MyLife Financial Planning in Blackburn, Victoria, Australia | Financial planner

MyLife Financial Planning

Locality: Blackburn, Victoria, Australia

Phone: +61 3 9017 4114

Address: 25 Canterbury Road 3130 Blackburn, VIC, Australia

Website: https://mylife.com.au

Likes: 378

Add/Update information

Reviews

Tags

• Investing service
• Financial planner

25.01.2022 A millionaire, a tradie, and an accountant are at a bar. When they get their beers, they notice a fly in each mug. The millionaire politely asks the bartender for another beer, then proceeds to sip it. The tradie tips out just enough to get rid of the fly and downs the rest. The accountant sticks his fingers in his beer, grabs the fly by the wings, and shouts, "Spit it out! Spit it out!" Dont worry - we love accountants and I am one! :)

24.01.2022 Superannuation - $500,000 lifetime NCC cap. The Federal Government (Government) announced in midSeptember that it was replacing its proposed $500,000 lifetime nonconcessional contribution (NCC) cap with a yearly limit of $100,000.... The measures are as follows to replace the lifetime nonconcessional cap with an annual cap of $100,000 with a threeyear bringforward limited to those who have a balance of $1.6 million, federal treasurer Scott Morrison said upon releasing a number of amendments. The revised proposal to commence on 1 July 2017 will allow an annual NCC cap of $100,000, with a threeyear bringforward provision of $300,000. The annual NCC cap will only be available for individuals with a total superannuation balance of less than $1.6 million across all accounts. The Budget proposal for a reduced $25,000 annual concessional contribution limit remains and will still be available to people with a fund balance of more than $1.6 million. To pay for this, we will be reversing the abolition of the work test measures for those aged 65 to 74 which means the existing arrangements for those who are aged 65 will continue. We will also defer commencement of the catchup concessional contributions by one year to 1 July 2018, Morrison said with regard to offsetting the costs of this change. The Association of Superannuation Funds of Australias (ASFA) interim chief executive Jim Minto welcomed the changes, saying the $1.6 million restriction would provide a healthy balance between retirement income adequacy and ensuring the level of tax concessions was sustainable in the future. Legislation for all measures will be introduced by the end of the year. See more

23.01.2022 In the coming years, there will be an increase in the number of Australians who will be transitioning into retirement. Most people start planning for retirement before they begin the transition. It is important to continue planning during retirement as it can lead to further financial security and promote your well-being. If you are already retired, you can benefit from further planning, exploring ideas and setting new goals.

23.01.2022 The new Child Care Subsidy will require families to update their information for relevant assessment by the Department of Human Services. The Child Care Benefit and Child Care Rebate will be replaced with a single means-tested subsidy, the Child Care Subsidy, from 2 July 2018. The Child Care Subsidy is paid directly to child care services to reduce the out-of-pocket costs for families. The amount of subsidy families may be eligible for will depend on: your family income;... an activity test; the type of child care service you use; and the age of your child. You can estimate how much Child Care Subsidy you may be eligible for by using the Payment and Service Finder on the Department of Human Services website humanservices.gov.au/paymentfinder If you currently receive the Child Care Benefit or Child Care Rebate for approved care, you will have received a letter from the Department in April asking you to complete a Child Care Subsidy assessment. This will help the Department check if you are eligible for the new Child Care Subsidy and work out how much your subsidy will be. To complete your assessment, you will need to sign into their Centrelink online account through myGov and select the complete your Child Care Subsidy assessment task. You will then need to work through the steps by providing the Department with new information and confirming your details in the prefilled sections. Information they require includes: an estimate of your family income for 2018-2019; your activity level; the school status of your child; and confirmation of your childs enrolment details. We encourage you to complete your assessment as soon as possible to avoid paying child care fees in full from 2 July 2018. More information about the Child Care Subsidy is available at humanservices.gov.au/childcaresubsidy This Photo by Unknown Author is licensed under CC BY-SA

23.01.2022 A glimpse of FiNext Conference.

22.01.2022 There is a growing emphasis on getting quick, click of a button style of financial advice. This can often be considered product advice. Just be wary of this sort of advice as there are so many aspects of financial wisdom that cannot be replaced by advisers who know their product inside and out, but do not necessarily understand the impact it will have on you. Your adviser needs to take the time to understand your whole situation (you, your needs and your objectives) to be able to offer you true financial wisdom.

21.01.2022 Stronger Super Refresh One of the areas that we are regularly asked about is the change to insurance in super which commenced with the Stronger Super legislation on 1/7/2014. For this reason we have included the following article which covers off on the changes that Stronger Super brought to our industry. Background In 2011, the Government issued a statement as part of the Stronger Super recommendations that demonstrated its concern regarding life insurance definitions withi...Continue reading

21.01.2022 For the 20th consecutive meeting the Reserve Bank of Australia (RBA) made a decision that the cash rate will remain at 1.5%. This is a record low which shows little sign of changing as most predictions estimate this stay the same until 2019. With residential property sales down and house prices falling, the lack of activity in the housing market has caused a rethink as to any possible increase in the near future. Make hay while the sun is shining and continue focusing on reducing your household debt. Get ahead now so when things do get tough, you wont feel the pressure so much or may even be in a position to take advantage.

