What is a Power of Attorney?

What is a Power of Attorney? Just as having a Will ensures assets are managed properly when you die, a Power of Attorney allows someone else to look after your finances when you’re unable to. Phillip Richards, Director of Endorphin Wealth Management explains more about what’s involved in having a Power of Attorney and why you’d be wise to have one, just in case. What is a Power of Attorney? There are different types of Powers of Attorney you …

The four steps to a better retirement

The four steps to a better retirement Today, with Australians living longer and healthier lives, the concept of retirement is much different to what it was only one generation ago. For each retiree, retirement is different. Typically, there are four areas that need to be considered to help you better understand your retirement goals and objectives. The four steps to a better retirement.  These are: Define your retirement vision; Understand your cash flow requirements; Clarify …

5 tips for a stress-free conversation about your Will

5 tips for a stress-free conversation about your Will No one likes unpleasant surprises. Talking about your Will with your family can be stressful, but it can also help to avoid a worse situation when you are gone. Contemplating one’s own death can be hard and in many families, talking about money or inheritances is taboo. Some parents worry that letting their children know how much they stand to inherit may cause a sense of entitlement or …

So you’re… starting a family

So you’re… starting a family Starting a family will bring you plenty of joy, but it will also create many challenges. In addition to possible sleepless nights and changes in your lifestyle, it could also affect you financially. First, there are the costs of raising a child. Research published by the Australian Institute of Family studies in April found the minimum weekly cost of one child in unemployed and low-income families ranges from $140 to $170 a …

Why you might need a will (Video)

Why you might need a will (Video) Maybe you think it’s too early to plan what will happen to your money when you die. But if you’ve got a new job, bought a house or started a family, it’s time to start getting your affairs in order. If you have a question you’d like answered by a professional financial planner please email us at financialpartners@financialpartners.com.au. We’d love to hear from you. This video contains general financial …

How can I prepare my finances for having a family? (Video)

How can I prepare my finances for having a family? (Video)  Louise Lakomy CFP® Louise has a wide range of experience and depth of knowledge in all facets of financial planning providing advice over 15 years specialising in retirement strategies. As part of the Financial Planning Association’s Ask a Planner video series, Louise Lakomy CFP® answers the commonly asked question, “What can I do financially to prepare for having a family?” If you have …

Protecting your family from an inheritance nightmare

Protecting your family from an inheritance nightmare Estate planning is a topic that many people would rather not talk about too often, but it’s an important part of the entire financial planning process for anyone with responsibilities, whether they are family or business responsibilities. With the current rate of divorce and people living longer, the number of blended families in Australia is increasing and family life is becoming increasingly complex. The need for comprehensive estate …

Planning to avoid financial mistakes

Planning to avoid financial mistakes Selling shares when prices have tumbled or buying a house at the height of a property boom only to dispose of it when the market falls are among the financial set-backs that can happen to anyone on the road to retirement. Everyone makes mistakes during their investment lifetime; the trick is to avoid them when you can and learn from the ones you can’t. Have a plan Failing to plan …

Superannuation and the financial ties that bind

Superannuation and the financial ties that bind   They say, only one thing in life is certain.  And while we would rather plan our next holiday than consider what’s going to happen when we die, it is one inevitable event that we should all plan for. When someone dies, it’s a very difficult time for all the family.  A Will provides some assurances as to how our money will be distributed.  But what about superannuation?  …

Give your career a health check

Give your career a health check Health… check. Finances… check. Career… check? Are you happy at work? Do you jump out of bed excited about tackling your next project? Or are you counting down the days until your holidays or retirement? If you answered ‘yes’ to the last question, it might be time to give your career a health check. We all know the benefits of having regular medical check-ups but, just like your body, …