WealthSpring Financial in Sydney, Australia | Financial planner
WealthSpring Financial
Locality: Sydney, Australia
Address: Level 25, 88 Phillip Street 2000 Sydney, NSW, Australia
Website: http://wealthspringfinancial.com.au
Likes: 81
Reviews
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25.01.2022 Lovely setting for a client review meeting! (Manly)
25.01.2022 Putting aside money for your retirement is very important, but so is investing in your future cognitive health. Dementia is shaping up as a hugely costly issue for older Australians - and the cost is felt both in dollar terms and reduced quality of life. "To ward off dementia, do something youre bad at."
25.01.2022 Unpaid superannuation entitlements have blown a big hole in the retirement planning of too many Australians. Its estimated that almost $3 billion worth of employer superannuation contributions remain unpaid every financial year. Check your statements - its not polite to say it, but small to medium businesses are often the main offenders in this regard. Its easy to get behind in obligations to employees when cashflow is tight, but its still a form of theft - understandab...le or not. If you notice any missing contributions on your super statements (you should be getting 9.5% of salary and wages at least quarterly, assuming you earn more than $450 per month), raise it with your employer now as they have 12 months from the 24th of May to make up unpaid entitlements without incurring additional fines. After this period, penalties will be even tougher than they were previously. If you are an employer who has struggled to keep up with superannuation guarantee contributions, now is your best chance to get it sorted.
24.01.2022 Our emotional, physical and financial wellbeing are all interconnected. I find myself making my worst money decisions when Im emotionally and physically depleted - particularly because I get tempted by expensive shortcuts that dont help in the long term and Ive observed this in others as well. Spending our personal energy wisely helps us to spend our money wisely as well. https://hbr.org//5-steps-to-investing-your-energy-more-wis
24.01.2022 A valid and frequently overlooked issue for senior Australians entering care.
24.01.2022 Im off to the Financial Planning Associations annual conference for the next couple of days. As a small business owner, its always a juggle deciding how much money to spend and how much time to take out of my business for professional development purposes, but ultimately, our ability to produce an income through doing our jobs well is usually our greatest financial asset. If we dont invest in ourselves, no one else will either. Also, as a sole practitioner, its too eas...y to get out of touch with other professionals who may have better and more innovative ways of doing things, and who could also benefit from me sharing my experiences in turn. #knowledge #education #networking #professionalconnections #fpacongress
24.01.2022 I had a client today thank me for an email I sent him some 6 months ago. He and his friend had been contacted about some super nifty software that would tell them which stocks to buy based on technical analysis and all they would have to do is follow the trading instructions and sit back and watch the cash roll in. As it turns out, he heeded my opinion and his friend did not. My client said that my email had turned out to be "spot on". I went back and dug out the email and... thought "yes, that was a pretty good email Liz"
24.01.2022 This was an interesting case posted by Tara Lucke Legal. The implications are that parents are expected to provide a portion of their estate (not necessarily an equal share) to their adult children even when they dont want to! Despite the messy outcome, the split would have been 50/50 between this womans adult children if she had passed away with no Will, so at least her wishes were partially respected I guess. The lawyers had fun though! Most estate planning specialists ...will recommend you leave some portion of your estate to each of your adult children even if you dont want to, since no provision at all may end up in this sort of expensive litigation. Seek legal advice is my advice! https://www.news.com.au//news-story/8deeac6e689eadb160af00
