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Monday 7:30am - 7pm Tuesday 7:30am - 7:30pm Wednesday 7:30am - 7pm Thursday 7:30am - 7pm Friday 7:30am - 5:30pm Saturday 9:30am - 5:30pm

Atlas Financial Group, Australia Square, 264 George Street, Sydney (2026)

20/11/2023

There is no one-size-fits-all approach to your financial goals.
With that said, it is important to approach your finances and planning with a systematic process to increase the likelihood of getting to where you want to get to.

Some Australians are most comfortable with the tried and true approach - buy a home and aim to pay it off before retirement and contribute to superannuation with the aim to build a sufficient investment balance to last throughout your remaining years.
Others may focus on leverage and tax deductibility as a means to create and increase their wealth. Others may just focus on getting a better job with more income and hope that the rest takes care of itself.

Recent research commissioned by ASIC and conducted by 'Whereto Research' found that just 1 in 4 (27%) of Australians have EVER received formal Financial Advice, with only 1 in 8 (12%) receiving advice in the past year despite most Australians seeing benefit in speaking to an expert about their approach to building wealth.
That begs the question, can your improve your approach are you leaving money on the table?

Questions? Get in touch

13/11/2023

When planning how much income you will need to retire comfortably, a long used rule of thumb is that you will need two-thirds (67%) of your pre-retirement income, if you own your home, to maintain your existing standard of living.

For your average Australian earning $92,000 in 2022, this works out to just over $61,500 (67%) in return per annum to not erode your investments.

In retirement, most adopt a less risky investment attitude (to lower the likelihood of market swings) which may also translate into a lower return on investment.

If using a 5% average return, you would need $1,230,000 ON TOP of a debt free home to achieve this $61,500 return to maintain your lifestyle and not eat away at your investment portfolio.

If you include inflation (+2-3% historically), fees, periods of low return you may need much more.

Not sure about your current approach?

Get in touch

13/11/2023

The importance of Systems vs Goals in managing your finances.

Almost all Australians have financial goals - to save more money, pay off their debt or mortgage, buy a property or investment property, save for retirement, free up cashflow to go on a holiday, buy a dream car or help their family members out.

How many of us actually achieve our goals each year? Eventually we realise that having goals is not enough, but then the question becomes how do we achieve what we want when life often gets in the way (think unexpected bills)?

The answer for many is to implement systems with our finances.
Do you have a system in place to ensure you are saving money each week?

Do you have a system in place to ensure that your retirement plans are being looked after without you needing to think about it?

How about having a system in place to ensure you can still pay the mortgage if your health gets worse and you can no longer continue to work?

The beauty of systems is that once they are in place, your goals take care of themself.

Want to learn more?

Get in touch.

13/11/2023

7 common financial mistakes Australians make in their 40s!

1. Not maximising superannuation

Retirement is decades away! why should I worry about it? A lot of Australians save for retirement and invest in assets in their personal name or don't save at all. The benefits that the Superannuation system provide in terms of wealth creation and tax minimisation are fundamental to most Australian retirement plans. Strategies like salary sacrifice, government co-contributions and spousal contributions can be an effective way to help improve retirement savings. Don't be complacent, you could be missing out!

2. Lifestyle 'Creep'

Lifestyle creep refers to increasing your 'lifestyle' at the same pace (or faster) than your wages. You might be earning much more money now than you were in your 20s and 30s, but ask if your expenses have also increased at the same pace? Are you eating out a lot more? Are your clothes now more expensive? Do you take bigger holidays more frequently? Did you upgrade the car to match your job title? A lot of Australians fall into the trap of spending as much as they earn. Small concessions in your 40s have the ability to make big changes when you retire. Get advice around your cashflow and budgeting.

3. The wrong investments for your stage of life

Maybe you're invested in assets that are too risky for where you are in life. Maybe you are overweight in assets that are too conservative for your goals and current situation. Maybe you have too much of your portfolio in one specific asset class and have not considered alternatives that might provide better returns or insulate you against market shocks. It is important for most to review where their money is sitting and if it can be improved upon in some way.

4. Prioritising the kids education over your retirement savings.

Giving your kids the best education you can afford is likely going to give them a head start in life. Have you considered the impact of this expense on your savings or retirement goals? Will the school you want to send them to leave you in a worse off position? Have you considered options to help save for and fund their education now or in the future? You might be surprised at the options available and benefits you have not considered. Make sure to talk to someone with expertise in the area!

5. The wrong insurances

Insurances aim to protect you when things go wrong. Maybe you will need them, hopefully you won't. Having adequate insurance is not just about getting the maximum you can afford or none at all. Appropriate cover can provide protection against illness, injury, death as well as events that may have destroyed your home or other assets. Your existing policy may no longer be the best or provide adequate protection for your current situation or stage of life. Consider if you should review your arrangements to see if you can save money or get more cover for the same costs (or protect against things you hadn't considered).

