Should you downsize to boost your super? Pros, cons, and tax implications
The idea of downsizing can be very appealing to empty-nesters. There will be less cleaning, gardening and maintenance, more time for hobbies and travel, and the icing on the cake comes if you can use the cash surplus you created to give your super a significant tax-effective boost.
But is the picture totally rosy, or are there some drawbacks to downsizing?
5 step super health check
Ensuring the health of your superannuation is paramount for securing your financial future. Just like an annual physical examination, conducting a regular “Super Health Check” can help you optimise your retirement savings and protect your financial well-being.
By following these five simple steps, you can take control of your superannuation and ensure it aligns with your goals and circumstances.
Is your financial strategy still working for you?
A financial strategy isn’t something you should set and forget. Life moves, circumstances change, the economy shifts, and what once worked may not be as effective as it used to be.
The secret to building wealth
Most people are familiar with the idea of working hard for their money. But financially smart people have a different and more strategic mindset. They make their money work hard for them.
What happens to my superannuation if…?
The introduction of compulsory superannuation in 1992, embedded the concept of retirement saving into our investment psyche.
While Australia’s superannuation scheme has its complexities, the idea is simple: regularly contribute a percentage of earnings to a complying superannuation fund to provide financial support upon retirement.
Top 5 Mistakes Business Owners Make When Applying for a Loan
Organising a loan for your business can be an important step in fuelling growth or covering unexpected expenses, but many business owners fall into the same traps during the loan application process.
Stop resting on your (high income earner) laurels
Achieving a high income is a significant accomplishment. You’ve put in the hard yards, climbed the ladder, and now you’re pulling in the big bucks!
But don’t be mistaken; a high income does not automatically equate to financial security. Just because the money is rolling in today doesn’t mean you’re protected from tomorrow’s uncertainties.
Balancing Risk and Reward in Your Portfolio
If you own an investment property you will be aware that the return from the investment comes from two sources: income in the form of rent paid by the tenant and growth in the form of an increase in the value of the property while you own it.
Making Christmas a time of joy for you
It seems to arrive earlier and earlier every year. Just when you thought Christmas was only weeks ago, suddenly it’s only weeks away! While children count down the days, Christmas for many adults can be a difficult time.
Inflation vs your savings: The ultimate showdown!
Inflation is a slow force working against your financial goals. It can quietly erode the purchasing power of your money over time. While it’s tempting to see cash as a safe haven, failing to factor in inflation could mean your savings are worth less when you need them most.
So, let’s dive into the showdown between inflation and your savings, and explore strategies to fight back!