20.01.2022 When did you last have a financial health checkup? These checkups look at: - protecting your assets - managing your debts... - managing your cash flows - in & out - your current or planned investments - your "what if plan" - estate plan - your financial goals progress It doesnt have to be with us, but please make sure you are checking in with someone regularly to ensure youre still "healthy" or to see if there are any new developments that could help improve your finances.

20.01.2022 Cash Savvy Kids - What to teach Pre-Schoolers: - you need to work to earn money - you need money to buy things - the value of each coin/note (what it can buy) - the difference between things you need v things you want

18.01.2022 Leaving the workforce and retiring is something everyone dreams about. However, this process can be risky if you are not financially prepared. Retirement depends on a range of factors. It is important to consider the lifestyle you want to live in retirement and whether you will be able to sustain this.

16.01.2022 Our best days are the days where we get to see the hope, the energy and the motivation that our work gives people. If you know someone that feels financially stuck or thinks they should be smarter with their money, then please contact us to arrange a friendly chat (at our cost) to hear how we can help their family.

15.01.2022 Have you updated your online passwords lately? They recommend that we do this every 6 months - especially the important ones such as online banking.

15.01.2022 The Super Cap is a bit more super. On 1 July 2014 the cap limits for super contributions were increased, allowing individuals to contribute more into super before penalties are applied. Concessional contribution caps apply to employers compulsory super guarantee (SG) contributions, voluntary salary sacrifice contributions and to personal deductible super contributions. The non-concessional cap applies to after-tax contributions.... The increase in caps are designed to encourage clients to save for their retirement now rather than later. The new contribution caps for the 2014-15 financial year are: Concessional caps $30,000; or $35,000 for people aged at least 50 by 30 June 2015. Non-concessional caps $180,000 per year $540,000 per three consecutive years (under the bring forward rule). If you are interested in #SeekingAdvice on how you to make the most of your super then lets have a chat. Go to http://www.mylife.com.au/contact.aspx

14.01.2022 David Strybosch nominated for the 'Excellence in Finance - Leaders' award at FiNext Conference, Dubai 2020. #financialplanning #retirementplanning #wealthmanagement FiNext Tech Awards & Conference

12.01.2022 We are excited to announce that David has been awarded with Excellence in Finance Leaders Award as well as Excellence in Finance Companies Award for Handshake at the FiNext Awards 2020 held in Dubai last week. FiNext Tech Awards & Conference

10.01.2022 Logic is not always the primary driver in financial decision making. Quality financial advice focuses on more than just your numbers and aims to understand what you want from your finances, which cant always be read on paper. This builds a trusted adviser relationship and better enables us to guide you through the logical, more scientific path of investing.

09.01.2022 Of course its not just wives! Hold the "spenders" hand when shopping. ;)

09.01.2022 CashWise Challenge - Do you wonder where all your money goes and why you dont have money for the things you want? Try tracking your spending for a week. Use a notes or money tracking app on your mobile (or paper & pen) and note every dollar spent. This quick test often surprises people and shows them where spending can be cut to save more money!

09.01.2022 #WealthMatters: What does a life of wealth look like to you? Does your answer include lots of material possessions or does it include love and relationships? My view of Financial Wealth is the ability to choose without money restrictions. My view of Life Wealth are days full of the things money cant buy - joy, peace, friendships, family, belonging, significance...... Whats your view?

09.01.2022 Do you feel uncomfortable asking for discounts? It can definitely be a faux pas especially on hand crafted items, but there are many occassions where it can be worthwhile. When do you ask and how do you ask?

09.01.2022 On Tuesday 9 May, the Federal Government handed down its Budget for the 201718 financial year. According to Federal Treasurer Scott Morrison, this years Budget is founded on the principles of fairness, security and opportunity. Mr Morrison claims that the governments proposed measures will raise almost $21 billion in revenue over the next four years, returning Australias budget to surplus by 2021. Here are some of the key Budget announcements. Note that each of these pr...Continue reading

09.01.2022 Are you in your 40s? Well as unpopular as it may sound, youre now facing the reality that your youth has passed and its time for some financial planning for your future. So do you save for retirement, save for the kids education, pay off the mortgage or not worry because you only live once right? ... Hopefully if youre in that last category you are ready to change. :) This sort of planning can be done in a really good excel spreadsheet if you know the latest tax laws, su...per laws, Centrelink changes, etc or you can consult a professional team like ours (shameless plug!) to tailor a plan to help you achieve your goals. Theres no one-size-fits-all plan as everybody has different needs and preferences. Having no plan is the same as having a really bad plan!

