181. Things To Focus On In Your 50's
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we wrap up our three-part series by diving into the key financial considerations for your 50s. We explore how to gain retirement clarity, identify your "freedom number," and weigh up quality of life versus grinding out a few more years of work. We cover strategies like optimizing superannuation contributions, planning debt elimination, managing lifestyle creep, and transitioning investments from growth to income. We also touch on the importance of estate planning, the financial realities of supporting...
info_outline
180. Things To Focus On In Your 40s
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore the key financial priorities to focus on in your 40s, and although we’re not quite in that age bracket yet, we explore it with a future-focused mindset. We talk about the importance of having clarity and control over your finances, setting clear retirement and family goals, and regularly tracking your net worth. We also cover strategic use of superannuation, optimizing debt (especially getting rid of non-deductible personal debt), and finding the right balance between spending, investing, debt...
info_outline
179. Focus Your Wealth In Your 30s
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss how to focus on building wealth in your 30s by reflecting on personal finance journeys, shifting priorities, and lessons learned. We talk about the transition from carefree spending in our 20s to becoming more intentional with money in our 30s—focusing on budgeting, saving, and planning for the future. We also explore how aligning financial goals with personal values and lifestyle choices can lead to long-term fulfillment, and we share practical tips for managing income, investing smartly, and...
info_outline
178. What Is A Financial Plan and Why Do You Need It
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore the importance of having a financial plan and how it can help create stability and security in both the short and long term. We discuss key components of a financial plan, including budgeting, saving, investing, and setting clear financial goals. We also highlight common pitfalls people face when managing their finances and offer practical advice on how to stay on track. Through real-life examples and expert insights, we emphasize why financial planning is essential for achieving financial...
info_outline
177. Granny Flat Provision
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore granny flat provisions and how they impact Centrelink benefits, allowing older Australians to transfer assets, often to their children—in exchange for a lifetime right to live in a property without triggering gifting rules. We discuss various living arrangements, financial implications, and key considerations like legal agreements, stamp duty, and the reasonableness test. Additionally, we highlight risks such as potential loss of pension entitlements and complications if aged care is needed....
info_outline
176. Why Are Investments Falling and What Can You Do
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss the recent market downturn, exploring factors like aggressive U.S. trade policies, inflationary pressures, and global economic uncertainty that have led to significant declines across major indices. While market corrections can be unsettling, we emphasize that they are a normal part of the economic cycle and present opportunities for disciplined investors. Strategies like dollar-cost averaging, maintaining financial stability, and identifying high-quality assets at discounted prices can help...
info_outline
175. Financial Mistakes That Even Smart People Made
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss common financial mistakes that even smart people make. We explore issues like lifestyle creep, the lack of a banking strategy, putting all financial resources into one asset, and not having an emergency fund. We also highlight the dangers of unclear investment strategies, relying on a single income stream, and trying to time the market. Additionally, we emphasize the importance of tax planning, long-term financial thinking, and not ignoring superannuation. We share practical insights to help our...
info_outline
174. Downsizer Contributions
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss downsizer contributions to superannuation, exploring how this strategy allows individuals aged 55 and over to contribute up to $300,000 from the sale of their home into their super, without affecting other contribution caps. We break down the eligibility rules, the financial benefits of moving assets into a tax-free super environment, and the broader economic implications, including its potential to free up housing stock. While originally framed as a way to encourage retirees to move into...
info_outline
173. Asset Protection Strategies
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss asset protection strategies, focusing on protecting those assets that you have worked so hard to accumulate.. We highlight the importance of separating personal and business assets, using structures like trusts and company ownership to limit liability. Superannuation is emphasized as a strong protection tool when contributed to properly, while investment bonds provide a middle-ground option. We also stress the value of insurance—life, disability, crisis, and income protection—to maintain...
info_outline
172. Frugal February
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore how intentional spending can lead to long-term financial benefits. We discuss setting clear savings goals, breaking them into achievable steps, and using accountability to stay on track. Strategies include delaying impulse purchases, optimizing grocery shopping, cooking at home, and enjoying free or low-cost entertainment. We also highlight the importance of auditing subscriptions and even taking on side hustles to boost income while reducing unnecessary spending. Ultimately, we encourage...
info_outlineWelcome back to another episode of the 360 Money Matters Podcast!
In this episode, we explore estate planning, dispelling the misconception that it's solely about who will inherit your assets. We stress the need for professional assistance in creating a valid will to document wishes accurately. We also highlight concerns regarding inheritance taxation, particularly in superannuation cases, where non-tax dependents may face taxable status.
Additionally, we advise seeking professional advice and introduce a strategy called a recontribution strategy. This strategy, if certain conditions are met, can alter the superannuation status, potentially avoiding or minimizing taxes when the proceeds are distributed to non-dependents.
In conclusion, we suggest having transparent conversations with beneficiaries to communicate the reasoning behind decisions in the estate plan. Individuals should also consider the importance of seeking professional guidance and conducting regular assessments of the plan.
Discover the secrets of estate planning on our latest episode! We break down myths, share tips on dividing assets, tackle tax complexities, and reveal strategies to cut down on taxes. Don't miss out on expert insights—listen now to make your estate planning decisions smarter and simpler!
-
This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
-
Importance and complexity of estate planning
-
Importance of engaging with a professional for valid wills
-
Enforceability of estate plan
-
Importance of reviewing the estate plan periodically
-
Challenges of equalization and considering various factors
-
Ensuring beneficiary nominations align with future wishes
-
Importance of discussing the estate plan with beneficiaries
-
Testamentary trusts and their uses
-
Consideration of wishes and goals for the estate plan
Connect with Billy and Andrew!
Check out our latest episode here: