It's never too early to start saving for your child's education. As your Melbourne financial advisor, we recommend starting as soon as possible to benefit from compounding returns.
There are several education savings plans, like Education Savings Accounts (ESAs). Our financial advisors in Melbourne can help identify the best one based on your financial situation and goals.
The amount to save depends on various factors, like the type of school your child might attend. Our Melbourne financial advisors can help you estimate these costs and create a savings plan that fits your budget.
If your child doesn't go to university, options vary depending on your savings plan. As experienced financial advisors in Melbourne, we can guide you through the alternatives and any potential tax implications.
Many education savings plans offer tax benefits, like tax-free growth and withdrawals for qualified education expenses. Our Melbourne financial planners are well-versed in these advantages and can assist you in maximizing your tax savings.
Absolutely, grandparents can contribute to education savings plans. Our financial advisors near you can provide information about the tax implications and how it may affect financial aid eligibility.
In most cases, the education savings would go to the designated beneficiary. Our financial planning Melbourne team can guide you through the process of setting up a plan that includes contingencies for such situations.
Like any investment, education savings plans come with risks, such as market volatility. Our financial advisers in Melbourne can help you understand these risks and develop a balanced strategy.
Yes, a financial advisor can provide invaluable guidance for setting up and managing an education savings plan. As your trusted financial planners in Melbourne, we're here to help you navigate these decisions and ensure your child's future education is financially secure.
Preparing for your child's future education costs is a significant financial decision. Our Melbourne financial advisors can assist you in developing an efficient savings plan tailored to your individual needs and goals.
Planning for a child's education involves setting clear savings goals, understanding the costs involved, and regularly contributing to a dedicated education savings plan. Our financial advisors in Melbourne can assist in devising a strategy tailored to your needs.
Tax planning involves understanding how to optimally manage your taxes to meet your financial goals. As experienced financial advisors in Melbourne, we believe tax planning is essential for reducing your liability and improving financial efficiency.
The best time to start tax planning is as soon as possible. With the help of our Melbourne financial advisors, we can implement strategies early to maximise your potential savings and help your money grow.
There are various tax planning strategies, including income splitting, deferring income, and investing in tax-advantaged accounts. Our skilled financial advisers in Melbourne can tailor strategies to your specific circumstances to maximise benefits.
Tax planning can reduce your tax liability by utilising tax deductions, credits, and exemptions. As your financial advisor in Melbourne, we can identify the most effective strategies based on your financial situation and goals.
While it's possible to do tax planning on your own, a professional financial advisor can provide valuable expertise. Our Melbourne financial advisors can help identify opportunities and navigate complex tax laws to optimise your tax situation.
Common tax planning mistakes include not taking advantage of all tax deductions and credits, and not planning for the tax implications of retirement. Our financial advisors near you can help avoid these pitfalls to ensure you're making the most of your tax situation.
Tax planning can significantly benefit your retirement savings by optimising the tax efficiency of your investments. Our financial planners in Melbourne can guide you through this process, ensuring you're well-prepared for a comfortable retirement.
Tax planning can help with education expenses through strategies like Education Savings Accounts (ESAs) and 529 plans. Our Melbourne financial advisor can help you understand these options and choose the best one for your family's needs.
Regular review of your tax plan is crucial for ensuring it aligns with your financial goals and changes in tax laws. At our financial planning Melbourne service, we can help establish a review schedule and guide you through each review.
A financial advisor can assist with tax planning by providing personalised strategies based on your financial situation and goals. As your trusted Melbourne financial advisors, we can help you navigate the complexities of tax planning, ensuring you're taking full advantage of potential tax savings. By leveraging tax planning strategies, you can optimize your financial situation and achieve your goals more efficiently. Our team of skilled financial advisors in Melbourne is here to support you through this process.
Our Melbourne financial advisors can explain the tax benefits associated with superannuation. In general, contributions and earnings in the super fund are taxed at concessional rates, which can be beneficial compared to ordinary income tax rates.
