Planning
Planning the management of your finances to achieve your goals and to achieve what is important to you.
Matt’s Money Song (for a bit of fun)
In March 2008 I presented my “Cents, Dollars and Rock ‘n’ roll” presentation at the NSAA Conference in Melbourne. I closed the presentation with my adaption of a well known, ageless song. For a bit of fun, I’ve decided to share it with a wider audience – you. I hope you enjoy it.
Three keys to Financial Well-being
No amount of money tips will boost some people’s financial well-being. For them the underlying cause has to be treated. Over the years I have observed there seems to be three major contributors to great financial well-being. Underlying many money problems is a gap in one or more of the three.
What to do if massive world change is coming
“Perhaps the developed world is about to experience massive structural change”, mused my mate as we discussed the global financial situation recently.
In truth no-one knows what will happen.
The great news is that the actions which prepare you to survive a massive change also position you to thrive if instead a boom arrives. So irrespective of your personal forecast it is worth implementing these suggestions.
Why are only 5% of Aussies millionaires?
“One day I want to be a millionaire!” I recall that being an often expressed goal around the traps twenty years ago. Back then the median gross annual income was just $17,056* so the millionaire goal was quite a stretch. It was also before the explosion of free information on the internet. Since then there’s [...]
How much super you need to fund a comfy lifestyle
The biannual update of the ASFA Retirement Standard has just been issued showing that to live a comfortable lifestyle in retirement a couple would spend around $55,000 per year. That’s a $1,000 per year increase compared to the December 2010 study. Perhaps the most interesting aspect of this release are the projections of how much [...]
Ruth Ostrow’s tip on how to discover what matters
I believe financial planning is about acting purposefully to ensure you have enough money for what matters most to you. To help you achieve that outcome one key practice I recommend is to ”save for the significant and minimise the insignificant” Obviously you first need to know and identify what life experiences are significant for you. In Ruth [...]
A great 21st birthday gift
My partner and I would like to buy shares for my son’s birthday. He will turn 21 on 9 November and we want to buy him something that he will have for a very long time. Eventually we came up with the idea of starting him off with his own share portfolio, but we have absolutely no idea how to go about this. We also don’t know if it is possible and whether it is a viable, long-term plan. We’d appreciate some advice…
Time for tax planning
Three days before the end of last financial year I received a call from a journalist from the Australian Financial Review. He was writing an article for publication the next day about tips for managing your tax that financial year. With tongue firmly in my cheek I suggested my top tip was “to slap yourself [...]
How to reduce your tax
A desire to reduce tax is one of the key drivers many people list when they initially contact me for financial advice. So today I will share with you my perspective on how you can save tax. First a word of caution Only tax accountants and tax lawyers are legally allowed to provide you with [...]
How much you should spend on your next house
The banks will tell you how much you can borrow. But how much should you really borrow? This article describes how to estimate the ideal maximum amount you should borrow and the true maximum affordable repayment. Follow this process so you can avoid over-extending yourself and find a harmony between lifestyle now and your future lifestyle.
Dec 2010 qtr retirement cost statistics
For those thoroughly planning for their retirement you may be interested in the latest statistics of the actual amount spent by current retirees. Previously I’ve written a more detailed article about retirement planning and this statistic – this article just advises you of the latest update. The Westpac ASFA Retirement Standard for the December 2010 [...]
The dilemma of realistic financial goals
“Should our goals be realistic?” asked one participant on the opening night of my DIY Wealth Creation course last Wednesday. They had just completed an exercise defining all the important life experiences, achievements and objects they’d like to have enough money for. This exercise is about defining the purpose of their wealth creation. Many of [...]
How to make smart financial choices
A scan of the many surveys about New Year’s resolutions reveals that it is common for people to set a goal to improve their financial situation. This may include saving more, repaying more debt or even investing more wisely. How do you choose what financial actions you take? To achieve a goal of improving your [...]
Latest retirement cost statistics
For those thoroughly planning for their retirement you may be interested in the latest statistics of the actual amount spent by current retirees. Previously I’ve written a more detailed article about retirement planning and this statistic – this article just advises you of the latest update. The Westpac ASFA Retirement Standard for the September 2010 [...]
Retirement lifestyle costs quick estimator
By Matt Hern on November 15, 2011
The ASFA Retirement Standard for the September 2011 quarter has just been released and reveals that “in general, a couple looking to achieve a comfortable retirement needs to spend $55,316 a year, while those seeking a ‘modest’ retirement lifestyle need to spend $31,767 a year.” One of the most useful elements of this quarter’s update [...]
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