Money & Life

Money and children

Money & Life

There are many resources available to help you talk about money with kids. And yet, the FPA’s Share the Dream report has found that many parents still find it challenging — they do not know how to talk to their children about money, what they should be saying, and when.

What’s more, our accelerated, invisible–money world is making it harder for children to grasp its value. Generation Alpha (children aged between 4 and 8) and Generation Zed (ages 9 to 18) are the first to be born into an always-on, multi-screen world that prizes instant gratification. Immersed in social media from an early age, their identity can easily become attached to brands and “buying stuff” long before they learn how their parents make ends meet.

According to our Share the Dream survey, nearly 65% of parents believe their children’s generation will be financially worse off than their own.

Having money conversations with your kids can make a positive difference to their financial future. But where to start? Attached is an ebook from Money & Life about navigating this tough conversation with your kids as they grow up.

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How much will I get back from my taxes?

Money & Life

The Australian Taxation Office (ATO) refunds billions of dollars to over three quarters of all taxpayers annually, but it takes a little effort to ensure you get as much tax back as you can. But while Australian taxpayers receive on average around $2,5001 in tax refunds annually, there’s no guarantee two people earning the same income, will receive the same tax refund.

The key points are as follow :

  • Getting your financial house in order

  • The key variables

  • Super, investment costs or other items 

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Time is running out, will your super be affected on 1 July?

Get ready, there are changes coming to superannuation on 1 July that’s likely to affect three million Aussies – are you one of them?

The chances are you will be, if either your employer or you haven’t contributed to your super account for the last 16 months or more. If that’s you, then the changes mean that any insurance cover currently in place within your inactive super accounts will be switched off. Put simply, you lose your insurance coverage.

Your available options:

  1. If your super account is active and is regularly receiving contributions, either by you or your employer, then the good news is that your insurance won’t be affected by these changes. So, relax, there’s nothing to worry about. It’s business as usual.

  2. If your super account has been inactive for 16 months or more, then you have two options:

    • You can choose to keep your insurance but you will need to contact your super fund before 1 July and let them know. Your fund will probably ask you to formalise your request by putting it in writing, either via completing a form on the fund’s website, responding to a text message or sending an email; or

    • Simply let your insurance cover lapse on your inactive super account. Once you’ve made this decision, you don’t have to do anything.

Do you need insurance?

Choosing whether to have insurance or not through your super is very much a personal decision. There are a number of factors you need to consider like:

  • how much debt do I have;

  • how do I service that debt due to illness, incapacity or death;

  • how much does my family need to maintain their lifestyle; and

  • what conditions are covered, or not, by the policies I am considering.

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Is this your year to retire?

If you’ve got retirement in your sights this year, we’ve got the ultimate checklist to help you retire in style. Discover how to prepare for this exciting new chapter in your life, safe in the knowledge that your finances will be taking care of you.

The key points are as follow :

  • Explore your goals and make plans

  • Work on your budget

  • Reduce your debts

  • Budget for big ticket items

  • Check your eligibility for government benefits and super

  • Find out about tax

  • Make a retirement income timeline

  • Take care of family matters

  • Find the right financial planner for you

  • Plan to be in the best of health

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Your retirement income options

When you leave work for good and retire, where will your money come from? Discover your income stream options for covering living costs in retirement.

The main points are as follow :

  1. Account-based pensions

  2. Annuities

  3. Other investments

  4. Age Pension and other Centrelink benefits

  5. Working part-time

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How to budget: Your five step plan to brilliant budgeting

Budgeting doesn’t have to be complicated. In this guide you’ll find a simple five-step guide to becoming brilliant at budgeting so you can start saving and spending to achieve your personal and financial goals.

The key points are as follow :

  1. The right mindset

  2. Money in, money out

  3. Organise your accounts

  4. Get strict on spending

  5. Team up and keep going

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5 reasons to save for retirement

Saving for retirement might not seem important, especially when there’s the super guarantee and aged pension to fall back on. But employer contributions and government benefits may not keep you as comfortable in later life as you’d like. Here are 5 reasons to make saving for your super a priority in the coming year.