Our Melbourne financial advisors can assist you with tax planning strategies, which may involve leveraging deductions, tax credits, and concessions to minimise your tax liability while remaining compliant with tax laws.
Our financial advisors in Melbourne can help with tax planning strategies to minimise your tax liability. This could involve taking advantage of tax deductions, tax credits, or income-splitting strategies where applicable.
CGT is the tax on the profit from the sale of an investment like shares or property. Our Melbourne financial planners can guide you on managing your investments to potentially minimise CGT.
Financial planning is a process to manage your finances effectively. As a core service of our Melbourne financial advisors, it includes budgeting, investments, tax planning, estate planning, and retirement planning.
Our financial planners in Melbourne stress that financial planning is key to attaining financial independence. It helps understand your current financial status, plan for future needs, minimise tax, optimise investments, and prepare for retirement.
Our financial advisors in Melbourne use a combination of fees, commissions, and sometimes a percentage of assets managed. Payment structure varies depending on the services provided.
The cost of financial advice can vary based on the complexity of your financial situation and the services required. Typically, a comprehensive financial plan from our Melbourne-based team ranges from $2,500 to $6,000.
When seeking a reliable financial advisor, look for qualifications such as Certified Financial Planner (CFP) or a degree in finance. Check their experience, reviews, and ASIC licensing. Our Melbourne-based advisors are readily available to assist you.
Our Melbourne financial advisors help clients manage their finances by providing expert advice on matters like investments, insurance, estate planning, tax, and retirement.
The frequency of meetings with your financial advisor will depend on your financial needs and goals. Generally, our Melbourne financial advisors suggest a minimum of once or twice a year.
While often used interchangeably, a financial planner typically looks at your financial situation comprehensively, whereas a financial advisor might specialise in specific areas like investing or estate planning. At our Melbourne firm, we offer both comprehensive financial planning and specific advisory services.
When choosing a financial advisor, consider factors like qualifications, experience, services offered, fees charged, and the advisor's approach to investment. Our team of financial advisors in Melbourne prides itself on a transparent and client-focused approach.
A robo-advisor is an automated online platform that provides algorithm-driven financial planning services with minimal human intervention. While they can be useful for some, our Melbourne financial advisors offer personalised advice tailored to your specific needs and circumstances.
Dollar-cost averaging involves investing a fixed amount regularly, irrespective of market conditions, potentially reducing the impact of short-term market volatility. Our Melbourne financial advisors can help you understand how this strategy could be beneficial.
Effective debt management might involve consolidating debts, prioritising high-interest debts, and creating a budget. Our Melbourne financial planners can help devise a personalised debt management plan.
Negative gearing occurs when the costs of owning a property (or other income-producing assets) exceed the income it produces. Our Melbourne financial advisors can help you understand the tax implications and potential benefits and risks of negative gearing.
Diversification is an investment strategy to manage risk by spreading investments across various asset classes. Our Melbourne financial planners can assist you in effectively diversifying your portfolio.
Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. Our financial advisors in Melbourne can show you how compound interest can affect your savings and investments.
Effective budgeting involves understanding your income and expenses, setting financial goals, tracking spending, and reviewing regularly. Our Melbourne financial planners can guide you in creating a comprehensive budget plan.
A recession is a period of temporary economic decline during which trade and industrial activity are reduced. It may affect employment, income, and investment returns. Our Melbourne financial advisors can help you plan and strategize for such economic fluctuations.
An emergency fund is a stash of money set aside to cover unforeseen expenses. Our Melbourne financial advisors recommend saving three to six months' worth of living expenses, in an accessible account.
Financial risk refers to the possibility of losing money on an investment or the potential of inadequate returns. Our financial advisors in Melbourne can assist in evaluating and managing your financial risk.
A bear market is when a market experiences prolonged price declines. Our Melbourne financial advisors can provide strategies to navigate such market conditions.
