I’m a financial advisor and here’s my 5 step checklist to keep stress about money away

Updated: 04/08/2022

Meet Gerry Incollingo, Managing Partner of LCI Partners financial advisers. He’s jumped in this month with some insight directly from him as to how you can best keep the stresses of your bank account to a minimum. Here we go… Thanks to COVID-19, the never-seen-before, once in a century type of weather events that nowseem to be occurring each season and the inability to find employees to harvest produce that didsurvive the floods, the cost of living in 2022 has skyrocketed. And it can be worrying, even forthose of us who are financial advisors. Here is my 5-step checklist to keep stress about moneyaway. Step 1. Re-evaluate your budget With the cost of inflation and interest rates rising, the budget you created at the beginning of theyear as part of your new year resolution will be outdated. With the new financial year alreadyhere, there’s no better time than now to re-evaluate your incomings and outgoings. Look at waysyou can consolidate any loans. Talk to your bank about locking in a fixed rate for your mortgage,or if you’re renting, consider getting a roommate or downsizing. There may be outgoings that youcan cut back on, such as entertainment or transport costs. Talk to a money expert if you’re notsure where to start. Step 2. Use your tax return wisely Did you know the average Australian gets $2,000 back when they file their tax return? Instead ofusing the money to purchase early Christmas presents for the kids or deposit for a Disneylandholiday, find wiser ways to spend the… Read More

Category: FINANCE & INVESTING, LIFESTYLE

Tags: finance, Financial advisor, How to not worry about money

Trade crypto from where you are with Stake

by James Banham

Updated: 16/03/2022

As of now, you officially don’t need to download yet another finance app to buy, sell and trade your choice of endless crypto options: Stake is adding it to the mix. Adding to their trinity of awesomeness when it comes to trading-on-the-go, they are adding crypto to the line-up of over 8,000 investment products available across the NYSE and ASX. Whether now is a good or bad time to add cryptocurrency to your portfolio isn’t super certain – do your own research – but having a central option for those Stake fans amongst us to add our choices into makes life that much more streamlined. Why are they doing it? Aside from crypto being massive and Stake being one of the best innovations in brokerage for investors of all kinds across the US, Australia and beyond, it looks like it’s a got a good reason behind all that, in itself. In a 2021 research study commissioned by Stake, cryptocurrency was found to be the second most popular form of investment after stocks for Australian investors under 40. And if that’s not enough or makes enough sense, well all this comes off the back of Stake’s initiative of Stake launching a revolutionary CHESS-sponsored ASX offering at just $3 flat brokerage in late 2021. For more and to sign up to Stake to make your own investments, go here

Category: FINANCE & INVESTING, LIFESTYLE

Tags: Crypto, finance, Finance blog, Hello Stake, Stake, Stake investment, Trade crypto from where you are with Stake

The ultimate personal finance question, answered: should you invest with your partner?

by THE F

Posted: 05/03/2022

To invest or not to invest with your partner? This is one of the most frequently asked questions from couples who are a) in a de facto relationship, b) already have an established investment portfolio or c) have previously been burnt and would prefer to keep their investments separate. Does sharing life together mean you have to share finances? Whether you’ve opted for traditional marriage or simply living together, there are several factors you need to consider before making the final decision about whether or not to invest with your partner. What is your partner’s credit history like? If your partner comes with financial baggage—debt collectors hounding them, several unpaid credit cards, has been declared bankrupt and a multitude of other credit sins—this may affect any home loan applications required to secure investment properties or other assets. Joining forces to invest only works if you both have a good credit history. What are the tax implications? One of the main things couples forget to take into consideration are the tax implications when they move in together. Only the main residence (family home) is exempt from capital gains tax (CGT). This can get tricky if you’re a late bloomer or mature couple who don’t get married until later in life, it’s not unusual to already have an established property. Calculating your CGT implications can be messy, so check with a proven tax professional about your future tax obligations before expanding your investment portfolio. What if you can’t agree on what to invest in? Even the most… Read More

Category: FINANCE & INVESTING, LIFESTYLE

Tags: finance, Investing with a partner, Personal finance, Should I invest with partner

