Fava Financial Planning | Local business

Fava Financial Planning

Phone: +61 414 443 534

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24.01.2022 A reminder to stay vigilant when it comes to insurance renewals. AAMI wanted $165 per month to renew insurance on our mid-sized hatch. That's $1,980 pa. Yes, I had an at-fault accident last year. A quick call quickly dropped it to $139 per month, after further questioning I'm told pay-by-the-month adds 20% to the premium. Annual premium now $1,396....that's $584 per year or a massive 29.5% below where we started five minutes earlier. #insurance #carinsurance #paybythemonth... #favafinancial #favafinancialplanning See more

22.01.2022 Volatility has continued on global markets as a result of the coronavirus outbreak. The sharp slide of last week was somewhat halted and partly reduced on Monday when the Dow Jones Industrial Average in the US had a turnaround of +1,294 points on Monday night/Tuesday morning our time, the biggest daily gain on record. But then on Tuesday, the Dow took a -786 point hit, before last night/this morning posting another big gain of +1,173 points. Volatility at its best, riding the... coronavirus ride, as markets grapple with thoughts of whether there has been an over-reaction, whilst governments and central banks take swift action, yet at the same time the virus seemingly is spreading around the world, it is slowing in China where it began. As it stands the Dow sits only around 10% behind the record highs that were set only a week and a half ago. Keep in mind the Dow returned around 25% growth last year. It is today back over 27,000 points. I talk regularly about the Dow in these instances as the American market is generally the leader at these times that other markets tends to follow. See more

22.01.2022 Fava Financial Planning, licensed by Affinia Financial Advisers Limited.

22.01.2022 Friday the 13th has come early this week, the last couple of days have been absolutely brutal with several developments sending markets spiraling further south. The World Health Organisation officially declared a Global Pandemic (as if we didn’t know already). Several major sporting leagues such as the NBA in America have suspended their seasons, or else are playing to empty stadiums. The big one was President Trump surprisingly barring US entry to all European citizens (...except the UK) for 30 days from this Friday. Our leadership has been particularly weak; Prime Minister Morrison’s address to the nation at 7pm yesterday was in my opinion a disgrace, basically telling us his government was on top of it, that they are splashing some cash about, and have stocked up lots of extra masks and medical supplies. We had no statements about plans to reduce mass gatherings or any other plans that will help slow the spread of the virus if it hits hard, which is what would be needed to reduce pressure on our health system. Since then, overnight the decision was finally made to cancel this year’s Formula 1 GP, only after drivers and teams threatened to pull out. Whilst this week and current situation seem like a crazy nightmare, I retain my faith in long-term investment markets and strategies and tend to agree with one opinion that the stock-market reaction to the virus is an over-kill, and that once the virus subsides, the pent-up demand will cause a quick turnaround. Can you just imagine the supply needed to meet what will be the massive demand for goods and services here and world-wide when this subsides? For one, most of us will probably re-book a holiday. I honestly hope for all of us that this is the situation in a few months. The unknown question is what damage will be done between now and then, as many airlines, cruise operators, retailers and restaurant chains just to name a few are in a desperate state at the moment. It’s hard to remember that both the Australian and US share-markets were at record high territory only three weeks ago. This is a very difficult and busy period for our team and myself personally, and we are doing our best to respond to all phone messages and emails promptly whilst keeping up with appointments. As always, I welcome any calls if anyone feels the need to have a chat, day or night. Have a good weekend and stay safe, Michael and the FFP Team.

20.01.2022 Scams all scams.

19.01.2022 Clients and friends, although our office is not located in one of the postcodes listed in the latest lockdown, given we are basically surrounded by these suburbs, where a large portion of our clients reside, we have again decided we will conduct all appointments over the phone or using one of the several online applications available. This is disappointing as we only recommenced face-to-face meetings a few weeks ago, but the safety of our clients, many of whom are elderly, and our staff is of paramount importance. We hope this period of inconvenience and business disruption will be minimal. Stay safe, Michael and team.

17.01.2022 Dear clients and business partners, I hope this finds you safe and well. As the state Premier runs through his latest change of plans, I want to assure you that we are open for business and staying open and attending to our client obligations in accordance with our service agreements as best as we can. In other words, if you need anything, call us, we are here. We have created our office environment in a manner which means that my daughter and assistant Isabella, who lives wi...th me, and myself are able to work at the office which is minutes from home, with zero contact with anyone else, and we will continue to do so whilst we are physically able to. If I need to, I will move in here during the week. Brenda is also in on certain days and Michelle Abela is working hard providing most important support from home, whilst Marilyn is taking some leave. We are conducting all reviews if clients make themselves available, either on the phone or online, and handling any new business in the same manner. Stay safe, look after each other and do not hesitate to contact us if you need anything, or if you just want a chat. Michael and the team.

