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Should you outsource your financial future to a financial planner?

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us.

Simple things like getting your coffee foamed to perfection by your barista every morning on your way to work to having an accountant fill out your tax returns every financial year to taking your business shirts to be dry-cleaned every week.

The everyday tasks we outsource to experts are invaluable because it allows us to have more time to focus on the things that matter most to us, and on the things we’re good at and enjoying doing.

Sure, you can DIY financial planning  but at the end of the day, do you have the time and the expertise to do so?

When Should You Outsource your Financial Future Planning?

Ask yourself the following questions:

  1.     You can set goals on your own but how well can you execute them?
  2.     Do you have the time?
  3.     Do you have the expertise and the knowledge to do it well?
  4.    Can you keep up-to-date with the legislative changes around tax, superannuation and investing?

When it comes to finances and investing, not only is time essential but the knowledge and the know-how to get it done well is vital. You don’t want to make costly mistakes with your money.

The financial and investment world is ever so complex, and its’ complexity grows every day with changes to legislation and rules on taxes, superannuation and retirement planning strategies.

Even the professionals find it hard to keep up with all the changes to quickly process the changes, and understand the impacts upon individual situations. It reverts back to having the time to understand and execute changes effectively and efficiently.

For most investors and retirees, the question should not be: Do I need a trusted financial planner? but when should I seek one out and whom do I hire?

The Benefits of a Good Financial Planner

Partner up with a professional who is there with you for the long-term, and someone who is prepared to ride the waves with you during the good and the bad times.

Remember, the road to financial fulfillment is never going to be a straight line. It will be met with detours, roundabouts and at times backing out of one-way streets but you can feel confident in having a trusted financial coach with you,  guiding you through the obstacles and barriers to reach your end goals.

Finding that someone who is a high achiever themselves and someone who gets a buzz in kicking goals maybe the right type of a planner to encourage and motivate you.

You want someone who is energetic, a go-getter and a strategic thinker as well.

You want to be motivated and ‘coached’ like an elite athletic who cannot function without their personal coach.

A good planner goes beyond just traditional financial planning and wealth building responsibilities. Your ‘financial super-hero’ will pull you up, get you up when feeling down, cheer you on and urge you along to achieve your financial goals.

Consider your planner as an ally, your very own strategic planner and thinker as well as your financial ‘commander in charge’ executing your financial plans with you and for you.

It’s Your Life – Make the Most of It

When it comes to your financial life, someone has to do the work of planning ahead. If it’s not you, then hiring someone maybe a wise move.

If you don’t have the time nor the qualified expertise to plan your financial future then get a professional to help you do it.

You outsource everyday tasks to professionals to help manage your life so why wouldn’t you want to hire an expert to help you achieve the most important thing in your life? Like your financial security, independence and a lifestyle full of choices and opportunities?

Related Article: It’s your financial future, learn to plan for it, now!

For more help on reaching your financial goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

It’s your financial future, learn to plan for it, now!

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now.

“It’s not the plan that’s important, it’s the planning.” – Graham Edwards

You can have the best plan in the world but if you don’t act on it, why bother with one?

 

Top 5 Tips on How to plan for your financial future.


1.    Avoid the ‘I’ll get around to it later’ attitude

Stop delaying the need to plan for retirement with time-poor excuses, and lack of interest. Time ticks away, and every day you put off planning is a day you potentially forego retirement opportunities.
Don’t just sit on your plans, get things happening. It’s your financial future so make it an urgent priority.


2.    Where do I start?

Many people find it hard to take the first step, so instead of thinking about how do I start, it’s better to visualise the end game.

  1. What is their big picture?
  2. What do they visualise?
  3. What kind of lifestyle do they aspire to achieve?


By starting the planning process with the end sight in mind, it’s easier to take the first planning steps towards this ideal destination.


3.    Why even bother?

Stop thinking about the negative, and take on a fresh positive attitude. Some  do not like to face their realities for the fear of facing a grim outlook but at least becoming self-aware of your financial position and working hard towards improving it, is better than feeling hopeless. Get bothered to improve your situation now to retire with comfort later.


4.    Never assume it’s too late


It’s never too late to make a change especially if it means a brighter financial future. You may have missed out on certain opportunities up to now but it shouldn’t stop you from starting to plan now. In fact, this should be the motivation to catch up on lost time, and start getting a plan together.


