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need to know about financial planning

5 Things You Need to Know About Financial Planning, Including Costs

Everyone can benefit from seeking the advice of a financial planner at some point, regardless of their financial goals, current financial position or income. When it comes to your finances, being proactive and planning is the best step you can take to ensure a stable and comfortable future. In this article, we take you through five things you need to know about financial planning. What is financial planning? We’ve all heard the term ‘financial planning’ but what does it mean and what does a financial planner do? Well, that’s a great question! While many perceive a financial planner as a … Read more

planning for your retirement

Planning For Your Retirement in 4 Steps

Most of us live a fast-paced, busy lifestyle but when it comes to planning for your retirement, the sooner you start, the better. Too often, people start thinking about their retirement when they’re in their late 50s and realise they haven’t thought far enough ahead to live the retirement they desire. Planning for your retirement can be a complex area and it’s important to understand your options, what strategies are on offer and the future implications of the choices you make now. We’ve shared 4 steps to help you prepare for your retirement, regardless of your age. Have a goal … Read more

A Detailed Guide to Managing Your Super

Setting up your own self-managed super fund provides you with the freedom to manage your own finances and have a say in what you’re investing in. It can be challenging but managing your own super fund doesn’t have to be put in the ‘too hard’ basket. With some research and the right tools (and maybe a little help from the team at Inovayt!) you’ll be on your way to managing your own super. First thing’s first – what is a self-managed super fund? In the simplest way possible, a self-managed super fund (SMSF) is literally that; you are managing your … Read more

Benefits of Financial Planning

The Top Six Benefits of Financial Planning

Money. The five-letter word that can strike terror into the hearts of people and make them want to run for the hills and start a civilisation on a remote farm. This doesn’t have to be the case. Some of the most common questions we hear are: “what is financial planning?” and “what are the benefits of financial planning?” While they might seem a little overwhelming, we’ve got you covered on exactly what these questions mean. Ok, but seriously, what IS financial planning? Put simply, financial planning is all about assessing your current money situation, making a list of long-term monetary … Read more

Tax

Superannuation and other tax-related end of financial year considerations

As we approach the end of the 2020 financial year, amid the chaos of the coronavirus, it is important not to forget end-of-year tax planning. We have highlighted some superannuation and other tax-related issues we think are worth considering. If you have any questions, or you would like to explore opportunities in your own year-end superannuation and tax-related financial planning, please do not hesitate to contact us.  Superannuation-related Considerations: In addition to normal employer contributions, there are a number of ways to contribute to your super, and each way can have a different tax consequence. We have detailed below the … Read more

coronavirus

Unpacking the Impact of Coronavirus

The newspaper headlines over the last week would have us believe that COVID-19, also known as the coronavirus will bring on the end of the world as we know it. Negativity abounds with headlines like “Aussie Shares Suffer $210 billion Wipe-out”, “ASX Routed – 10% wiped off in a week” or “Pandemic Panic – Markets plunge”. My bellwether measure is my mum and when she comes to me and asks “Have I lost all my savings?” then I know the media’s scaremongering has gone too far and it’s time for me to present a more balanced view of where things … Read more

Micro-investment

Micro-investment Apps – Are They Worth It?

Are you investing in shares? Diversifying your assets? How about alternative investments? All of these concepts may seem rather daunting if you’ve never invested in anything before, which is why the fintech industry is experiencing significant growth, particularly, with a millennial audience. With the introduction of easy to use micro-investment options like Raiz (formerly Acorns), BrickX and Spaceship Voyager there’s now an easy, low entry point for just about anyone. In this article, we take a look at some of the most popular apps of the moment. Raiz Formerly known as Acorns, Raiz is a micro-investing app that automatically invests … Read more

Understanding superannuation | Woman putting money into a piggy bank

Breaking Down the Basics of Superannuation

Superannuation funds can seem super complex. But by focusing on just two things – finding a fund with low fees and choosing the right investment options – can hold the key to earning tens of thousands of dollars more for your retirement. And in light of the news that people saving into poorly performing superannuation funds could be up to $530,000 worse off than those who invest in some of the better funds, now is the time to make sure you’re setting your future self up for superannuation success. Spend some time managing your superannuation and understanding how to make … Read more

It’s Never Too Early to Start Planning Your Retirement

Are you fantasising about living a life of luxury when you retire? Whether you’re in the prime of your working life and have a long way to go or retirement is a part of your 10-year plan, planning should start well before your last day on the job. Here are our top tips to help you transition into a smooth retirement no matter where you’re currently at in your working life: 20s to 30s There is a school of thought which suggests purchasing a home is one of the smartest strategies to set you up for future retirement. If you’re … Read more

How to Supersize Your Superannuation

Retirement might feel like a lifetime away, but once you approach your inevitable career deadline it is too late to plan for a comfortable post-work life. As the average life expectancy in Australia steadily increases into the 80s for both men and women, so does the need to ensure that you’re able to choose to retire comfortably. We aren’t all in a position to secure the age pension, so we need to invest a little time and research into retirement planning. Poor financial planning—particularly for retirement—is unfortunately common for many. Currently, just one-third of retirees in Australia live on a … Read more

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