09.01.2022 In this Post, we are going to have a look at a client who is self-employed, and wanted to claim the tax deduction for personal super contributions made into their super fund. Lets be honest. It can be very taxing to do this sort of stuff. And whilst it may seem straightforward; some advisers, clients (and even some accountants) dont always understand whats required, or who needs to do what. So its best to break it down into a few simple steps 1. The clien...Continue reading

08.01.2022 Be careful who you get into bed with! Mortgage brokers were responsible for 71% of the growth in the residential mortgage market for the 12 months to the end of March 2015, according to research commissioned by the Mortgage & Finance Association of Australia (MFAA) and conducted by research group comparator. The Australian Prudential Regulation Authoritys (APRA) chairman Wayne Byres sent a letter to all authorised deposit-taking institutions (ADIs) in December outlining its ...plans to reinforce sound lending standards. He pointed in particular to ADIs measurement of borrowers living expenses. Of major concern were a few ADIs who opted to make their credit assessment based on a lower level of living expenses than that declared by the borrower. That is obviously a practice that should not continue, and ADIs should be making reasonable inquiries about a borrowers living expenses, he said. Lenders are required to ask borrowers about their actual expenses to comply with responsible lending obligations under the National Credit Act. Mortgage brokers have been relying on ADIs to meet their responsible lending obligations but it wont be the ADI who will be fined and or lose their license to operate if consumers face hardship. Mortgage brokers must also abide by the ASIC Regulatory Guide 209 Credit licensing: Responsible lending (RG 209) and therefore should be very careful who they get into bed with. If you are interested in #SeekingAdvice then go to http://www.mylife.com.au/contact.aspx

06.01.2022 Personal financial advice and the value that can be created by the guidance of a trained professional who can coach, counsel and adapt their philosophy to create a completely personalised experience for you, cant be replaced by the quick push of a button style of advice that is currently being advertised extensively.

06.01.2022 Philip Island Moto GP this Sunday October 23rd. Every year Laburnum Cricket Club raises money for the club by helping out at the Moto GP. If your a Moto GP fan ...and you wish you could get their to watch, then this is your chance. We meet at the Blackburn Bowls Club at 11:45am where we bus it to Philip Island. We get to watch the Moto GP and are provided a free feed. After the GP is finished we help clean up and then head home. So if your keen to go and happy to help out afterwards tidying up, then let me know by Saturday. Many hands make light work, so get as many friends together and lets all have a great day. Please remember to wear suitable attire for the day including closed footwear. Any questions please dont hesitate to get in touch. Cheers, David

06.01.2022 How are you planning for Christmas? Planning ahead can make it easier and less expensive. Eg: Write your gift list - who, what & how much. Use cash to stay in your limits and avoid online shopping if you struggle with temptation! Is it time to suggest a Secret Santa option or Family gifts instead?... Can you hand-make some of your gifts? Bake, cook, build, paint or make jewelry? Can you give time or service? eg: movie/coffee catchup or a home cooked meal, gardening, car wash or babysitting voucher?

06.01.2022 David Strybosch nominated for the Excellence in Finance - Leaders award at FiNext Conference, Dubai 2020. #financialplanning #retirementplanning #wealthmanagement FiNext Tech Awards & Conference

05.01.2022 The Legg Mason 2016 Global Investment Survey found that the cost of an enjoyable retirement in Australia is one of the priciest in the world, with most Australians estimating they will require approximately A$950,000 in savings and investments to achieve comfort after their working years. This is considerably above the roughly A$740,000 Australians expect to have saved. These figures just represent the average, suggesting a significant number of Australians will fall well sho...rt of their desired lifestyle in retirement. Dont be the one to say "I wish I had partnered with MyLife ten years ago". Let MyLife show you how to: - Pay off debts sooner - Save smarter - Enjoy life now

04.01.2022 Living comfortably in retirement. According to the ASFA Retirement Standard, a couple aged around 65 aiming for a modest retirement required an annual net income of $34,216, while a couple aspiring to a comfortable lifestyle needed to be able to generate $59,160 p.a. Singles wishing to live a comfortable lifestyle needed to spend $43,062 p.a.... With the changes to the Age Pension in January 2017, it will be a challenge for some families to to continue to live comfortably says David Strybosch. www.mylife.com.au

03.01.2022 The Reserve Bank of Australia has today announced the outcome of its board meeting and as speculated it has decreased the cash rate by 25 basis points; bringing the official rate now to 2.25% In taking this decision it appears the Reserve Bank has reacted to growing concerns around employment, flattening property prices, affordability for first home buyers and the lowering inflation figures. With ongoing concerns about property prices staying flat and term deposits providing... such low returns, managed investments are now very attractive. Combined with a gearing strategy and the projections are looking very positive. If you are interested in #SeekingAdvice on how to strategically get ahead then go to http://www.mylife.com.au/contact.aspx.

02.01.2022 Dear Followers, We would like to invite you to come and join us on LinkedIn. We have set this us up to provide more information, regular updates and to extend our customer service to you, our valued customers, to interact with us.... You can find us here : linkedin.com/company/mylifeit We look forward to connecting.