5.    Take control


Get into the habit of understanding your financial position, and actually get a budget together. Knowing how much money comes in and goes out means you are in control of your finances, and you can adjust your spending to fit within your means. Get in control, and be the master of your destiny, and don’t leave it to just chance and luck. Only you can make a difference. Making some sacrifices now could mean a better lifestyle for your retirement, and it’s good to learn how to be financially savvy.

Related Article: Planning for retirement must knows and dos

Do you need to further assistance on your planning situation? Our professional advisers can point you in the right direction.

For more help on reaching your superannuation goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

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P: 02 4969 7069 | 1300 723 300

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4 Financial Advice Musts I Would Tell My Younger Self

4 Financial Advice Musts I Would Tell My Younger Self

If I knew what I know now about  financial planning, what financial advice would I give to my younger self?

There are many wise words of wisdom I can roll through but four advice essentials really stick out, and they remain as relevant as ever.

Here are my 4 Financial Advice Musts I would tell my younger self:

 

1 . Don’t just spend, save a bit as well

When you’re young you feel like you have all the time in the world to conquer, have fun, splurge and splurge and splurge. Saving doesn’t come to mind. Why would you save? You are a teenager living at home and you’ve landed your first part-time job! Life is sweet and rosy. And yes, life is exciting and fun as it should be but if only I was wise enough to stash a little of my earnings away, what a difference, it would have made, financially when trying to get a head start in life. Those savings, that would have grown over the years thanks to the magic of compound interest, would have been handy when I was ready to buy my first place.

Even if it’s just a token amount you can save, get into the good habit of learning to save. This life skill will definitely make a difference to you when you need it the most. Learning to become a savvy saver, and letting the money work hard for you will surely place you over the line first in the financial race to get a head start in life than the ‘non-savers’.

 

  1. Learn how to make your money grow, harder & smarter!

If I was smart enough to stash a few bucks away then I wish I knew how to make my money work for me, and not  the other way around.

Instead of just saving my money in a bank account, I wish I knew that I could have diversified my savings into other areas that would have given my money the opportunity to grow my capital amount as well as earn income on my money. Income such as dividends from investing into shares. Yes, there are risks when it comes to investing in shares but there are risks in everything else as well but at least as a young person I would have had the most valuable thing called time on my side. Even if my shares took a hit, it wasn’t as if I would have invested all my savings into shares as I would have diversified, and the amount that was invested in shares had time to recover whatever falls  experienced in the share market, and the falls would only be on paper, as I would not have taken my money out when the market was down.

Learning to be a savvy saver and an investor does make a difference to you especially if you’re interested in getting a head start in life, financially and wisely.

 

  1.  Listen and learn from others

I wish I recognised and took heed of wise words and wise people around me when I was younger.  Even shadowing some of the self-control and discipline my parents showed when they were managing the family finances would have set me up with good life skills and habits that are still relevant and valid today.

When you’re young and starting to gain financial independence, you feel free and ready to conquer the world but taking the time out to learn from people’s life experiences and mistakes can help you to avoid those mistakes and make smarter life and financial decisions. Simple things like enjoy your life but be smart about listening to advice and learn to make smart financial decisions early on. Don’t waste time opportunities but make the most of it.

Learning to learn and wanting to learn early on can mean you are gaining the wisdom and the confidence to make good financial decisions that impact on your life choices later on.

 

  1. Be financially literate

Being financially literate early on can prove to be fruitful and rewarding later on. Even adults struggle to make a budget and stick to it, and some are challenged when it comes to understanding things like income is money coming in and expenses are monies going out, credit is not money you own but one you borrow from banks or financial institutions and they come with high interest costs, and a debit card is vastly different from a credit card.

Things like if you spend more than you earn you might end up owing money if you rely on credit to fund your lifestyle. Understanding these basic financial facts can help you to make wise decisions about your personal finances.

Get clued up early on so you can make the most of your youth and time to invest and make smart decisions early on to enjoy a rewarding life later on filled with lifestyle choices not restrictions.

Related Article: Do you know when to seek financial advice?

 

For more help on reaching your financial goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Is it too late for financial advice in my 50s?

Is it too late for financial advice in my 50s?

Are you suddenly feeling a bit nauseous and sick in the stomach as you’ve hit your 50s, and you feel like you don’t have much to retire on?

Don’t panic. You are not alone but it’s a good wake up call to get things happening. You may have missed out on having the the luxury of time to build and grow your savings over your working years but it doesn’t mean all is lost.