 The key points are as follows:

  1. You can expect to live longer

  2. You have a bucket list

  3. You don’t have a crystal ball

  4. You could save on your tax bill

  5. You can harness the power of compounding

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7 Steps to wealth and living well

In more than a decade working as a financial planner, Elliot Watson CFP® has met with hundreds of clients and learnt a great deal about what it takes to build a wealthier and happier life. Above all, he believes planning for a better future is as much about people as their money. Here Elliot shares 7 key insights into how you can transform your fortunes.

 The key points are as follows:

  1. Time is critically important

  2. No one has a crystal ball

  3. Cure yourself of debt

  4. Face the music, feel the pain

  5. Make the leap

  6. Being retirement ready

  7. Bring your ideas - and commitment

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Is working more the answer to your financial problems?

When working more means earning more, it makes sense to take that promotion or extra shift to get ahead financially. But when expenses go up and quality of life goes down, is the price you’re paying for longer hours too high?

 The key points are as follows:

  1. Where will you be spending more?

  2. What will you be missing out on?

  3. Could you be better off without earning more?

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Women and money: What needs to change?

Money & Life

With gender pay and super gaps coming up more often in the equality conversation, are we seeing meaningful change for women’s financial security and well-being or is there still a long way to go?

The main points are as follows:

  • Measuring to keep moving forward

  • Redefining relationships at home and work

  • A fresh perspective on finances

  • Support from experts and leaders

  • The drivers of change

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The Royal Commission verdict is out

Money and Life

The FPA is continuing in its work to deliver better consumer protections and improve professional and educational standards as highlighted in the final Royal Commission report handed down by Justice Kenneth Hayne.

The key recommendations for financial advice are as follows:

  • No more trailing commissions

  • Ongoing advice fees to be annually reviewed

  • Reducing commissions on life insurance

  • A new disciplinary system for financial planners

  • Quarterly reporting of misconduct concerns

  • A renewed commitment to the clients’ best interests

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Tips to make this year the best one ever

Money & Life

Making New Year resolutions are one thing. Actually sticking to them is an entirely different matter altogether. Here are some surefire tips to help you succeed.

The main points are as follows:

  • Let go

  • Ditch the expectations

  • Know your principles

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Four ways to declutter your finances

Money & Life

Your home may be looking minimal and serene in 2019 thanks to author and TV host Marie Kondo. But could your finances do with some decluttering too? Find out how to go about it with our guide to simplifying your budget, bank accounts, super and debts.

The main points are as follows:

  • Less really is more

  • Budgeting based on your values

  • How many bank accounts?

  • Simplify your super

  • Do away with debt

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Not just about the money

Money & Life

Thinking of a new job in the new year? With wage growth staying low, better benefits and work-life balance could be something to look for in your next role. Find out about the latest workplace trends for supporting employees with their health, finances and work-life balance.

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Debt – just how big a problem is it?

Money & Life

Recent figures show personal debt levels in Australia are among the highest in the world. So does this mean we’re heading for a debt disaster? Or are we doing the right kind of borrowing to get ahead with finances? Find out what kind of debts can be a problem and how to keep borrowing within safe limits.

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Your no. 1 financial focus – decade by decade

Money & Life

Everyone has a different life journey they’re on. But getting on top of key financial goals as you follow your own path could see you enjoying a more comfortable lifestyle and being ready for the next chapter to begin. Read our guide to getting all your money matters sorted out, one decade at a time.

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How much super should I have?

Money and Life

“It’s all very well having retirement savings as a financial goal, but just how much should you plan to have in your super balance now, and when you retire? Find out more about coming up with a super balance target, for your age group, and for the retirement lifestyle you have in mind”

The key points are as follow:

  • Above or below average?

  • How much is enough?

  • Should I save more?

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The super split

Money & Life.

By the time you retire your super may be one of your biggest assets. So when it comes to a divorce, it’s a very important part of a financial settlement. Find out from legal and financial experts what you need to know, and what to keep in mind when it comes to super and separating your family finances.

The key point are as follow:

  • Just how important is my super?

  • Can my ex claim some of my super (or vice versa)?

  • Should I go to court to get my fair share?

  • Things to bear in mind with super and separation

  • Defined benefit schemes and SMSFs

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Estate planning – when should I start?

Money & Life

The following note looks at why an estate plan is so important and when you should make a start on yours.

The key points are as follow:

  1. Am I too young to need a will?

  2. When should I be making a will?

  3. Don’t forget to think about :

    • Executors, attorneys and trustees

    • Beneficiaries

    • Tax

    • Super

    • Advances to children

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