Financial Adviser Perth
- Thread starter sammmeee
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Sorry no recommendations for a FP as I don't have one.
Do you think a FP will make you more frugal?
The hardest thing about becoming frugal (or just spending a bit more wisely) is mindset.
For example - it's highly likely that $11k in schooling is cheaper than previously what you spent on daycare yet many people bemoan how much they spend on school fees.
I'm not saying this is you but I know for me I was spending roughly $20k in daycare and now I spend $14k sending 3 to school. So I was better off with schooling. I allocated that extra money straight away to investing so that I never got to spend the extra school 'windfall'
I'm sure my standard of living today is way better than when I was earning a pittance but it doesn't seem THAT much higher. I can guarantee I spend a lot more on NON items - ie money spent with nothing to show for it - ie going out etc.
I also get to travel now which is fantastic thing we never got to do.
Thanks Westminster.. For me it's not about being more frugal it's about being financially smarter.
Eg: should I increase my super salary sacrifice to get into a lower tax bracket or should I not be salary sacrificing at all? Should i put that money to use elsewhere.
The Money we put in our kids accounts should I do bonds for them instead or should it be in an offset account against our ppor
If that makes sense
Eg: should I increase my super salary sacrifice to get into a lower tax bracket or should I not be salary sacrificing at all? Should i put that money to use elsewhere.
The Money we put in our kids accounts should I do bonds for them instead or should it be in an offset account against our ppor
If that makes sense
That does make sense.
I hope someone knows of a good one for you.
I hope someone knows of a good one for you.
Im not sure how much help a Financial Advisor is going to be ?
They can help with estate planning, Share portfolio's or Super yes, but I'm not so sure when it comes to budgeting, I think that more comes down to you and your family spending habit's.
Whats your spending habit's like?
Always eating at restaurants?
Own an array of Toys all bought using Personal Loans or Finance?
Credit Card's maxed out?
Obviously I have no idea of your current situation.
Im not sure how helpful sacrificing extra super will be either.
Just keep tracking your spending and see where you can make changes or savings.
What are the "needs" in your family life and what are your "wants"
They can help with estate planning, Share portfolio's or Super yes, but I'm not so sure when it comes to budgeting, I think that more comes down to you and your family spending habit's.
Whats your spending habit's like?
Always eating at restaurants?
Own an array of Toys all bought using Personal Loans or Finance?
Credit Card's maxed out?
Obviously I have no idea of your current situation.
Im not sure how helpful sacrificing extra super will be either.
Just keep tracking your spending and see where you can make changes or savings.
What are the "needs" in your family life and what are your "wants"
A particular type of "inclusive" financial planner will be able to NAIL your issues, put in place a tailored plan inc cashflow management ( note i DONT mean budgeting) , AND hold you accountable to same !
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There are Financial Planners who specialise cash flow management as a service. For the majority of the population it would be the most beneficial service a financial planner could ever provide.
Agreed !
In addition to appropriate risk management............ many times I see high cashflow clients have "poorer" risk management in place than average income earners....
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For me that is a pretty easy question but I'm not sure a FP will give you the same answer.
Any extra money you have should go against non-deductible debt in the first instance. So yes it should go into the mortgage or at least into the offset account providing you are disciplined and will not spend it.
The kids will get all your money in the end so make sure it works most effectively for the 'family group'.
You pay your mortgage in after tax dollars, so any payments off the mortgage or into the offset effectively save you the home loan interest rate + your marginal tax rate per dollar, eg:
A person paying a 6% HL interest rate on an income over $80k attracting a rate of 38.5c (incl medicare) will need to earn $1.626 to pay $1 off their mortgage. So, the effective interest rate by making this payment is 1.626x6% = 9.756%
A person paying a 6% HL interest rate on an income over $180k attracting a rate of 46.5c (incl medicare) will need to earn $1.869 to pay $1 off their mortgage. And the effective interest rate by making this payment is 1.869x6% = 11.21%
So hopefully you can see that either paying down your mortgage or at least offsetting it is better than most other investment returns.
If you want to do the best for your kids then get your own affairs in order first and then use the money you then have available to assist them when they are ready. (Don't holdback money that could be paying off your home loan).
Savings accounts for children whilst you are still climbing the ladder are money making means for others rather than your family. Ensure you understand this simple principal otherwise you are 'shortchanging' your kids.
nb: I don't have a problems with kids having savings accounts to instill discipline, but if the account is sizable then more effective use of the money can be made.
I hope this makes you see things a little differently .........
I work for a Financial Planning company based in West Leederville. Depends on what type of advice your after as each adviser here has specialist knowledge on certain areas of advice. They've been around for 20 years or so, great company (not biased or anything) haha
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