A bull market is characterized by a sustained increase in market prices. Our Melbourne financial planners can help you take advantage of opportunities in a bull market.
Personal finance involves managing your money and planning for future financial goals. Our Melbourne financial advisors provide personalized advice to improve your personal finance management.
A budget deficit occurs when expenses exceed income. Our Melbourne financial planners can help you strategize to overcome a deficit and create a balanced budget.
Commodities are basic goods used in commerce that are interchangeable with other goods of the same type. Our Melbourne financial planners can help you understand if and how commodities can fit into your investment strategy.
Interest rate risk is the potential for investment losses due to a change in interest rates. Our Melbourne financial planners can help manage this risk in your investment strategy.
A balanced investment strategy combines assets in a way to generate income, provide some growth, and guard against losses. Our Melbourne financial advisors can assist in formulating a balanced strategy based on your goals and risk tolerance.
A credit card is a payment card issued by a financial institution that allows cardholders to borrow funds to pay for goods and services. Our Melbourne financial advisors can help you understand how to use credit cards effectively and responsibly.
Exchange rates are the value of one currency for the purpose of conversion to another. Our Melbourne financial advisors can explain how exchange rates may impact your international investments.
Dollar-cost averaging involves investing a fixed amount in the same asset on a regular schedule, regardless of its price. Our Melbourne financial planners can help you understand if this approach fits your investment strategy.
A stop-loss order is a trade order to sell a security when it reaches a certain price and is designed to limit an investor's loss on a security position. Our Melbourne financial planners can guide you on if and when to use stop-loss orders in your investment strategy.
A trust is a fiduciary relationship in which a trustor gives another party, known as the trustee, the right to hold title to property or assets for the benefit of a third party. Our Melbourne financial planners can help you understand the role of trusts in estate planning.
A credit union is a type of financial institution that is owned and operated by its members. Our Melbourne financial advisors can discuss the differences between credit unions and banks to help you decide where to do your banking.
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Our Melbourne financial advisors can help you understand how to best manage and grow your assets.
A liability is something a person or company owes, usually a sum of money. Our Melbourne financial planners can provide strategies to manage and reduce liabilities as part of your overall financial plan.
Net worth is the value of all assets, minus the total of all liabilities. Put another way, net worth is what is owned minus what is owed. Our Melbourne financial advisors can assist in strategies to improve your net worth over time.
Our Melbourne financial advisors can help you choose the right investment strategy based on your financial goals, risk tolerance, and investment horizon.
Diversification is a risk management strategy where you spread your investments across various asset classes. Our financial advisors in Melbourne can guide you on diversifying your portfolio effectively.
A bond is a fixed-income instrument that represents a loan made by an investor to a borrower. Our Melbourne financial advisors can help you understand the role bonds can play in a diversified investment portfolio.
A CD is a type of time deposit offered by banks with a fixed term and, usually, a fixed interest rate. It is similar to a term deposit as offered by financial institutions in Australia. Our Melbourne financial planners can help you determine how such fixed-income investments fit into your financial plan.
Diversification is an investment strategy that involves spreading investments around to reduce risk. Our Melbourne financial advisors can assist in developing a well-diversified portfolio that aligns with your financial objectives.
An index fund is a type of mutual fund or ETF that aims to replicate the performance of a specific index. Our Melbourne financial advisors can assist in determining whether index funds are suitable for your investment portfolio.
A savings account is a deposit account held at a bank or other financial institution that provides principal security and a modest interest rate. Our Melbourne financial planners can help determine how a savings account fits into your overall financial plan.
Liquidity refers to the ease with which an asset, or security, can be converted into cash without affecting its market price. Our Melbourne financial planners can help you understand how to maintain adequate liquidity in your investment portfolio.
Asset allocation involves dividing your investments among different asset categories, such as stocks, bonds, and cash. Our Melbourne financial advisors can assist in creating an asset allocation strategy that aligns with your risk tolerance and financial goals.