This might be the right time and more importantly as you’re feeling a sense of urgency this maybe the perfect great motivator to get things going.

 

Related Article: Australians’ Top Financial Regrets

 

Here are 5 simple financial tips to consider:

 

  1.   Be calm and start thinking about you

The last thing you want to do is to get yourself all worked up and stressed. Remain calm and composed, and focus on the important things that matter to you, now.  Use this sense of urgency to act as a great motivator to start looking after yourself now to set yourself up nicely for the future!

Do something and take the next step.

 

Related Article: How to be financially happy?

  1.  Be brave and ask for help

Do you feel confused and a bit lost in not knowing where and how to begin your retirement planning process? If you do feel overwhelmed and not sure on what to do then speak to friends for referrals to financial advisers they rate highly, and would recommend with utmost confidence and trust.

These days, there are a lot of people you can seek help from and receive expert advice on financial matters especially on important life events like your retirement happiness and comfort.

Some people who are suddenly faced with the daunting task of retiring can become stuck in knowing what their retirement goals are and what kind of a retirement lifestyle they would like. When it comes to working out what your goals are and whether you can afford to retire now or not, a trusted financial adviser can help to draw a big picture of what retirement could look like versus what you will need to do now to manage any gaps and affordability issues.

Speaking to a financial adviser can give you the confidence you need to start making positive and smart financial decisions which will remove the cloud of confusion and add some clarity with a robust plan of attack to pursue.

 

  1. Be prepared to roll up your sleeves

Depending on what your retirement goals are, and what you currently have saved, don’t lose heart but be ever more prepared to fight with gusto and determination, if you are told you may need to work longer,  and if you are put on a strict savings plan by your adviser.

It’s never too late to start planning but it does mean you may have to work harder to catch up on time lost to build up your savings as much as possible now and be prepared to face reality that you may have to delay your retirement until you have caught up with your savings.

 

  1.  Do you really need to splurge on a new car?

To boost your retirement savings plan, it maybe a wise move to cut down on big item purchases if it’s not a necessity. Do you really need to splurge on a new car, buy a boat or go on a 5-star world holiday?  If the answer is no, then stop the splurge and be frugal and think about your retirement plans.

Becoming ruthless with how you spend your money can really help to boost your retirement savings so you can reach your end goal. Some sacrifices made now could mean you can afford to treat yourself later in life and truly enjoy a relaxing retirement without too many financial shoestrings to worry about.

 

  1. Stick to your plan

Temptations will be plenty but don’t get fooled into straying off your retirement plan. Yes, there will be times where you feel you deserve a treat for all the hard work and extra savings you are making but don’t take your foot off the pedal completely. A nice movie night out is fun and best of all not as expensive as going fine dining. Celebrate your savings milestones but don’t be too over the top about it.

Touch base with your adviser regularly to ensure the plan is working and review it for any tweaks or adjustments required but most of all update your adviser with any major personal or financial changes that may occur as these can impact upon your retirement plans.

Hopefully these 5 simple financial tips can help to kick your retirement goals with a bang and out you on the right track towards to your retirement lifestyle.

Please ensure you seek advice now before it really is too late!

For more help on reaching your  goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

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Read More

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The many benefits financial planners provide As a financial planning professional, a question we get asked a lot by new clients is  "Do people really need a Financial Planner when so much DIY information is available online?", and so we’ve decided to clear up the...
Read More

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
Read More

P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Should I manage my own super?

Should I manage my own super?

So, you’re thinking of managing your own super, and doing DIY?

Well, you’re not alone as more and more Australians want to take control of their retirement future, and be in the driving seat and not behind it.

Like other super funds, SMSFs (Self Managed Super Fund) are a way of saving for your retirement. Generally, the main difference between an SMSF and other types of funds is that members of an SMSF are the trustees. This means the members of the SMSF run it for their own benefit.

Helping clients decide whether a SMSF is the right choice for them or not is what we do on a daily basis, and it is important for the clients to understand whether they have enough assets, the time, the skills and the knowledge to run their own super fund.

Running your own super fund sounds exciting and fun but it also means you have to roll your sleeves up, and devote your time to running it, and run it well.

Most clients need to be reminded that it is a major financial decision, so understanding the ins and outs of running your own super is a must before you can confidently make an informed decision.

 

Top 7 Motivators for a SMSF

There are some common motivators for deciding to start a SMSF, and here are some of those reasons.

