132. Asset Rich & Cashflow Poor
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discussed the concept of being asset-rich but cash flow-poor in the context of retirement. The accumulation of assets without sufficient income, due to tax considerations, can lead to challenges during retirement. The options presented included liquidating assets for income-producing alternatives, downsizing the family home, considering reverse mortgages, or purchasing a downsized home early. Proactive financial planning, with advice tailored to individual circumstances, is crucial. It is essential to...
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131. Maximising Age Pension
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discussed getting the most out of age pension. We talk about who can get it, how it's been changing, and how the government decides who gets it based on what you own and earn. We also share tips on how to maximise the age pension also! Furthermore, we explain that there are limits to gifting money while still qualifying for age pension. That’s why it is important to plan early and get advice because living costs can be tough on just the pension. So, think carefully about your money to make sure you're...
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130. Equity to Invest
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discussed equity in property, focusing on its calculation, utilization, and implications. We explained equity as the difference between the property value and the debt owed, influencing the loan-to-value ratio (LVR). An LVR above 80% may incur mortgage insurance costs due to increased risk for banks. Utilizing equity can enable diversification into other assets or properties to further expand your wealth creation. Another key point highlighted was structuring loans to ensure tax deductibility...
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129. Bought a Property, What is Next?
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we advise listeners like Danielle, who has settled on a property and mortgage and wants to know what some of the things are that she should be considering next. We stress the need for a cash flow management strategy to ensure affordable mortgage payments and achieve savings goals. Insurance coverage is essential, including life insurance, permanent disability cover, income protection, and building/contents insurance. Building an emergency fund is crucial for handling unexpected costs. Also, seeking...
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128. F.I.R.E Movement
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss the F.I.R.E (Financial Independence, Retire Early) movement. We explain that this movement encourages people to retire early and achieve financial independence by saving and investing a large portion of their income. Additionally, living a frugal lifestyle and reducing expenses are key to achieving this goal. We acknowledge that the F.I.R.E movement may not be suitable for everyone, but we emphasize the importance of being intentional with spending and making conscious financial decisions. Tune...
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127. Insurance Inside vs. Outside Super
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss personal insurance and the benefits of holding it inside or outside of superannuation. We explore different types of insurance covers, such as life insurance, permanent disability, income protection, and trauma insurance. We also discuss the increasing responsibilities that make having the right insurance cover important. Funding options for premiums are discussed, including using cash flow or faying for this through superannuation. Furthermore, we also touch on tax efficiency and how this will...
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126. Market Wrap
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! We are back again with our monthly ‘Market Wrap’ segment. In this episode, we discuss the intricate dynamics of the global economy and its effects on financial markets. Observing the impressive growth in the US market despite minimal macroeconomic updates, we discuss the need for policymakers to carefully consider interest rate decisions. With inflation concerns looming in the US and negative sentiment prevailing in China, a broader global economic slowdown becomes apparent, as evidenced by countries like Japan and the UK...
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125. Land Tax Changes
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we're talking about Victoria's new land tax changes. The Victroian government has introduced increased land tax for a ten-year period starting in January 2024 to repay Covid debts. But some people aren't sure if these taxes will stop after ten years. This affects property owners with investment properties, who now face higher costs for owning and maintaining properties. It's tough for investors, and might lead to higher rents and greater levels of sales activity for investors who want out. Having a solid...
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124. Before & After Tax Super
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we're talking about putting money into your super, breaking it down into two types: concessional (before tax) and non-concessional (after-tax). We discuss the tax advantages, contribution limits, and strategic considerations for both types. We’ll be giving some worked examples to illustrate their application in real-life scenarios and how you can best utilise the benefits of each of these superannuation types for your own situation. Join us, hit subscribe, and let's make super contributions simple and...
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123. Estate Planning
360 Money Matters
Welcome 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...
info_outlineAfter a long time since the last increase in interest rate of the Reserve Bank of Australia(RBA), it’s finally happened. Knowing that a lot of people are concerned about their mortgage repayments, it’s only timely and appropriate that we discuss on this podcast the impact this increase will have on your personal cash flow as well as the broader economy.
The RBA's decision to increase rates has largely been definitely driven by rising inflation and a decrease in unemployment. While this is still at historically low levels at 0.35% we will examine what impact this rise and any subsequent rises will have on your circumstances.
While the interest rates continue to increase, we hope this episode brings some clarity and further certainty about times ahead!
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, authorised representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights:
• Why the RBA increased Interest Rates
• The 0.25% Increase
• Impact of interests rates on financial Markets
• The Impact on Property Prices
• How increased interest rates will impact home loan repayments
• Examples of applying expected changes to interest rates on loans
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