24.01.2022 Be a smart money manager - dont fall for expensive add-ons at car yards.
23.01.2022 Last week I had the honour of being voted 2019's most valuable contributor to @XY Adviser - an online community of financial advisers seeking to collaborate and work together to improve the quality of advice in our industry. I was legitimately shocked because there are so many great people in that group who contribute so much. I'm so pleased to be able engage with other forward thinking advisers and I've always gotten more out of this group than what I've put in. In this corner of the industry at least, it's truly an ethos of #collaborationovercompetiton. Also recognised the technical and marketing categories respectively were Liam Shorte of Verante Financial Planning and Adele Martin of Money Mentor. Oh and if you don't believe I was shocked, check out the truly unflattering reaction shot with multiple chins in the comments
22.01.2022 Last week I had the honour of being voted 2019s most valuable contributor to @XY Adviser - an online community of financial advisers seeking to collaborate and work together to improve the quality of advice in our industry. I was legitimately shocked because there are so many great people in that group who contribute so much. Im so pleased to be able engage with other forward thinking advisers and Ive always gotten more out of this group than what Ive put in. In this corner of the industry at least, its truly an ethos of #collaborationovercompetiton. Also recognised the technical and marketing categories respectively were Liam Shorte of Verante Financial Planning and Adele Martin of Money Mentor. Oh and if you dont believe I was shocked, check out the truly unflattering reaction shot with multiple chins in the comments
21.01.2022 Are you looking to feel more empowered and gain confidence when dealing with money? Do you find it difficult to make time to learn new things because you have a baby or young child to care for? If youre in Sydney and the answer to either of these questions is yes, then you should definitely check out the Money Masterclass offered through Seed & Spark in Paddington and Glebe. Fabulous financial planner Shelley Marsh of Marsh Financial Advice and Money Mummy will be running... the Glebe workshop and Ill be running the Paddington workshop. The 2 hour workshop includes hand-outs and childminding for one child aged 6 weeks to 5 years. http://www.seedandspark.com.au//money-masterclass-for-pare
21.01.2022 Changes to Centrelink deeming rates have been announced today. These will be back-dated to 1 July 2019. The deeming rate on the first $51,800 of a single pensioners financial investments - and the first $86,200 of a couples - will drop from 1.75 percent to 1 percent. A deeming rate of 3.0 percent will apply to all financial assets above these amounts.
21.01.2022 Nice article from Morningstar on the cost of financial procrastination and how to move past it.
20.01.2022 Every investor makes mistakes and every investor who wants higher than cash returns will lose money on paper at some stage. The key is not to let your mistakes take you off course. At the end of the day, its the overall portfolio return that counts - not whether one stock or fund was a winner or loser.
19.01.2022 Me (Liz) with my moderator hat on at yesterdays Professional Planner Retirement Conference. Clearly someone had said something hilarious about pension account asset allocation.
19.01.2022 Bushfire victims are being drowned in peoples good intentions. Please send cash rather than items that are not necessarily needed. Cash donations made to registered charities also have the added benefit of being tax deductible so they give you more donation bang for your (net) buck. Here are two charities I have been directing funds towards: https://www.redcross.org.au//disaster-relief-and-recovery-... https://www.wires.org.au/donate/emergency-fund https://www.abc.net.au//unsolicited-donations-sp/11848180
18.01.2022 My observation from most financial blogs, media and financial information services over the past few years is that weve moved into an extreme focus on frugality. Dont get me wrong, controlling your spending is super duper important for sure, but there are other levers you shouldnt ignore when considering your overall financial plan. Reducing your spending is just one lever you can pull to improve your financial position. Moving towards peak financial fitness should also ...include looking at how you might increase your income (e.g. through further education, experience or simply marketing yourself better), and also working to ensure that: - your investments are appropriate (risk versus return), - the interest rates on your debts are competitive and the structure is appropriate, - your income and assets are protected (e.g. via insurance), - your taxes are legally minimised and - you have a wealth distribution plan in place for your family (i.e. via proper estate planning including a valid Will as a bare minimum). See more
18.01.2022 Little habits = big changes over time... Im currently reading Atomic Habits by James Clear and its full of great information applicable to your financial life as well as any other area youd like to improve. To paraphrase James (and many other experts in the area of behaviour change), too often we are held back by the belief that success requires massive action and that it comes all at once. The reality is that small and consistent changes build over time and they will bri...ng significant change if we stick at it long enough. There is no overnight success and those that get there through luck or accident of circumstance usually throw it all away (Google "broke lotto winners" and youll see what I mean). Its the same principle as compound interest - compounding good habits over long periods of time will bring exponential returns. Which is not to say its easy, but worthwhile things usually arent.
18.01.2022 The four pillars of well-being - all equally important, and all interrelated. Good planning is about more than just the numbers. Photo credit: Sunsuper
18.01.2022 A bit of a lengthy read, but there are some great tips in this article on mindset, and how to save money without making yourself miserable :-) "A good strategy is to think about recent spending experiences when the moment is over. Think about something you bought several days ago or a week ago. Run it through your mind and ask whether it was really something that gave you real significant value. Is it just another forgotten treat in a long line of forgotten treats? Or was it really worthwhile?"
