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Financial advisers... are they worth it ?

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  • #16
    all the chinese I know have made successes from meagre beginnings that's why I mentioned

    One lady started out as factory worker,now runs 3 tatts outlets and 5 giftware/$2 shops . Owns x5m,golf R and Porsche Macan

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    • #17
      My wifes parents retired at 65, with only $65,000 in the bank, that was 15 years ago, father in law passed away 2 years ago, mother in law still has about $50- 60,000 in the bank, they went on holidays bought a new car etc.

      You dont need a huge amount when you retire, your house should be paid off, so no mortgage, you might even downsize so some extra $$ in the bank, no kids live with you, not putting $100 worth of fuel in the car a week to get to work, the pension even though its not a lot, is more than you need if you dont owe money and are good with what you spend it on.

      I suppose it just depends on the lifestyle you want to live to how much you need, as your life changes a lot when you retire and from what I have been told, its a bit to get used to.

      Really cant see you going through $2000 a week when you retire unless you are traveling the world and living it up .

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      • #18
        Have a read of Scott Pape's book 'The Barefoot Investor'. A lot of good advice in there for everybody.
        Wanted: Harlem Globetrotters Pinball

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        • #19
          Yeah retiring onto the pension....stuff that. What a life

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          • #20
            We met with a financial adviser through our bank and it was a big waste of time. He pretty much told us to take our entire weekly savings (yes all of it!) and spend it on expensive insurance. So we would have insurance but no life? I'm sure because he was getting a kick back for that insurance company. Can't see how that was good advise. He also didn't mention we could get the same insurance by simply upping our cover via our Super fund.

            I'm sure there are probably some more respected advisers out there just a matter of finding a good one.

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            • #21
              Originally posted by Beast View Post
              Have a read of Scott Pape's book 'The Barefoot Investor'. A lot of good advice in there for everybody.
              This is a great place to start. Great book, easy to follow, unbiased opinion to put things on autopilot.

              Everyone's situation is different but for me, after reading this it reinforced we were already doing a lot of the right things and were in a good position. The main change we made was increasing our salary sacrifice to super.

              Knowledge helps making an informed decision and confidence takes away doubt/indecision.

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              • #22
                My interest is property and managed funds at this time.
                I have to reduce tax and make my super work better
                If your doing property, Likely stay away from capitol cities.
                There has been some pretty concerning drops in sales and sale prices in allot of capital cities the last few months.
                Banks have made it harder toget loans so that has reduced buyers.
                Also Likely chance that the negative gearing will be abolished soon, So that could see housing prices lower, but if doesnt see prices lower, it would still be one door closed to you.
                City property would is being more risky, right now. Prices are still high but sales are down and a decline is a decline. 10% decline in Melbourne and 9.1% in Sydney from peak is a fair chunk of cash.
                1% fall last month alone

                So consider those sorts of things. Because if you were to negative gear you might want to get in soon, But could be taking the risk you've got in to late and your investment may drop.
                The hard part with declining markets is getting good information on if you should or shouldnt invest, Often people giving the advice are in the market that is declining so they have vested interest, so they need to talk it up and dismiss those sorts of risks.
                So that is also something you need to consider.

                I have a business that puts all its profits into me and my partners Super accounts, I dont take a cent out of that business, it is a piggy bank for my retirement.
                I am a bit old school and like the idea of saving money for the future, and having a debt free house hold is helping me out the most with being able to save.
                Ive always had my concerns with financial advisers, as Its impossible to know where their money is and if your money is just being used to help them not you.
                and the more complicated your investment becomes the harder it is to keep track of it and actually monitor its progress, Often having to take the financial advisors word that is gaining momentum rather than being able to see it for your self.

                But Im sure some people do well from good financial advice, and every one has their own ideas on how to finance their retirement.
                I like others have mentioned above hold little hope of any age pension being around when I retire,
                Last edited by jason1; 1st March 2019, 12:29 PM.

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                • #23
                  Excellent thread :-). Finally got off my butt and moved to an industry super fund and will get one opened for my wife once she gets a TFN as she has not worked for 15 years and never in Aus. Property not looking good, but hopefully better in the long game. Reckon have lost $400k since the peak on our house. 15-20 years of super stuffing to go...

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                  • #24
                    Isn't the proposal to end negative gearing only on existing properties?
                    I believe it was still going to be allowed on new builds.

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                    • #25
                      Originally posted by Boots View Post
                      Isn't the proposal to end negative gearing only on existing properties?
                      I believe it was still going to be allowed on new builds.
                      Either way the principle of the policy is to bring down prices.

                      Im not against housing prices going down, Its pretty obvious these prices are over inflated, and are out the range of first home buyers and families who just want to live in their own home rather than buying for investment.
                      But this is not what the topic is about

                      But You need to take these sorts of things into account, If there is a policy that is designed specifically to lower House prices, and is very likely that will happen, then you need to take note of that if you are looking at buying houses for investment purpose, obviously
                      But also Changes to capital gains taxes is also a likely change, which is something that will effect investments in the housing market.
                      So if your a want tobe investor you would be crazy not to Think long and hard about that before investing
                      Last edited by jason1; 1st March 2019, 02:08 PM.

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                      • #26
                        Yeah bit sceptical about financial advisors for most people; I think you're better off self-educating about money and the tax system generally. Unless you have a lot of money spare to invest, I don't think an advisor will be worth it.

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                        • #27
                          Originally posted by Railways View Post
                          I haven't had an honest, decent, unbiased one yet. What I have learn't though is not to store all your eggs in one basket and also going with industry based super is the way to go. In fact I've diversified to spread the risk with Super as well as in 3 different super's as being industry based generally the fees aren't horrific and they work for you and not the shareholders and filthy board directors.
                          Was with AMP for 15 years but after the fees I would have been better off putting the money under my pillow - bloody thieves and glad they got hauled over.
                          Some people swear by Real estate but that's a bit like all your eggs in one basket as well IMO.
                          I used to have two super accounts to spread the risk even though it's generally recommended against because of the fees, but the funds joined together so they rolled into one account with AustralianSuper which thankfully has been doing well.

                          You probably already know this but make sure that you don't double up on insurances that can be included by default in your superannuation policies. Income protection and Life insurance greatly add to your fees and you can opt out of them and just leave them in one of your funds, whichever one that gives the best deal.
                          Winter is here and I'm still riding more than gaming, my current goal = 100,000 meters elevation gain for the year - well ahead so far

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                          • #28
                            Originally posted by Rat View Post
                            I used to have two super accounts to spread the risk even though it's generally recommended against because of the fees, but the funds joined together so they rolled into one account with AustralianSuper which thankfully has been doing well.

                            You probably already know this but make sure that you don't double up on insurances that can be included by default in your superannuation policies. Income protection and Life insurance greatly add to your fees and you can opt out of them and just leave them in one of your funds, whichever one that gives the best deal.
                            One of my funds is indeed Australian Super and I agree its doing ok to well. Yep you are right about the insurance by default and we had that amended some time ago.
                            http://www.aussiearcade.com.au/forum.../138-RAIL-WAYS

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                            • #29
                              Speaking of superannuation

                              For the last 16 years i've had my super in austethical superannuation fund.


                              If you've ever wanted to change the world in a positive way but feel powerless to cause 'the man' is too powerful and too big... putting your money to work for good is a powerful force for change.

                              They have a clean, legitimate, and high performing fund. It's worth at least a look, if you've ever wanted to put your money where your mouth is on issues like clean energy, medical solutions, innovative technology, sustainable products, healthcare, energy efficiency.

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