We aspire to stop you worrying
Our team are very excited to launch our new personalised Client Wealth Portal which will help you connect all aspects of your financial world in one convenient place.
Continue reading “Introducing our new Client Wealth Portal”
The economic, financial, physical, mental and emotional issues that have arisen due to the COVID-19 pandemic—which immediately followed the devastating bushfires and drought—have undoubtedly been felt by many of us. The Government’s recently delivered 2020-21 Federal Budget aims to focus on rebuilding our economy, creating jobs and securing Australia’s future, with the Government’s ‘COVID-19 Economic Recovery Plan’.
In previous years, the Budget has traditionally been delivered in May, though due to the COVID-19 pandemic, it was delayed and Treasurer Josh Frydenberg delivered the 2020-21 Budget on 6 October 2020.
To read more about the Federal Budget and what it means for you, please access this Federal Budget Report.
Please contact us to discuss any questions you have about the budget and what it means for you.
1 July 2020: Change in the new financial year
Change has the potential to impact our financial situation, goals and objectives. When this occurs, it’s important to assess the relevance and potential impact—then plan and act accordingly.
A new financial year can mean change—thresholds and rates can increase (or decrease), and legislation can take effect.
Below is a summary of the most notable changes occurring from 1 July 2020 across superannuation, employment, social security and taxation. For a full write up of all changes, please see the original article posted on The Wealth Mentoring Group’s Financial Knowledge Centre on 14 July 2020. Continue reading “1 July 2020: Change in the new financial year”
The COVID-19 pandemic has undoubtedly changed the world as we know it. And, while this event is first and foremost a public health issue, other clear and significant issues have also emerged for many of us, be they economic, financial, physical, mental and/or emotional.
While there appears to be some light at the end of the tunnel, and restrictions are gradually being wound back, uncertainty and caution remain—which is an understandable human response.
What we have experienced, and continue to work through, is something truly unique in terms of its overall size, reach and impact. The world grounded to an almost halt, and we were placed in unfamiliar and surreal territory.
What we do know, these changes have affected us on many levels, both temporarily and in some cases permanently. Our strengths and weaknesses, our opportunities and threats, and our values and priorities have been tested. And, with this, some things may revert back to normal, and others may not.
Although there have been many negatives from this event, perhaps one positive has been the opportunity to pause and reflect. By doing so, we have gained insights and learnt lessons about ourselves, which can be used to move forward in a positive direction.
Continue reading “Financial needs and wants in a post-COVID-19 world”
There are different types of Powers of Attorney you can nominate, but the two main ones are a Medical Power of Attorney (also known as a guardianship) and an Enduring Power of Attorney. A Medical Power of Attorney gives another person authority to make decisions about your medical treatment if you’re not physically or mentally able to choose for yourself. An Enduring Power of Attorney (PoA), gives someone the legal authority to manage your financial affairs when you’re unable to do so.
Having a PoA organised is important in case you lose capacity make decisions about your finances through medical reasons, such as age, injury or illness. It can also be worthwhile to organise a PoA if you plan on living or travelling overseas for an extended period of time. Continue reading “What is a Power of Attorney?”
Self-managed superannuation funds (SMSFs) continue to be popular amongst many investors but ASIC has warned the individuals need to be aware of the potential downside to establishing an SMSF that may be inappropriate for their circumstances.
ASIC Commissioner Danielle Press said:
‘SMSFs may be an attractive option for investors wanting more control over their superannuation investment strategy, but it requires real skill, care and diligence to manage your own superannuation. SMSFs are not for everyone simply because not everyone can meet the significant time, costs, risks and obligations associated with establishing and running one.’
One of our advisers, Raquel Netto, was recently featured in the Financial Planning Association’s Money & Life Magazine.
It’s a great article highlighting Raquel’s achievements, including winning the Gwen Fletcher Memorial Award for being the highest achieving student in the Certified Financial Planner Certification unit. Raquel discusses the growing role of women in business, the importance of higher education standards in the financial planning profession, study advice, her personal work ethos and the demands of juggling a career, family and study.
Raquel approaches work, study and personal endeavours with the same enthusiasm and drive for excellence.
“My personal value system means that for any project or challenge I take on, I give it 100 per cent, because if I’m not going to give something my very best effort, then I shouldn’t be doing it.”
Drawing on her personal experiences, Raquel’s advice to others is that
“through hard work and by having a positive attitude, you will be able to achieve anything you set your mind to. Always believe in yourself and trust your own judgement.”
The full article is available on the Money & Life website.
It’s a new financial year, which means changes in rates and thresholds, as well as changes in legislation. This article focuses on the stay of play from 1 July 2019, with particular emphasis on three key personal finance areas: employment, social security, and superannuation.
1 July 2019: New financial year, new state of play
You can arm yourself with the most up-to-date financial knowledge, by accessing more interesting articles, facts and calculators, through our Financial Knowledge Centre!
We are thrilled to announce that our very own Raquel Netto has just been awarded the highly prestigious Gwen Fletcher Memorial Award! This award recognises the highest performing student in the first semester of the CFP® Certification Program, which Raquel has recently completed. Raquel was delighted to receive this award, explaining:
“It’s an honour to receive the Gwen Fletcher Memorial Award in recognition of the study and effort I’ve put in to complete the CFP® Certification Program.”
The award honours the memory of Gwen Fletcher (1919-2014), the “First Lady of Financial Planning” as she was known, a champion for the importance of education and its central importance in nurturing the financial planning profession.
The CFP® designation is the only financial planning designation recognised globally. It is a symbol borne by financial planners actively committed through higher education and accountability to adhering to world class professional and ethical standards.
We are so proud of Raquel and given her work ethic, we are not surprised to see her achieve this accolade. We are confident that this award reflects the values and expertise of the entire Wealth Mentoring Group – we are committed to offering our clients the highest quality advice and service!
For a full run down see the following articles:
Inspired by his recent forays into triathlon, Forbes set out to conquer this year’s Great Ocean & Otway Classic Ride in April. He took on the tough 60kms event, which winds through the “undulating” and iconic Great Ocean Road.
Forbes has embraced his newfound passion with gusto, and it’s safe to say completing this course would not have been possible without plenty of well planned training sessions. He reports having a wonderful day out, with perhaps more particular enjoyment of the downhill sections.
The team at The Wealth Mentoring Group are immensely proud of his efforts and can’t wait to see what the next challenge is going to be! We think Forbes has proved, once again, that planning is the key to success!