6. Feeling immortal

Sure, you might not be quite as good as you were 20 years ago, but you eat healthy, you still make time to exercise and your family have all lived long and healthy lives! The risk that something goes wrong may be fairly small for most, but accidents and unexpected health events do happen.
Have you considered a will or thought about who you would like to manage your affairs if you are unable to do so yourself (power of attorney)? If you have, are your arrangements still current?

7. The house on the hill (or big renovations)

A lot of Australians in their 40s have their foot in the property market. They might finally be seeing their mortgage reduce as well and feeling like they have 'outgrown' where they currently live. It is often a natural thought to move somewhere bigger with a backyard or to a different suburb closer to work or schools. Most don't consider the difference in expenses that a bigger house will bring. Will the upkeep on the property increase? Will you need to renovate to be in a comfortable position again? What about stamp duty? How much extra interest will you have to pay on your bigger mortgage each month? What happens to your plans if interest rates rise? Will that mean an extra 10 or 20 years before you get debt free? Maybe buying the bigger house prevents you from other goals you have. It could be prudent to get some advice on what your options are!

Questions or want to talk further?

Get in touch.

13/11/2023

Will you be able to live the retirement lifestyle you desire?

Australians are living longer than ever. In fact, if you are 65 today you can probably expect to reach your 90s.

Have you thought about what that means for your retirement planning?

Many choose to retire between 60 and 67. If you retire at 60 and live until 90, your retirement is only a decade less than your entire working career. Most don't budget (or have a plan) for an extended retirement. Most would also agree that the government aged pension is unable to fund the lifestyle that they would like to live in their old age.

The maximum basic aged pension for a single person is $971.50 per fortnight ($485.75/week) or $1464.60 per fortnight ($732.30/week) for a couple not including supplements.

Imagine the financial stress you could be in if you did not have a debt free home (or home at all). Would you be able to take your grandkids out to the movies or give them Christmas presents? What about if you received a larger than expected bill and didn't have savings to pay?

Planning is important. There is often a lot that can be done to improve your current situation which will put you on a better path for the future.

If you don't know where to start, get in touch.

13/11/2023

Financial Advice is not the same for everyone!
When asked, a lot of Australians think that Financial Advice is only for the rich and famous which is absolutely false.
With that said, there are differences in how advice may look depending on a couple of different factors (below lists some of these):
1. Age
The generation you were born in will have an impact on the type of advice you are likely to receive. A majority of Baby Boomers are already retired (or soon to be) and this segment of Australians will likely have different financial considerations and needs to a Gen X, Millennial or Gen Z (Zoomer) just entering the workforce. Advice could be more focused on preserving wealth and having less risky income streams as compared to paying down debt or even a focus on wealth accumulation for the future.
2. Employment type
There is a significant growth in the 'gig' economy which can often mean less stable wages or even periods with no income at all! Maybe you have a full time job that you want to stick with or even try your hand at being self-employed. How you generate a wage (and what that wage looks like) will likely mean a different strategy to maximise wealth for the future or minimise the risk as much as possible of going backwards financially.
3. Relationship breakdown
Many Australians are sadly put in the position where their marriage or long term relationship comes to an end and the emotional and financial costs can be significant.
Most do not want to consider this outcome but it can often be an event where a new financial strategy needs to be put in place. When children are involved expert help will likely be needed.
4. Gender
It is well known that your gender can impact your earnings and savings and whilst progress is being made, events like taking time off to have and look after children can have a big impact on how much money you have as well as your retirement savings. It is crucial to seek advice so you don't fall behind or be left in a worse off position.
5. Inheritance
Wealth transfer from old to young is a fact of life. With house prices growing at record rates as well as other considerations like superannuation growth, the amount of money being transferred is only likely to increase.
Receiving an inheritance often leads Aussies to seek financial advice. An effective strategy can help to make the most of any inheritance and its impact on your current finances.
6. It is never too late or soon to start
Aussies often leave retirement planning for another time far off in the future or think they don't have enough time to benefit from making changes. It is important to know that everyone can benefit from having a financial plan to follow and it is easier to get started than you think.
The world is constantly changing and that adds complexity to our lives - a qualified financial adviser can help you navigate these changes and let you know how to make the most of change.
Need to make a change? Get in touch.

Atlas Financial Group

20/11/2023

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Monday	7:30am - 7pm
Tuesday	7:30am - 7:30pm
Wednesday	7:30am - 7pm
Thursday	7:30am - 7pm
Friday	7:30am - 5:30pm
Saturday	9:30am - 5:30pm