What is on your mind?

Now that you are in your 50’s you may only be a decade or so away from retirement – so you don’t have the time to waste by procrastinating or making mistakes. Your children might be close to leaving the home (or becoming less expensive) so you have more time and money to direct towards securing your future. Whether you are only starting your investment journey or building on existing investment assets, we can help you develop a clear and safe investment strategy that gives you the highest chance of achieving your financial and lifestyle goals. There are many things that we can help with during this time so don’t hesitate to discuss your situation with us. Click on the topic below that interests you.

Buy an investment property

Investing in property can be very rewarding but only if you invest in the “right” property. We can definitely help you with working out how much you should borrow, how to tax effectively structure your debt, arrange the finance with the bank/s and so on. However, one of the most valuable things we can do for you is guide you to ensure you invest in the “right” property. It is important to point out that we do not have any vested interest i.e. we don’t sell property to our clients or accept or pay any referral fees. We know that if we help you buy a high quality investment that, in time, you will have a lot of equity and we can therefore help you to further build your wealth. However, if you buy a dud property, it makes it very difficult to help you in the long run.

The benefits of compounding growth are significant. If you buy a $500,000 property today and it appreciates in value by say 5% p.a., in 20 years it will be worth over $1.33 million. However, if you buy a higher-quality property and it appreciated in value by 8% p.a., it will be worth over $2.33 million.  That is a massive $1 million difference. Remember, both these properties cost the same in stamp duty, interest and holding costs. Click here to read an article that sets out the 3 factors that make a property investment-grade.

To learn more download our investment-grade property checklist below or contact us to arrange a complimentary meeting today.

Investment-grade Property Checklist

Get instant access to our investment-grade property 18-point checklist now and learn what characteristics a property must have to be classified as investment-grade.

 

Change my home

Maybe you would like to move to a different area or you are considering upsizing or downsizing your home. Either way, changing your home is an important financial decision. The first decision is whether you keep your existing home or sell it. We have an abundance of experience with this decision and can walk you through all the considerations so that you make an informed decision.

The next important factor is structuring your lending to minimise any non-tax deductible debt – particularly if you do retain your existing home. There are some really valuable strategies to consider here.

Finally, we need to help you work out the safest way to implement this upgrade so that you don’t expose yourself to financial risk and don’t risk being homeless for a period of time.

We have helped literally hundreds of clients with this important decision so if you would like to discover if you are “financially ready” to contemplate a home upgrade, contact us to arrange a complimentary meeting today.

Home Upgrade Checklist

Get instant access to our home upgrade checklist now and learn what financial and non-financial considerations you need to take into account when contemplating a home upgrade.

 

Prepare for retirement

Now that retirement is possibly only a decade or so away, you are probably thinking that you should get serious about taking some action to secure your financial future. It is important that you have a clear understanding of the most efficient path that will achieve your financial goals. You need a clear roadmap to allow you to confidently move towards securing a comfortable retirement. You don’t have the time to make mistakes or waste procrastinating.

However, whilst you might be keen to get moving it might be important to spend some time on mapping out a strategy – before you implement some investment tactics. Tactics refers to where to invest whereas strategy refers to how to invest. Your strategy needs to address things like what your financial and lifestyle goals are, what assets and income you will need to accumulate to achieve your goals, the most appropriate ownership structures to hold said assets, how and where to allocate your surplus cash flow and so on. It doesn’t need to be a complicated process – in fact a good financial plan should fit on one page.

When seeking advice, it is critical that your advisor has no vested interest in the advice outcomes. Put simply, make sure the Advisor has nothing to sell you (i.e. doesn’t earn commissions from selling super funds, shares, managed funds or property). ProSolution does not generate any revenue or benefits from any investments so we are able to provide absolutely conflict-free advice.

If you would like to have a complimentary meeting to discuss how we can work together and provide you with independent strategic financial advice, contact us today.

Personal Financial Strategy Checklist

Get instant access to our personal financial strategy checklist now and learn what factors you need to consider when developing an investment strategy to meet your personal financial and non-financial goals.

 

Review my insurance cover

Insurance starts to become a lot more expensive in your 50’s – particularly as you get closer to age 60. As such, it might be appropriate to start paring back cover to manage the cost. If so, there are some important decisions we need to make in respect to what cover to reduce and by how much. A lot of these decisions depend on your longer term investment plans and the strength of your asset base – which is why our holistic approach is beneficial.