  1. Control

One of the most compelling reasons as to why people enjoy running their own super fund is CONTROL. Most people want to be in the driver’s seat and take charge of their retirement future.

  1. Choice

Most people who enjoy having control delight in having lots of choices. Choices over investment assets which range from the traditional ones like cash, term deposits, shares, managed funds, direct properties to non-traditional assets like collectibles and art.

  1. Cost

If you’re in the driver’s seat, you are in control over what and how to invest and ultimately how to run your super fund cost effectively to suit your objectives and goals.

  1. Performance

With control and choice over investment assets, most people enjoy the fact they can steer the performance of the fund returns to suit their investment strategies better than having it in a retail super fund where you have no control over the management.

  1. Taxation

Most super investments are considered to be tax-effective but within a SMSF there are other taxation strategies and structures available to enjoy additional taxation benefits that normal retail super investors don’t have access to.

  1. Borrowing

Under a SMSF  you may be able to access certain privileges such as the ability to borrow funds to do additional investing.

  1. Estate Planning

Other perks trustees enjoy is the ability to structure their super to allow member benefits to be paid to beneficiaries in the most tax effective manner.

 

Key Considerations of SMSFs

While SMSFs work for some people, they’re not a bed of roses for everyone. Educating clients on everything they need to consider and understand on what it actually means to be a trustee of a super fund is an important step I take to enable my clients to make informed decisions with confidence.

So, what is involved, and what do you need to consider?

Here is a short video from the Australian Taxation Office (ATO) on ‘What’s involved with an SMSF”?


Running your own super fund means you are responsible for it.

Do you have enough assets, time and skills to run your own fund?

Sometimes asking yourself questions can help you understand whether you are an ideal candidate to run your own super fund ‘on your own’.

Questions like:

 

  • Am I a confident and a knowledgeable investor?
  • Do I have enough super savings to make the fund viable?
  • Do I have the appropriate skills to make good investment decisions?
  • Am I aware of the requirements of being an SMSF trustee?
  • Can I devote the time to manage my super fund appropriately?
  • How do I formulate an investment strategy for my fund?
  • How do I make investment choices?
  • How do I effectively manage investment risks?
  • Do I have the time to follow super laws and keep up to date?
  • Getting the right professional advice

 

Just because you run your own super fund doesn’t mean you have to go solo.

Running your own super fund is exciting but it is a complex area, and it is not for the faint hearted.

Even though you are running your own super you can partner with a professional who specialises in the area of self-managed super funds.

A professional like a trusted SMSF Association Specialist Advisor™ (SSA™) can provide expert advice on how to best manage your super to maximise your retirement goals.

Only advisors with the SSA™ designation have undergone an independent accreditation program which not only tests knowledge of SMSF legislation and regulatory requirements, but also assesses professional business and ethical practices to ensure ‘best practice’ standards.

This is why we cannot stress the importance of partnering with a professional adviser with whom you can make informed decisions together.

How can a professional help you?

When considering an SMSF, they can advise on:

  • Whether an SMSF is right for you
  • How to structure your fund
  • The necessary SMSF setup steps
  • Your responsibilities and obligations
  • Developing strategies to maximise your returns

When managing your SMSF, they can help:

  • Develop SMSF strategies that will assist you in meeting your retirement goals
  • Ensure that that you meet the rules and regulations of a complying SMSF
  • Effectively manage your assets

Do you need to further assistance on your super situation? Our professional advisers can point you in the right direction.

For more help on reaching your superannuation goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

Top 3 Financial Tips for your 20s

Top 3 Financial Tips for your 20s Congratulations! You’ve survived your teenage years, finished higher school education and graduated with professional skills, confidence and a zest to conquer the world. All the hard work, resilience and many life’s highs and lows...
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Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
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Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
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5 Steps to Financial Zen | Financial Planners in Charlestown, Hunter Valley & Tamworth

Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...
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3 Golden Rules to a solid Investment Plan

The 3 Golden Rules to Investing When it comes to creating wealth, you need to start with a solid plan. A plan that is personalised to your situation, and one that is appropriate to meet your financial goals and objectives. Everyone is different, so every plan should...
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What are the benefits only a financial planner can provide?

The many benefits financial planners provide As a financial planning professional, a question we get asked a lot by new clients is  "Do people really need a Financial Planner when so much DIY information is available online?", and so we’ve decided to clear up the...
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Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
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It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
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