17.01.2022 Did you know that even if you are not entitled to an Age Pension because of assets, it's likely you are entitled to a Commonwealth Seniors Health Card, which offers many of the same benefits, once you reach Age Pension age? We can show you if you or your parents qualify and how to apply.

16.01.2022 We are happy to advise that we have yesterday completed our licensee transition to Affinia Financial Advisers Limited. Other than some delays getting new logins etc for various systems it is business as usual at Fava FP.

15.01.2022 After more growth and a mostly excellent January, we saw a volatile week with mixed economic data and the unknowns and fears of the Coronavirus gripping China and somewhat stalling the Chinese economy. As some better news filtered thorough over the last few days the US markets have been quick to erase recent losses with some massive single day sessions, and overnight closed up at record high levels once again. Yesterday, the actions of petulant and disgraceful House of Rep...s Speaker Nancy Pelosi, in tearing up the presidents speech after his State of the Union address would have done nothing to dent president Trumps chances of re-election in November, her actions will probably do the opposite. Despite what side you're on, respect is respect, he is the serving president, and much of the speech that she childishly tore up was dedicated to the stories of several veterans and military families. Nice one Nancy! See more

14.01.2022 General rule ..... spending more than 10% of the value of your home on a reno, you are probably over-capitalising and may never see that money. Hence for a $150k spend to get the $25,000 grant, your home should be at around the $1.5M mark. But combined couple's income must be under $200k. I've been appreciative and supportive of our government generally and certainly for the way they have led us through this CoVID19 pandemic. But this must be the worst most poorly thought-out idea this govt has ever come up with.

13.01.2022 Default employer super or a default super portfolio option is not necessarily 'good super' and what was set up for you years ago may no longer be appropriate for your needs. Many employers surveyed admit they haven't really done a comprehensive review of their employee super offering for many years. Is your super 'good super'? We are happy to help with any questions you may have about your super fund or portfolio options. #favafinancial #financialplanning

12.01.2022 We remind Centrelink recipients, particularly in Melbourne, that even during this Covid lockdown period you still are obliged to keep Centrelink informed of accurate asset values. Many people aren't spending money on holidays or nights out and are saving more than usual, and therefore could find themselves in an overpayment situation. Michael.

12.01.2022 FFP is open and running and it's business as usual albeit absolutely flat out responding to enquiries via phone and email, whilst keeping up with reviews and new business. Staff are taking leave and working from home. All appointments are being done via phone or video link and we are doing our best to deliver the best service we can to our clients.

09.01.2022 If any Melbournian's feel their personal rights or freedoms are being infringed, or that the Covid measures such as stopping at checkpoints and wearing masks are discriminating against them, but don't know where to turn or need financial help to persue legal options, please feel free to give us a call. We will work gratus and gladly tell you what an absolute #@#$&# idiot you are.

09.01.2022 US firm Moderna claims first safe vaccine human trials as the DOW soars over 900 points or 4%. https://www.news.com.au///ca1bc5600ac1375792d8f8f9297a751e

09.01.2022 HELPFUL TIP: It has been recommended that one takes extra care this year with the signing and dating of any official or legal documentation. For example, the way many documents are dated, such as "16/01/20" can fraudulently have a couple of digits added to read "16/01/2019" or any other year, so remember to use the full year on any documents that you sign and date so they cannot be doctored...such as 16/01/2020.

05.01.2022 "Compare the Pair". Industry Fund HostPlus quietly updates Product Disclosure Statement to ban withdrawals and switches. Quoting the article..... "Concerning for HostPlus Members". Be VERY CAREFUL where your superannuation is held!... https://www.afr.com//hostplus-updates-pds-to-freeze-withdr

03.01.2022 When the going gets a tough you need a team that's tougher! Michael has been guiding Australians through the good, not-so-good and downright tough times for 22 years and our team has accumulated over 70 years of combined experience in the financial services industry. So who are you gonna' trust?

01.01.2022 Be wary. https://7news.com.au//nab-text-scam-prompts-warning-from-n

01.01.2022 RIP dear Jeanette Kip, congratulations on a wonderful life, say hello to Henk for me. Condolences to Karen, Melissa and the family.

01.01.2022 The government's stimulus package during the Global Financial Crisis was just over $50B. The Covid19 stimulus package is worth over $250B. Yes, interest payments on debt need to be paid, but interest rates are lower than they have ever been, and the nation's interest bill will actually be lower than what it has peaked at in the past, when rates where much higher. In my opinion this will be a good budget for share-markets as it's a good budget for Aussie businesses, and it will see our economy recover strongly after Covid.