When providing insurance advice to our clients we carefully balance out three important factors: quantum of cover, quality of the policy (to maximise the chance of a benefit being paid when you make a claim) and overall cost to ensure you get the best value for money. We are not in the business of trying to sell you anything you don’t want or need. We are simply here to help you discover how much cover is appropriate for your circumstances and risk profile.

If you would like to have an obligation-free discussion with our insurance expert, please contact us today.

Personal Financial Risk Assessment

Get instant access to this checklist now and undertake an assessment of your personal financial situation to identify any unmitigated risks including estate planning matters.

 

Reduce my tax

In 1991, the Late billionaire, Kerry Packer declared in front of a parliamentary committee that “I don’t know anybody that doesn’t minimise their tax. I’m not evading tax in any way shape or form. Of course I’m minimising my tax. If anybody in this country doesn’t minimise their tax they want their head read. As a government, I can tell you you’re not spending it that well that we should be paying extra.”

Our approach to providing tax advice is to take every opportunity to reduce it whilst sticking well within the black letter of the law. There is no need to take on any tax compliance risks. It’s simply not worth attracting the ATO’s attention. Acting as our clients’ tax and financial advisor means that the right hand knows exactly what the left hand is doing and nothing gets missed. It also means we can take more of a strategic approach to tax planning as we can consider your current arrangements in balance with any future plans we have discussed.

If you would like to consider appointing us as your tax agents, please contact us today for a confidential discussion.

 

Plan for children education costs

Secondary school education – particularly for private schooling – can be very expensive and may have a large impact on your personal cash flow and, as a result, your ability to continue to invest for your future. However, it is important that you do both wherever possible.

We have worked with many clients and helped them develop a school education strategy. The sooner you can start investing for the future, the more successful you are likely to be.

If you would like to explore some strategies to fund children’s education, please contact us today for a confidential discussion. In the meantime, this blog might also be of interest.

 

Help my children buy a property

With property prices continuing to appreciate, you may be wondering how your children will ever be able to buy their first property. This is a common concern that many parents have. Buying a property at a young age can be a tremendously valuable educational experience for a young adult. However, it can be a bit of a minefield for parents. There are numerous considerations you need to address including protecting your own asset base, avoiding costs in the future, allowing your child to “stand on their own two feet” in the future, protecting intergenerational wealth from possible family law matters (your child has a relationship breakdown), estate planning matters and so on.

There are many possible solutions to consider when helping your child buy property. We have advised hundreds of clients (and their children) to successfully help their children begin their property investment/ownership journey. If this is something you are considering, please do not hesitate to contact us today for a confidential discussion.

 

Review my super

Because of the compounding nature of growth, if invested wisely, many people’s super will double in value during their 50’s. At this time, percentage based admin and investment fees become even more important to minimise.  Did you know that a relatively small difference in fees could reduce your super balance by 70%? This blog discusses how important it is to minimise super (admin and investment) fees to around 0.20% p.a. – particularly as your balance increases as percentage fees start to really add up. Secondly, you should probably sack the investment experts – Warren Buffett says most investment experts are far better at generating high fees as opposed to high returns. Instead, we believe that you should adopt a passive (index) investment philosophy which has been proven to generate higher returns in the long run (with substantially lower fees) as discussed in this blog. However, your asset allocation is probably your most important investment decision – particularly as you approach retirement.

We don’t receive any commissions or any other benefits from recommending any super funds. Therefore, we can independently guide you through the myriad of superannuation options that are available to you.

If you would like us to conduct a complimentary review of your super fund fees, please contact us today.

 

I’m not sure what I need help with

We understand that sometimes it difficult to know exactly what you need help with. As the saying goes; you don’t know what you don’t know until you know it. With that in mind we invite you to book a complimentary meeting with us where we will take the time to learn about your financial circumstances and life goals and share some ideas with you on how you could maximise your financial opportunities.

If appropriate, we will articulate how we can work together to help you with your financial journey. Our caring and friendly approach is completely focused on your needs and is not “salesy”. We will only contact you after our initial meeting if you request it.

If you would like us to book a complimentary meeting, please contact us today.