Our Melbourne financial planners can guide you on how to start investing in shares, starting with setting clear investment goals, understanding your risk tolerance, researching potential investments, and monitoring your portfolio regularly.
A term deposit is a cash investment held at a financial institution for an agreed rate of interest over a fixed amount of time. Our Melbourne financial planners can help you understand if a term deposit is a suitable option for your financial plan.
A portfolio is a collection of financial investments like stocks, bonds, cash equivalents, funds, and other investment vehicles. Our Melbourne financial advisors can assist in creating and managing an optimal investment portfolio.
Blue-chip stocks are shares in large, well-established, and financially stable companies with a history of reliable performance. Our Melbourne financial advisors can assist you in identifying blue-chip stocks for your investment portfolio.
An IPO, or Initial Public Offering, is when a company sells shares of its stock to the public for the first time. Our Melbourne financial advisors can help you understand and navigate the opportunities and risks of investing in IPOs.
Options trading involves buying and selling options, which are contracts that give the purchaser the right, but not the obligation, to buy or sell a security at a predetermined price within a specific time period. Our Melbourne financial planners can help you understand the complexities and risks of options trading.
Capital preservation is a strategy focused on keeping the original investment amount safe from loss. Our Melbourne financial advisors can help you understand when and why you might prioritize capital preservation.
Cryptocurrency is a type of digital or virtual currency that uses cryptography for security. Our Melbourne financial planners can provide guidance on the risks and potential benefits of including cryptocurrencies in your portfolio.
Private equity involves investing in non-publicly traded companies. Our Melbourne financial advisors can help you understand the potential risks and returns of private equity investments.
Ethical investment involves investing in companies that align with your personal values, often considering environmental, social, and governance (ESG) factors. Our Melbourne financial planners can guide you in integrating ethical considerations into your investment strategy.
A mutual fund is a type of investment vehicle that pools money from many investors to purchase a diversified portfolio of stocks, bonds, or other assets. Our Melbourne financial planners can help you decide if mutual funds align with your investment goals.
Fixed income securities are investments that provide a return in the form of fixed periodic payments and eventual return of principal at maturity. Our Melbourne financial advisors can help determine if these securities align with your investment goals.
A hedge fund is a pooled investment structure set up by a money manager, which can use a variety of strategies to earn active returns for its investors. Our Melbourne financial planners can provide insights on whether investing in hedge funds aligns with your risk profile and financial goals.
An index fund is a type of mutual fund or exchange-traded fund (ETF) that aims to replicate the performance of a specific index. Our financial advisors in Melbourne can help you understand if index funds are suitable for your investment portfolio.
A brokerage account is an investment account that allows you to buy and sell a variety of investments, such as stocks, bonds, mutual funds, and ETFs. Our financial advisors in Melbourne can guide you in choosing a suitable brokerage.
An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees. Our Melbourne financial advisors can help you understand if an annuity is right for your retirement plan.
Asset allocation is an investment strategy that involves spreading investments across different asset classes such as equities, bonds, and cash. Our Melbourne financial planners can guide you in determining an appropriate asset allocation for your investment goals and risk tolerance.
Bonds are fixed-income securities that companies or governments issue to raise capital. Investors lend money in return for regular interest payments and the return of the principal amount at maturity. Our Melbourne financial advisors can help you understand if bonds are a good fit for your portfolio.
A managed fund pools together money from multiple investors to invest in a diversified portfolio of assets. Our Melbourne financial planners can help you determine if investing in managed funds aligns with your financial goals.
High-risk investments have the potential for high returns but also a high potential for loss. Our Melbourne financial planners can assist in assessing your risk tolerance and deciding if high-risk investments are suitable for your portfolio.
An ETF is a type of investment fund and exchange-traded product, traded on stock exchanges. ETFs are designed to track the performance of specific indices, sectors, commodities, or assets. Our financial advisors in Melbourne can help you understand if ETFs suit your investment strategy.
