190. Financial Planning For Blended Families
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore the often-overlooked complexities of financial planning for blended families. We discuss real-world scenarios where poor communication and lack of planning led to emotional and financial turmoil, including disputes over inheritance, ownership of family homes, and complications arising from remarriages and superannuation nominations. Emphasizing the importance of open dialogue, legal clarity, and professional advice, we highlight how proactive estate planning—especially in blended family...
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189. Interest Rates Have Been Falling - What Should Mortgage Holders Consider
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we unpack what falling interest rates really mean for mortgage holders and how we can make the most of the changing financial landscape. We look at the Reserve Bank of Australia's recent rate cuts, driven by a push to curb inflation and boost the economy and break down the key actions borrowers should consider. We highlight the importance of checking whether your lender has passed on the full rate cut, caution against extending your loan term when refinancing, and explain why keeping your repayments steady...
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188. Turning A Side Hustle Into A Business
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discussed turning a side hustle into a full-fledged business. We explored the importance of validating the business idea and achieving consistent income before quitting a day job. We emphasized the need for separating personal and business finances, understanding tax obligations, and planning for growth rather than just survival. We also highlighted the significance of considering insurance, superannuation, and long-term financial planning, including strategies for drawing income from the business and...
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187. 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 explore into a comprehensive market wrap for May, examining global economic shifts and what they mean for investors. We discuss the S&P 500’s sharp rebound of 5.89%, which, while impressive, mostly recovers previous losses, and we explore growing investor caution amid U.S. political unpredictability, especially tariff threats from Donald Trump that could impact companies like Apple and broader market confidence. We also look at China's...
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186. Raising Financially Savvy Children
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore the crucial topic of raising financially savvy children. We explore how our behaviors as parents shape our kids’ understanding of money and share practical strategies to teach financial literacy at various ages. We talk about the importance of modeling good habits, encouraging earning through chores, differentiating needs from wants, and using tools like spending, saving, and giving jars or modern digital alternatives to build strong financial foundations. We also discuss how conversations...
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185. Behind The Scenes of Your First Financial Advice Meeting; What To Expect & Prepare
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we go behind the scenes of what your very first financial advice meeting looks like. We kick things off with a lighthearted tribute to Warren Buffett’s retirement, before diving into the real topic—what to expect when meeting a financial advisor. We explain that financial advice isn’t just about investing; it’s about understanding your lifestyle, values, goals, and personal circumstances to build a strategy tailored to you. We walk through the types of questions we ask, the documents you should...
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184. To Join Or Not To Join Finances
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore the intricacies of managing finances within a relationship, presenting three main approaches: fully merging finances, maintaining separate accounts, or adopting a hybrid model. We evaluate the pros and cons of each option, highlighting how joint finances promote transparency and simplicity, while separate accounts can foster independence but may lead to complications in wealth generation and financial visibility. Also we dive into the unique challenges faced by older couples, including...
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183. How to Manage a Career Break
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we dive into how to manage a career break, exploring the financial, emotional, and strategic steps needed to prepare for both planned and unexpected time away from work. We discuss everything from building a cash buffer and understanding government support, to maintaining insurance, investing wisely during a break, and handling the emotional impact of a reduced or paused income. We also cover strategies for resetting your financial foundation when returning to work and adjusting your long-term goals. ...
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182. Should I have a Self Managed Superfund
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore the world of self-managed super funds (SMSFs) and ask the big question: should we have one? We unpack the essentials — what an SMSF is, how it differs from regular super funds, and the pros and cons of managing your own fund. We explore the control and flexibility that come with SMSFs, including the ability to invest in assets like property and collectibles, but also the responsibilities, risks, and higher costs that follow. From setup fees and compliance obligations to investment strategy...
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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_outlineWelcome back to another episode of the 360 Money Matters Podcast!
In this episode, we discuss the differences between offset and redraw accounts, key financial tools for managing mortgage payments. We outline how both accounts reduce mortgage interest but differ in terms of flexibility and tax implications. An offset account, linked to a mortgage, allows daily transaction access, providing flexibility and potentially larger tax deductions if the property becomes an investment. In contrast, a redraw account holds excess funds paid toward the mortgage, which can be withdrawn, though with less flexibility and potential tax disadvantages for investment purposes. We also share strategies for utilizing offset accounts to manage lifestyle expenses efficiently, and emphasize the importance of understanding these accounts to maximize tax benefits and avoid costly errors.
Tune in to this episode to understand the real differences between offset and redraw accounts, and learn strategies to make these tools work for your financial goals. Don’t miss out – hit play now!
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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
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Importance of mortgage education
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Mechanics of offset and redraw accounts
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Legal and tax implications
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Strategy for future investment properties
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Considerations and flexibility of offset accounts
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