it’s so important to regularly review your cover to make sure it’s working to protect your lifestyle, loved ones and financial goals. Here’s what to consider as you move through different life stages. Young and singleWhile you may not be thinking about life insurance when you’re young and healthy, there are still the risks of injury and illness. What’s more, an extended period without an income can do serious damage to your finances. So, if you’re aw…

Winning the money mind games

Image
Success in generating long-term wealth has a lot to do with awareness of the tricks money can play on your mind. How many of these do you recognise?
Money and emotion are strongly connected. Purchases often mean something to us personally. They broadcast our identity. They make us feel special. They reward us for hard work. But in the background, behind our most basic reasons for spending or saving, our mind plays further tricks. If you become aware of these tricks then the added clarity will benefit your wealth generation. 1. Bigger is betterConsider the purchase of a new car. You have just spent $35,000, so when the salesperson offers you a special deal – a $700 upgrade pack including a towbar, carpet mats and alloy wheels – it seems like a bargain. But would you happily go out today and spend $700 elsewhere? How many grocery trips does that represent? And many of us will grab the opportunity to buy a $100 item that has had its price slashed to $50. But if a $5000 item is discounted t…