Growth investing focuses on companies that are expected to grow at an above-average rate compared to other companies. Value investing seeks stocks of companies that are considered undervalued. Our Melbourne financial planners can help you decide which approach suits your investment goals best.
The cost to start an investment portfolio varies depending on factors like the type of investments you choose and broker fees. Our financial advisors in Melbourne can help you devise a cost-effective investment strategy.
Inflation can erode the purchasing power of your money over time. Our financial advisors in Melbourne can help you choose investments that aim to outpace inflation.
Growth assets, like shares and property, have the potential for high returns but also higher risk. Defensive assets, like cash and bonds, offer lower returns but with less risk. Our Melbourne financial planners can guide you in balancing growth and defensive assets in your portfolio.
Yield refers to the earnings generated and realized on an investment over a particular period. It's expressed as a percentage based on the investment's cost or current market value. Our Melbourne financial planners can help you understand and assess the yield of potential investments.
Superannuation, or 'super', is a system in Australia where money is set aside by individuals throughout their working life to provide for their retirement. Our financial advisors in Melbourne can guide you on managing your super effectively.
The amount needed for a comfortable retirement depends on your lifestyle expectations, projected expenses, and planned activities. Our Melbourne financial advisors can help you calculate a retirement goal and develop a strategy to achieve it.
An SMSF is a private superannuation fund, regulated by the Australian Taxation Office, that you manage yourself. Our financial advisors in Melbourne can help determine if an SMSF is right for you.
A pension is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement. Our Melbourne financial planners can help you understand how pensions work and how to maximise your benefits.
Salary sacrifice is an arrangement where part of your wage is paid into your super fund before tax, potentially providing tax benefits. Our financial advisors in Melbourne can help you understand if salary sacrificing is beneficial for your financial situation
The age pension in Australia is a government income support for eligible senior citizens. Our Melbourne financial advisors can help you understand the eligibility criteria and application process.
Saving for retirement involves setting clear retirement goals, making regular contributions to your super, and considering other investments. Our Melbourne financial advisors can help you formulate a comprehensive retirement saving strategy.
Depending on your circumstances, you might need different types of insurance like life, health, income protection, and home and contents insurance. Our Melbourne financial advisors can assist in assessing your insurance needs.
Income protection insurance provides a regular income if you're unable to work due to sickness or injury. Our Melbourne financial planners can help evaluate if you need income protection insurance and guide you through the process.
Life insurance provides financial protection to your loved ones in the event of your untimely demise. Consult our Melbourne financial advisors to determine the most suitable life insurance coverage for your specific needs.
Factors like age, health, lifestyle, and the amount of coverage can affect your insurance premium. Our financial advisors in Melbourne can guide you through these factors to help you understand your premium.
Term insurance provides coverage for a specific period, while whole life insurance offers lifetime coverage and a cash value component. Our Melbourne financial planners can help you determine which is more appropriate for your circumstances.
Trauma insurance offers a lump sum payment if you're diagnosed with a specific illness or injury. Our financial advisors in Melbourne can help you understand how trauma insurance can form part of your risk management strategy.
TPD insurance provides a lump sum payment if you become totally and permanently disabled and are unable to work. Our Melbourne financial advisors can provide personalized advice to understand this type of insurance better.
Any individual who has financial commitments or dependents might consider TPD insurance. Our financial advisors in Melbourne can help you assess if this cover fits into your financial planning.
'Any occupation' covers you if you're unable to work in any job suited to your education and experience. 'Own occupation' covers you if you're unable to work in your usual job. Speak with our financial advisors in Melbourne to understand which is more suitable for you.
Factors like age, occupation, health, and lifestyle can affect TPD insurance premiums. Our financial advisors in Melbourne can help you understand these factors.
An interest rate is the amount a lender charges for the use of assets, expressed as a percentage of the principal. Our financial advisors in Melbourne can help explain how interest rates affect your savings and borrowing.
A payday loan is a type of short-term borrowing where a lender will extend high interest credit based on a borrower's income. Our Melbourne financial planners typically advise exploring all other options before considering such high-cost loans.