Love trading but hate brokerage? Sign up to Stake

by James Banham

Updated: 16/11/2022

Stake makes investing simple, fun, interesting, worthwhile… Whatever other superlatives you can come up with. But aside from all that, they’ve done some sensational stuff in the accessibility of investing – for short or long term – by putting full access to the ASX and NYSE in your hands from anywhere in the world. And if that’s not enough, by offering insider access to news and research in the form of their paid subscription, Stake Black, the platform is turning around what it means to be financially savvy and plan for the future. In their latest movement, Stake’s offering Australian investors and those with an interest in the ASX, access again to free brokerage with a clever referral system. Simply encourage three more users to sign up and make a trade and you’ll knock off a dollar for each from every transaction. Previously considered impossible and getting to $0 brokerage on the ASX has been achieved thanks to a unique ‘three to free’ referral method, allowing customers to refer friends in exchange for discounted brokerage, with the opportunity to continue free brokerage indefinitely. For each person a customer refers, their brokerage drops by $1 for 1 year. That means just three referrals can get you to $0. Plus, referrals beyond the third are banked and kick-in once another has expired. So, customers can keep their fee-free ASX trading rolling. For more about Stake and to sign up, use this link

Category: FEATURES, FINANCE & INVESTING, LIFESTYLE

Tags: finance, Finance blog, Finance guide, Hello Stake, Investing guide, Love trading but hate brokerage Sign up to Stake, Stake, Stake trading

Your superannuation: is salary sacrificing still worth it?

by THE F

Updated: 21/02/2021

First things first, what is salary sacrificing? Salary sacrificing for your superannuation is when you choose to forgo a portion of your wage so you can put more than the standard 9.5% into super. For example, if your employer is filing 9.5% super for you at each pay, you are offering to reduce your wage before tax to add more into your super fund. Previously beneficial, the changes to super legislation has meant that salary sacrificing super has become almost redundant now that you can do it yourself. The only real difference is the timing of when you get that little extra in your pocket from week-to-week or end of year, when your tax return is lodged. Let’s explore some pros and cons of salary sacrificing in Australia, taken from the mind of Gerry Incollingo, MD of LCI Partners, a firm that specialises in accounting advisory, lending, wealth, property, insurance and legal. Pros Beneficial by reducing your taxable income You will be paying less tax and increasing your retirement savings Soothes the stress of saving extra retirement money because no effort is required. Your investments happen automatically via your employer’s payroll system Cons Low income earners: Not recommended for low-income earners as they are not paying a hefty amount of tax to begin with, such as those earning less than $37,000. Also, it may be difficult to manage and afford your expenses if a further percentage of your wage is taken away to contribute to your super Lending issues: Keep in mind if you are young or… Read More

Category: FINANCE & INVESTING

Tags: finance, How to deal with money, Make money work for you, Personal finance guide, Pros and Cons of salary sacrifice, Salary sacrificing, Salary sacrificing guide, What is salary sacrifice, What to do with money, Your superannuation Is salary sacrificing still worth it

Safeguard your savings – 4 alternatives to consider before dipping into your emergency fund

by THE F

Posted: 08/07/2020

If you’re reading this article then you probably need to heed this reminder: You built up your emergency fund to help you only in the event of an emergency, so unless you’ve exhausted all other options, dipping into this account should not be your go-to solution. Instead, consider the below alternatives when you’re in need of short-term financial relief. 1. Look At All Your Lending Options Falling into debt is a serious concern when it comes to borrowing money, especially when you’re already facing financial difficulties. High-interest credit cards and payday loan schemes are considered predatory lenders, so skip these and anything else that sounds too good to be true. Your safest loan option is to borrow only what you need from someone you trust, like a partner, relative, or friend. If this isn’t possible, fast small loans from a reliable, not-for-profit lender may be worth considering. These lenders are known for their transparency and may even offer complimentary financial advice. 2. Using Returns, Rebates, and Refunds Don’t panic right away if you are unable to secure a loan (or a big enough loan for your needs). Take a moment to consider what point you’re at in the financial year or if you have any refund entitlements you can put to use. If you (or your partner) have recently submitted your tax returns, perhaps using your tax-back can be a better solution as opposed to spending your emergency fund, especially if you usually allocate this money to general spending or savings anyway. If you have… Read More

Category: COLLABORATION, FINANCE & INVESTING

Tags: finance, managing money, money, Savings

Tag: finance

I’m a financial advisor and here’s my 5 step checklist to keep stress about money away

Trade crypto from where you are with Stake

The ultimate personal finance question, answered: should you invest with your partner?

Love trading but hate brokerage? Sign up to Stake

Your superannuation: is salary sacrificing still worth it?

Safeguard your savings – 4 alternatives to consider before dipping into your emergency fund