Wealth Creation Blogs Worth Sharing.

With a federal election looming, the 2019/2020 Federal Budget aims to deliver tax cuts to low and middle income workers and small businesses, superannuation tweaks for older Australians, and energy assistance payments.   Keep in mind that a fair chunk of the below policies depend on the Coalition government winning re-election in May – although Labor has announced bipartisan support for some.  But here's what this year's Federal Budget essentially means for you.  Tax cuts for low- and middle-income earners.  The government aims to reduce taxes for low to middle income earners through additional targeted offsets that aims to benefit over 10 million Australians.  The big winners  from this year's federal budget are middle income workers earning between $48,000 and $90,000, who will receive an maximum tax cut of up to $1,080 for single earners. For a dual income family where two individuals earn in that range, the tax relief will total $2,160. ...

Forget the piggy bank, swear jar or the Excel spreadsheet, let's take a look at some technologies that are making it easier than ever to save and invest.   Saving may not be your favourite parts of being a grown-up, but it’s imperative when it comes to being prepared for anything life throws at you.  So what if you could get on top of these financial tasks without even thinking about it?  That's exactly what a rapidly growing number of tech-savvy solutions aim to do. Let us introduce you to some tools you might like to add to your kit.  1. MoneySmart mobile calculator Forget rough calculations on the back of a coaster. MoneySmart's four-in one financial calculatorcan help you work out exactly how much you can afford to borrow, the impact on your savings and whether or not that hot deal the salesperson is spruiking is actually any good. Created by the Australian Securities and Investments Commission, this app brings together four MoneySmart calcul...

I had the good fortune to share the mic with Sean Lavin and his Beneath the Surface podcast this week. Beneath the Surface: a podcast created to capture the stories of the people who make up the   global mining and related industries. Andrew O’Brien joins me for episode 6 of Beneath the Surface.  Andrew is a very unique character in the mining game - he’s a geologist, holds a site senior executive (SSE) ticket and is a certified financial advisor.  In this episode, Andrew and I talk all things finance in the mining industry. We discuss general financial education, tackle stereotypes and even dive head-first into the recent Royal Commission into misconduct in the banking, superannuation and financial services industry.   On top of all this, Andrew shares the biggest financial mistake that he sees miners make, and provides some fantastic advice to avoid the trap. I really enjoyed speaking to Andrew and am grateful for the knowledge and insights he share...

With costs of living on the rise and wage growth stagnating, it’s not hard to see why Australian households are increasingly feeling the pinch.    In fact, a recent Ubank survey revealed 59% of Aussies admit their current financial situation causes them stress or loss of sleep.    Even in the oft-labelled ‘Lucky Country’, this is a worrying statistic.   Financial stress can be constant and at its worst crippling, but with a bit of teamwork, solid communication, and a dash of discipline you can get your finances under control.  Communication Often what aggravates our financial stress isn’t just the lack of funds but the way it affects us interpersonally. In this sense, families, couples and friends all need to work out healthy ways to communicate about cash. People have varying attitudes towards their finances and sometimes differences in approach are hard to reconcile. A good approach, as in most things in life, is to communicate openly and ho...

A common misconception about income protection insurance is that it’s only for high-earners, but this isn’t the case. In reality, no one can afford to be without this safety net, regardless of the amount of income you earn.   The only things certain in life are death and taxes—or so the famous saying goes. Thankfully, income protection insurance can add a positive guarantee to that list by safeguarding your quality of life, should an unexpected setback strike.  You can’t predict the future, but you can plan for it Nobody wants to consider an accident or illness impacting their health suddenly, but it’s a very real possibility. As well as changing your lifestyle, an unexpected illness could mean you need to take extended leave from work. It’s estimated that over 400,000 Australians suffer a heart attack sometime in their lives. i Then there’s over 800,000 people of working age with disability, who were not working in 2015 alone. ii  It’s tempting to think t...

Workers Compensation will cover you for some things, but have you also considered Income Protection to ensure you are covered when you need it most?   Whether you're a white-collar worker hammering away at your keyboard from 9 to 5, or a tradie getting your hands dirty day-in and day-out, you run the risk of getting sick or injured at work.  That's why every Australian workplace has health and safety obligations: they must provide safe work premises, assess risk and have workers compensation insurance.  What workers compensation covers. As outlined on Fair Work Ombudsman , workers compensation may be paid out if you are injured at work or if you become sick due to your work.  Payments could cover your wages while you can't work, your medical expenses, rehabilitation costs or a lump sum payment if you become permanently disabled or pass away.  It's also important to note that in order to receive workers compensation you must prove that your in...

According to the ATO, there are almost twice as many active life insurance policies than there are working-aged Australians, but that does not mean Australians are adequately insured.  We look at how many Australians have life insurance, the reasons for under-insurance and explore what adequate insurance looks like.  At a glance There are almost 22 million active life insurance policies in Australia, a recent federal parliamentary report found . Y et there are just 12.5 million working-aged Australians (aged 15-64), according to figures published by the Australian Institute of Health and Welfare. Based on the numbers, it would seem Australians were more than adequately insured.  Only half of Australians hold life insurance However, as part of commissioned research in 2015, respondents told TAL that despite the significant number of active life insurance policies, only 52% of them hold some form of life insurance. The study also found only 30%-37% o...