Refinancing is the process of getting a new mortgage to replace the original. Our Melbourne financial planners can guide you through when it might be advantageous to refinance a loan.
A margin account allows you to borrow money to buy securities, with the purchased securities serving as collateral for the loan. Our financial advisors in Melbourne can explain the benefits and risks associated with margin trading.
A mortgage is a loan used to purchase or secure a home. Our Melbourne financial advisors can guide you through the mortgage process, from pre-approval to closing, and discuss potential repayment strategies.
Debt consolidation involves combining multiple debts into one with a single payment, often with a lower interest rate. Our Melbourne financial advisors can help you understand if debt consolidation might be a suitable option for your situation.
A credit score is a numerical expression of your creditworthiness, based on an analysis of your credit files. Our financial advisors in Melbourne emphasise its importance, as it can affect your ability to borrow money or access products like credit cards and loans.
Improving your credit score involves strategies like paying bills on time, reducing debt levels, and regularly checking your credit report for errors. Our Melbourne financial advisors can provide guidance on improving your credit score.
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. Our Melbourne financial advisors can help you understand the importance of estate planning, including wills.
Having a legally valid will is crucial to ensure your assets are distributed according to your wishes after your passing. Our Melbourne financial planners can guide you through the process of creating a will that reflects your preferences.
If you die without a will, your assets will be distributed according to state laws, which might not align with your wishes. Our financial advisors in Melbourne can help you prepare a will to avoid such a situation.
You should consider updating your will after significant life events such as marriage, divorce, or the birth of a child. Our financial advisors in Melbourne can assist you with periodic reviews and updates to your will.
The executor of a will carries out your wishes as specified in your will. Our financial advisers in Melbourne can help you understand this role and choose an appropriate person to be your executor.
A power of attorney allows a person you trust to make decisions on your behalf when you're unable to do so. Our Melbourne financial advisors can help you understand when and why you might need a power of attorney.
A general power of attorney is usually for a specified period, while an enduring power of attorney continues even if you become mentally incapacitated. Consult our financial planners in Melbourne to understand which is right for you.
Yes, you can usually revoke a power of attorney at any time as long as you're mentally competent. Our financial advisors in Melbourne can guide you on how to properly revoke a power of attorney if needed.
Clear communication about your values and preferences can help ensure your attorney respects your wishes. Our Melbourne financial advisors can facilitate these discussions and document your wishes accurately.
A trust can help manage your assets and reduce estate taxes. Our financial advisors in Melbourne can help you understand how trusts work and whether setting up one is beneficial for your estate planning.
Remember, effective estate planning is more than just drafting a will or power of attorney; it's about ensuring peace of mind for you and your loved ones. Reach out to our financial advisors in Melbourne for personalized guidance.
If you’re young, wealthy, not wealthy enough or busy, chances are you’ve made the mistake of thinking financial planning is not for you. Unfortunately, these are just some of the most common misunderstandings we regularly hear from clients who think financial planning wouldn’t be right for them right now.
And it’s preventing them from reaching their full wealth potential.
As it turns out, financial planning is suitable for most of us. So, the sooner we realise, the sooner we can set out on a path towards maximising our wealth. This is one of the reasons ActOn Wealth offers a no-cost initial consultation. Meeting with you to hear about your current situation and where you want to be in the future enables us to identify our relevance and value. If we do indeed believe we’re the right people for you, then we can pull together a plan and show you just how achievable it is for you now and down the track. Don’t place barriers to your wealth creation - let’s find out if we can accelerate and make the very most of it!
As far as we’re concerned, you’re never too wealthy, poor, busy or young to make your money work its very best. Whatever your circumstances and wealth creation goals, we’re here to help you make them a reality. So let’s slay any of those financial planning misnomers! Break down those barriers to your own wealth and contact our team of experts for a no-cost initial consultation - we look forward to connecting with you!
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