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  • How Much Super is Enough? - 12 Jan 2015

    Many years ago there was a wise old financial adviser who worked in country South Australia. Each year in May and June, he would make the rounds of his clients collecting their super contribution cheques. His clients were mainly farmers or small business operators, dependent on the seasons and commodity prices. Many were asset rich but income poor, so the cheques were generally made out for $3,000, the maximum that could be claimed as a tax deduction at the time. Times were tough on the land and many clients tried to talk down the the level of contribution. Often the adviser was greeted with "Sorry but I haven't got thecash but I suppose I could run to $1,000". These were different times. Super was largely discretionary and many people considered it a low priority. Advisers had to work hard to get the contributions through the door. Undeterred, our wise old adviser had the perfect rejoiner. His simple but effective reply was; "Well, if that is all you are going to contribute to super then you wont be retired for very long!". A cheeky reply, but entirely correct. The art of saving money relies on two factors, mazimizing the amount contributed and maximizing the investment time frame. And as for the question "how much is enough",as one client recently put to me "in relation to money, you can never have too much".

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  • Wakefield Partners is Seniors Wise - 12 Jul 2011

    We are proud to announce that Wakefield Partners has been accredited as a Senior Friendly Business by Seniors Wise SA. This is a new program administered by Seniors Information Service and is an initiative of the Department of Families and Communities. We are one of the first businesses in South Australia to be accredited (definitely the first financial planning business!). The assessment team in particularly recognised the work done by our Senior Adviser Scott Keeley in providing advice in the area of Aged Care and Nursing Home Fees. The Seniors Wise SA website is http://www.seniors.asn.au Talk to us now to find out how we can assist you! Phone (08) 8333 2488.

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  • Credit Card Debt - 13 Aug 2010

    In a recent speech made by the Reserve Bank of Australia (RBA) Deputy Governor, in June 2010, Ric Battellino raised the question “are Australian households over geared”? Following this question he states that household debt has risen significantly faster than household income since the early 1990’s. RBA figures indicate the average personal credit card debt is approximately $3,300. With credit card interest rates heading towards 20% or more, people with a large balance are facing very high repayment amounts. If only paying the minimum payment, this could take six or more years to pay off. If you are struggling with paying off your debt then take control of the situation today. Even if you feel completely hopeless, you do have options. Once you start taking simple baby steps you’ll feel more in control of your finances. Try some of these helpful tips below; Take time to analyse your income & expenses. Do a budget by visiting FIDO’s budget planner. It is so important to track your spending so you get an understanding where your money is going. Distinguish between what you ‘want’ and what you ‘need’. Cut down or cut out altogether on what you ‘want’. Making sure you spend less than you earn should provide more money to repay your debts. Make short term and long term goals. Short term goals will keep you motivated and help you achieve your long term goals. You may consider selling some household items you no longer need. Have a garage sale or use Ebay to sell those unwanted items. If necessary sell down some investments to pay off high interest debt. There is no point having money in the bank earning little interest and a debt carrying a higher interest. Research credit card deals. You can compare credit card features and interest rates visiting www.ratecity.com.au. By switching over to the right deal may lower your interest rate and therefore pay off your credit card debt faster. Consolidate all your credit cards if you have more than one card. Try to switch to a credit card that provides balance transfers and discounted or nil interest rates for the first six months. If you cannot consolidate debt then start paying off the card that has the highest interest rate first. Tackle one debt at a time. Once a credit card is paid off, consider closing the account. Don’t fall into the trap of continuing to use a card with high interest rates just because it carries a reward program. Often the extra interest you pay negates any benefit from receiving the rewards. Learn how to pay “cash” for your purchases and not the credit card. Alternatively set up a debit visa card, that way you need to have cash in the account before you are able to purchase. To get further information contact us on (08) 8333 2488.

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