There is an emerging socio-economic class which I call Fifty and Broke (FAB). FABs are post- babyboomers, from a generation of divorce, serial relationships, corporate restructuring, multiple career changes, consumerism, and increased longevity. Many people suffer at least one crisis during their lives, such as relationship breakdown, redundancy, business failure, bankruptcy, mental health problems or a serious illness s...

For young singles with a reasonably good income, life is full of possibilities. There is a lifetime ahead with many choices and opportunities along the way and plenty of time to recover from any mistakes made. However, choice can create uncertainty and confusion. It can be very hard to set goals when there are so many possible opportunities and unknowns. A financial plan is a set of strategies that help you achieve goals...

Opening a bank account and buying and selling investments are not such simple processes as they were a few years ago. Now you must provide formal photo identification such as a passport or driver’s licence, proof of address, and, if you are transacting a large sum of money, evidence of how you came to have the money. For family trusts, each trustee, including independent or professional trustees, must provide this evid...

Check your bank account and you are sure to find lots of small transactions that average at least $20 a day. A coffee, lunch, snacks, a beer or wine after work; each transaction is low in value but combined they can add up to a significant sum. Money can only be spent once and should be spent on what gives you the most satisfaction. It helps to have a clear understanding of how else money could be spent now and in the fu...

It’s good to be cautious with money. However, is there such a thing as too much caution? When is it OK to take a risk? Throughout life there are significant events that require large amounts of money or which come with a high level of financial risk. The anxiety that comes with this risk can hold cautious people back from taking vital steps – whether it is taking on a student loan in order to study, getting married, ...

Tips for Successful Saving The first step towards creating wealth is also the hardest. Being able to spend less than you earn is a pre-requisite of every other strategy for wealth creation. Despite good intentions, savings plans are easily de-railed by distractions, disasters and lack of discipline. Here are some simple tips for improving your chances of being a successful saver: Have a realistic, attainable and desirabl...

Prepare for Rising Mortgage Interest Rates Inflation is on the rise and this often signals an increase in interest rates. The rate of inflation for the three months ended March, 2017 was 1%, which lifted the annual rate to 2.2% - the highest it has been for about six years. However, much of this increase was due to food and energy prices which are notoriously volatile. These are usually excluded in measuring what is terme...

Home Buying Mistakes The fear of missing out is continuing to fuel the property market. Buying in a heated market can lead to impulsive decisions with negative financial consequences. Here are the top five mistakes people make when borrowing money to buy a house: Relying on the lender’s analysis of how much you can borrow The focus of the lender is on whether they are going to get their money back rather than on what ...

Health Insurance for Retirees Health insurance is a popular product, with around 30% of the population having cover, often through a workplace scheme. However, there is a high cancellation rate amongst retirees due to the big increase in premiums as you get older. After paying premiums for some years, often without a claim, is it wise to cancel health insurance just at the age when you are most likely to need it? Premiums...

Money for Retirement Calculating how much money you will need in retirement is no easy task. With life expectancies around 90, there is a period of 20 to 30 years to plan for.  A simple planning framework can help get around some of the uncertainties to make it easier to work out how much money you will need. There are three types of outgoings you need to plan for: Money for daily living expenses. These are expenses th...