16.01.2022 PSA: If you are likely to be in a position to rely on Centrelink, offering up your home as security for an investment loan is likely to adversely impact you even if the loan is 100% tax deductible and for investment purposes. Unlike the ATO, Centrelink do not care about the purpose of the loan - they are interested in what its secured against. Seek professional advice (not from a bank loan officer) if considering purchasing an investment property or other debt funded investment close to or after retirement. In fact, probably seek advice regardless, but especially then!
15.01.2022 I was asked today for few thoughts on retirement villages so I thought I'd share them here as well: 1) My clients who live in retirement villages are on the whole very happy there and they make use of the facilities and opportunities to socialise. 2) Financially, they are almost always an inferior choice to an owner occupied property but, it’s not all about money, and as long as the resident understands the costs going in and can afford it, they can still be a valid choice... since they seem to enhance quality of life. 3) I strongly recommend enlisting the help of a solicitor to go through the fine print. The contracts are often lengthy and complex and there are usually significant exit costs involved. These costs may include a requirement to give up a share of any capital growth and to cover the costs of restoring the unit to its "original condition" regardless of whether you've actually caused any wear and tear. When making the decision to move to one of these facilities, it's important to note that depending on market conditions and the contract offered by your preferred facility, you may not get all of your capital back when you move on. That said, if you are likely to use the facilities on offer and the opportunities to socialise, it may still be well worth it.
15.01.2022 Truth. Here at WealthSpring Financial, we can help you with one of these three things - let us know if youve managed to fix the other two credit: Kristen@Kica333
12.01.2022 This drop off and Christmas thank you note from a client just made my day. But really, I should be thanking all my clients and all of you for your support in 2018. Conditions are becoming more challenging for small businesses like ours and I would not last a day without everyones support. Thank you to everyone who has referred a client to me or even clicked like on a post. Youve all helped me enormously through a challenging year. All the best to you and yours for the holiday season and heres to 2019 .
12.01.2022 "Of course, if you had a perfect ability to predict how far the market would fall and when it would bottom out, it would make sense to move money in and out. You do not. There is a wide range of evidence that people are pitiful at timing the market. Even supposed investment experts lack that prescience. Even if you turned out to be right about a continuing tumble in 2019, the great risk would be that whenever the rebound began, you would be caught out of position, unable to take advantage."
11.01.2022 Sooo...is this genius? Or a sign that you need to communicate more with your significant other about expectations around discretionary spending?
10.01.2022 I attended a seminar today where I was reminded of the sobering statistic that 50% of us wont get to choose our retirement date due to age discrimination / employment risk, or personal or family ill-health or disability. Another reason not to leave our retirement planning to the last minute since we might need to access our retirement capital sooner than we think.
10.01.2022 Im at a productivity workshop this morning and its amazing how one simple phrase can shift ones mindset. "Theres no such thing as time management - its all about choice management" Same goes for money.... For me this was like...
09.01.2022 "Fashion designer Lisa Ho also fell prey to McLaren and had $850,000 taken from her after he said he would invest her superannuation in a low-risk way and give her a high return." If you hear the words "low-risk" and "high return" in the same sentence, you are more than likely dealing with a charlatan. Im very sorry for what has happened to this mans victims - its awful - but there are no free lunches when it comes to investing.... https://www.smh.com.au//label-of-conman-is-deserved-frauds
09.01.2022 Bushfire victims are being drowned in people's good intentions. Please send cash rather than items that are not necessarily needed. Cash donations made to registered charities also have the added benefit of being tax deductible so they give you more donation bang for your (net) buck. Here are two charities I have been directing funds towards: https://www.redcross.org.au//disaster-relief-and-recovery-... https://www.wires.org.au/donate/emergency-fund https://www.abc.net.au//unsolicited-donations-sp/11848180
09.01.2022 "As investment market returns move up and down at different times, having broad exposure in your portfolio means that gains from one asset class can help offset those that, at some stage, inevitably generate losses. This is why concentrated share portfolios can be so unsuitable for many investors when viewed against their true appetite for risk." To translate that into plain English - different investments, strategies and asset classes will do well at different times. Diversification means you can invest in higher risk assets, while smoothing your returns. Holding just a few high risk assets may deliver very high returns at times, but it can also take you on a hell of a ride and expose you to very uncomfortable levels of volatility and potential losses. https://www.afr.com//smsf-or-investment-portfolio-diversif
08.01.2022 Money and kids - Ive been thinking a bit about this topic again lately now that my little guy is getting old enough to realise that money is a thing, so I thought Id re-share this article since I worked hard on it and could use re-reading it myself right now :-). http://wealthspringfinancial.com.au/5-easy-ways-to-raise-m/
08.01.2022 This financial year is the first time most employees have had the opportunity to make tax deductible personal contributions to superannuation. If you havent had a salary sacrifice arrangement in place throughout the year, its not too late to tip in some extra money and gain a tax advantage. Careful though, a total cap of $25,000 p.a. applies to pre-tax (or concessional) contributions and this includes any money your employer has contributed on your behalf. Its also impo...rtant you understand any money contributed will be preserved until your preservation age. In short, its a good idea to seek personal advice to see if this strategy is appropriate for your circumstances. If youd like any assistance with this opportunity, please get in touch.
