Advice Evolution

Advice Evolution Newsletter - August 2024

Stay up-to-date with the tips, news and updates from Advice Evolution’s latest newsletter.

  • Claiming business expenses - Your guide to claiming business expenses correctly.

  • Crafting a Happy Retirement: Personalised Planning and Essential Tips for a Fulfilling Future.

  • Why Time Is Wealth.

  • The problem with chasing money.

  • Smartly spend your time wealth.

  • Shifting the attention from material wealth to time wealth.


Read full newsletter here.

The Types, Pros, and Cons of Ethical Investing

The investment technique known as ethical investing prioritises the investor’s moral, religious and social ideals over financial gain. The reason for this is that a growing number of investors have begun to demand social responsibility from the companies they invest in, primarily because of the rise in dubious and unlawful investment arrangements.

Ethical investing entails fair labour practices, the production of healthy and beneficial goods and services, and abstaining from unethical business activities.

Investors who want to utilise their money to support good causes should consider ethical investment. Those who are interested in this type of venture have several options to choose from.

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Achieving Your New Year Goals: A Realistic Approach

New Year’s resolutions are a time-honoured tradition where people aim to make positive changes in their lives as the calendar flips to January 1st. While setting goals is easy, the real challenge lies in sticking to them throughout the year. Here’s a guide to not only choosing your resolutions wisely but also ensuring that you stay committed to them.

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Why Financial Security is Paramount for a Satisfying Retirement

Retirement is often idealised as a carefree chapter in life, where one can indulge in long-postponed hobbies, travel, and quality time with loved ones. However, the idyllic vision of retirement is predicated on a foundation of financial stability. Without it, retirement can become a period of stress and uncertainty, rather than relaxation and enjoyment.

The Comprehensive Benefits of Financial Preparedness:

  1. Peace of Mind

  2. Upholding Lifestyle Standards

  3. Healthcare Costs Management

  4. Family Stress Reduction

  5. Longevity and Inflation Preparedness

Read the full article here.

Understand if a Self Managed Super Fund (SMSF) is right for you.

A self-managed super fund (SMSF) is a private superannuation fund that individuals in Australia can manage themselves. These funds differ from industry and retail super funds, as they offer more control over investment choices and insurance options. However, managing an SMSF comes with significant responsibilities and risks.

The appeal of having control over your superannuation can be enticing, but it entails substantial work and potential pitfalls. It’s crucial to consider the following risks and responsibilities before setting up an SMSF:

  • Losses without Compensation: Unlike retail and industry funds, SMSFs lack access to special compensation schemes or the Australian Financial Complaints Authority (AFCA) in case of theft or fraud-related losses.

  • Personal Liability: All members of an SMSF, even if they receive professional assistance or another member makes decisions, are personally liable for the fund’s actions.

  • Investment Returns: The returns on your investments may not meet your expectations, and you are solely responsible for managing and optimizing the fund’s investments.

  • Changing Circumstances: You must manage the fund even if your personal circumstances change, such as losing your job.

  • Member Events: Events like relationship breakdowns between members, the death of a member, or a member’s illness can negatively impact your SMSF.

  • Insurance Considerations: Transitioning from an industry or retail super fund to an SMSF may result in a loss of insurance coverage, which should be carefully considered.

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Top 5 reasons to have legal representation

Most people don’t think they need a lawyer until they find themselves in a situation where legal advice is crucial. However, upon closer examination, there are numerous instances in life where seeking the expertise of a lawyer can make all the difference between resolving a problem successfully and suffering a loss. Let’s explore the top five reasons why having a lawyer to advise you is essential.

5 reasons:

Ensuring Legally Binding Outcomes

Knowing Your Rights and Entitlements

Saving Money in the Long Run

Avoiding Penalties and Fines

Having Reliable Legal Representation

Click here to read full article.

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Oliver’s insights Australian home prices up on supply shortfall, but at risk from high rates

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The big surprise in the Australian housing market last year was how quickly home prices fell with RBA rate hikes. But the big surprise this year is how they rebounded when most including myself were looking for further falls. October CoreLogic data showed another 0.9% rise in national home prices, leaving them just 0.5% below their April 2022 record.

Key points

– Australian home prices rose again in October, with the supply shortfall on the back of record immigration dominating. Prices are now on track for a 9% gain this year.

– While the supply shortfall is likely to continue there is a high risk that the impact of high interest rates will start to get the upper hand next year particularly if the RBA hikes again and unemployment rises by more than expected.

– Price gains are expected to slow to 5% next year, but the risk of another leg down in prices next year is high.

Please click here to read full article.

Budget-Friendly Home Renovation Ideas

We can’t really fault you for getting all worked up, as there’s nothing quite as exciting as embarking on a home renovation project to refresh the look of your space. However, some home renovations can get notoriously expensive and time-consuming, depending on the extent of the work required.

Here are five budget-friendly home renovation ideas you can start doing today.

1. Get new kitchen countertops

2. Paint your walls white

3. Install new lighting fixtures

4. Update your flooring

5. Replace old faucets, fixtures and fittings

Click here to read full article.