The Australian dream of owning a home still stands strong. For many, home ownership forms part of their retirement plan and can even provide or build part of an income to live off once retired.
Entering the property for the first time has been increasingly more difficult over the years due to increasing pricing and affordability of the property market however 2020 has presented some unique opportunities that first home buyers have been quick to take advantage of.
How tiny homes have revolutionised the way we live
If you were one of the many who accessed the governments early super release program after being financially impacted by COVID-19 you may want to consider ways to boost your super to ensure your retirement savings goals remain on track.
There are multiple avenues to save and invest money. The money in your super is invested by your fund, in shares, on your behalf. So you may be wondering if it's worth buying shares outside of your super, or investing extra into your super.
Often, the price you are willing to pay for a product is determined by how much value you place on it, do you go for the cheaper pair of shoes or the ones that cost more but you know will last you longer? Unlike physical products, services can be a little harder to understand what exactly you’re paying for and what value to place on it. When you do seek advice, it’s important to have trust in and value the advice of your adviser, but it is also important to understand the fee structure and actual cost of the advice you are paying for.
The pandemic has impacted the way we have lived our lives for most of 2020 and we now live in a new sense of normal. With predictions that coronavirus will still be circulating into 2021, the financial and mental implications are of great concern as families and individuals are continuing to be impacted.
Australia is approaching its first recession in almost three decades. The coronavirus pandemic and the bushfires have heavily impacted the country and its economy. Despite the government’s measures and support, the economy of Australia declined by 0.3% just in the first three months of 2020. It’s important to prepare for the upcoming challenging financial times and make an emergency plan around your finances.
In times of uncertainty and market volatility, the pre-work that goes into a solid financial plan kicks into gear. Having a good financial plan that considers both the protection of your wealth as well as its long-term growth can play a huge difference in you how you weather financially during these periods.