06.01.2022 Ive done quite a bit of planning work over the years to help parents with funding their childrens education costs and strongly agree with this statement: "Ideally, the best approach is to start saving as early as possible. Not only does that give more time to save, but more investment risk can be taken in exchange for higher returns."
06.01.2022 I attended a seminar today where I was reminded of the sobering statistic that 50% of us won't get to choose our retirement date due to age discrimination / employment risk, or personal or family ill-health or disability. Another reason not to leave our retirement planning to the last minute since we might need to access our retirement capital sooner than we think.
06.01.2022 Pro tip for anyone intending to contribute to Super before the end of the Financial Year - June 30 falls on a Sunday this year and contributions have to be in the fund before June 30 to count under this years caps. Many banks and super funds do not process anything over the weekend and EFT and BPay can take up to 48 hours in a worst case scenario. Getting your contributions made by COB Wednesday the 26th should ensure success for most funds but please also check your own super funds cut-off dates as these will also vary. The clock is ticking...
06.01.2022 I was asked today for few thoughts on retirement villages so I thought Id share them here as well: 1) My clients who live in retirement villages are on the whole very happy there and they make use of the facilities and opportunities to socialise. 2) Financially, they are almost always an inferior choice to an owner occupied property but, its not all about money, and as long as the resident understands the costs going in and can afford it, they can still be a valid choice... since they seem to enhance quality of life. 3) I strongly recommend enlisting the help of a solicitor to go through the fine print. The contracts are often lengthy and complex and there are usually significant exit costs involved. These costs may include a requirement to give up a share of any capital growth and to cover the costs of restoring the unit to its "original condition" regardless of whether youve actually caused any wear and tear. When making the decision to move to one of these facilities, its important to note that depending on market conditions and the contract offered by your preferred facility, you may not get all of your capital back when you move on. That said, if you are likely to use the facilities on offer and the opportunities to socialise, it may still be well worth it.
06.01.2022 I'm at a productivity workshop this morning and it's amazing how one simple phrase can shift one's mindset. "There's no such thing as time management - it's all about choice management" Same goes for money.... For me this was like...
04.01.2022 Childrens bank accounts are unexpectedly complex given the target customer, but working through the terms and conditions together could be a great lesson in financial literacy for your kids. This article does a great job of breaking down some of the most popular childrens accounts.
02.01.2022 Are you an Age Pensioner who lives in regional NSW? This initiative from the NSW state government might be worth a look: https://www.service.nsw.gov.au/regionalseniorstravel
01.01.2022 The Galaxy Research conducted in November 2017 found that most Australians are only saving $3.20 for every $100 earned. Thats...not a lot. Good budgeting and expenditure tracking can help you get a handle on where your money is going and what you might be able to free up to add to your savings. My philosophy is that discretionary expenditure I can barely remember 2 weeks later probably isnt bringing me enough joy to be worth sacrificing my financial future for.... MoneySmart provide a comprehensive and free budget planning spreadsheet (if you dont mind a bit of work) or you can contact me to discuss the automated options available. https://www.moneysmart.gov.au//calculators-/budget-planner
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