A new financial year. Time to Face your financial fears head on

QuietGrowth - Face your financial fears head on

It’s the second month of the financial year and many of us are gathering tax information for the annual trip to our accountant. At the same time, we procrastinate on some uncomfortable thoughts. Isn’t it time we tackled them head-on?

Worried you might lose your job

Find a second job. It might seem glaringly obvious but stop and seriously think about this for a moment. With the number of restructurings from large corporations and the grand shift in the consumer landscape (notably the move to all things online), a second job may help you if there is a downturn in the economy or another round of redundancies.
The age of the gig economy is upon us. Think of how a music band is paid for every ‘gig’ they perform! Consulting in an area of expertise or AirBnB hosting are some good examples. If saving money is not your forte, how about solving the problem with earning more of it!

Know you spend too much & save too little

Budget! Having income is great but if you spend it all you might forever be forced to work in place of retiring. Budgeting leads to savings which leads to choice. Personal Financial Management apps can help you track and build a budget. Some budgeting rules of thumb you might find helpful are below. You might also like to visit a budgeting specialist.

Income spent

  • 50% for living expenses (rent/mortgage, entertainment, groceries, car expenses, etc)
  • 30% for a particular spending goal (holiday, wedding, car, etc)
  • 20% for future goals (savings, additional mortgage payments and retirement)

(Source: Harvard bankruptcy expert Elizabeth Warren).

Know you could be doing ‘more’ with your money

Save & think about Investing. After putting some funds aside for emergencies, additional savings gives you options! Get informed about the share market, additional superannuation contributions or property investments. Best to speak to an Investment Adviser, Mortgage Broker, Stock Broker or Financial Planner. For your long-term investing needs, you can opt for QuietGrowth.

Want the most out of life

Get clear on what you want. What is your life’s purpose? People are happier in life when they achieve what they set out to do! A relationship, Health & Life aspirations including starting a family, marriage, healthy eating, fitness, vacations, education, charitable donations, starting a business and achieving financial independence are common examples. Speak to friends, your spouse, life coach, investment adviser or financial planner.

Have debt and know people depend on you

Think about Insurance. You took it up for your car, what about for your income? Health? Or Life? What would happen to those who depend on you for life’s necessities if something bad happened to you?

  • Income Protection – Payments if you are injured temporarily or permanently and are unable to work.
  • Trauma Protection – Payment in the case of a specific major illness or injury.
  • Life and Total Permanent Disability – Payment if you pass away or are unable to work due to disability.

Speak to Insurance Brokers, Banks, and Super funds.

Own everything in your name?

Think about the name you buy assets in as this will alter how you are taxed. Speak to your accountant.

Name / Structure Outcome
Individual All income is in the individual’s name and taxed as such.
Joint Income is split into two people’s names and taxed across two people.
Trusts Allows the distribution of funds across multiple individuals and is taxed accordingly.
Company Is a separate legal entity, is taxed completely separately and at a different rate to individuals. A company may provide some protection from creditors.
Superannuation Trust A special structure for the purpose of retirement and has special tax rates. A superannuation trust may provide protection from creditors.
Sole Trader Similar to an individual structure with additional business tax benefits.
Partnership Similar to a joint structure with additional business tax benefits.

What will happen after you pass away

Make your wishes known. It’s best to put all your wishes into an official Will to clear up any ambiguity. Often at emotional times like the passing of a loved one, it is best if the wishes of the deceased have been detailed clearly in a Will. Speak to State Trustees (for a simple Will) or an Estate planning lawyer (for more complex matters e.g. in the case of mixed/blended families).

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Individual: A personal account for you to invest for yourself.
Joint: An account for you and another person to invest for both of you.
SMSF: An account for the trustees of a Self-Managed Super Fund to invest through it.
Trust: An account for the trustees of a trust to invest through it.
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