[vc_row][vc_column][vc_column_text]Welcome to the May issue of Financial Insights and Updates.
With the Federal Budget over, it is time to review your finances before the end of the financial year.
Some tips to consider before the EOFY include:
- Check your deductions (donations, Income Protection insurance premiums, work from home)
- Consider voluntary superannuation contributions
- Work out investment property’s income and expenses.
This month we have a feature chart ‘The Power of Compound Interest‘ which shows how investing $100 each month with a 10% annual return can generate exponential results. Our header article ‘Who expects to get richer in 2024?‘ examines the percentage of high net worth individuals (HNWI) who expect their wealth to increase in 2024, categorized by generation and gender.
Other interesting articles this month include ‘The Mandie case’ which looks at a recent Federal court decision that demonstrates what happens in the event that there is no binding death benefit nomination on your super/pension account, and ‘Connecting an adviser with your children’ which looks at how parents and advisers can work together to manage intergenerational wealth transfers.
As always, feel free to forward any articles to friends and/or family that you feel may benefit from the information.
In signing off, please remember that we are always available to answer any questions or queries you may have and to come speak with us before making any major investment decisions.
Warm regards,
The Wealth Connexion Team[/vc_column_text][vc_column_text]
Feature Chart:
[/vc_column_text][vc_single_image image=”7026″ img_size=”full”][vc_btn title=”Click here to view the chart and article” style=”custom” custom_background=”#ae9257″ custom_text=”#ffffff” align=”center” link=”url:https%3A%2F%2Fdrive.google.com%2Ffile%2Fd%2F13gTCPnGL6-vEvVxdvKA-ZPv7M7xlgWAe%2Fview|target:_blank”][/vc_column][/vc_row][vc_row][vc_column][vc_separator border_width=”3″][vc_single_image image=”7029″ img_size=”large” alignment=”center” style=”vc_box_border”][vc_custom_heading text=”Who Expects to Get Richer in 2024?” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes”][vc_column_text]
The jury is still out on how the global economy is expected to perform in 2024, but as seen during the pandemic, economic turmoil sometimes provides opportunities for the wealthy.
We visualize the percentage of high net worth individual (HNWI) respondents who expect their wealth to increase in 2024, categorized by generation and gender, from the Knight Frank Next Gen Survey, accessible in their latest wealth report.
[/vc_column_text][vc_btn title=”Read more” style=”custom” custom_background=”#ae9257″ custom_text=”#ffffff” align=”center” link=”url:https%3A%2F%2Fdrive.google.com%2Ffile%2Fd%2F1i4G2pMh5GhUclWOuDKA4wzs5maNKdQCp%2Fview|target:_blank”][vc_separator border_width=”3″][vc_single_image image=”7030″ img_size=”large” alignment=”center”][vc_custom_heading text=”Life in retirement keeps getting more expensive” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes”][vc_column_text]
The latest rise in the Age Pension rate still falls short of what many people may need to have a modest lifestyle in retirement.
[/vc_column_text][vc_btn title=”Read more” style=”custom” custom_background=”#ae9257″ custom_text=”#ffffff” align=”center” link=”url:https%3A%2F%2Fdrive.google.com%2Ffile%2Fd%2F1qcx8v3-gChMT64kxzqEzQJ4PtoxsKZG8%2Fview|target:_blank”][vc_separator border_width=”3″][vc_single_image image=”7031″ img_size=”large” alignment=”center”][vc_custom_heading text=”The Mandie Case: The Importance of a Binding Death Benefit Nomination” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes”][vc_column_text]
Binding death benefit nominations provide certainty for people establishing their superannuation and estate plans. They help ensure that upon the member’s death, any super benefits are paid according to the member’s wishes, and are not left to the trustee’s discretion.
[/vc_column_text][vc_btn title=”Read more” style=”custom” custom_background=”#ae9257″ custom_text=”#ffffff” align=”center” link=”url:https%3A%2F%2Fdrive.google.com%2Ffile%2Fd%2F1Sqy0is92fiGu8coIFzPPsrKDqhticFQS%2Fview|target:_blank”][vc_separator border_width=”3″][vc_single_image image=”7032″ img_size=”large” alignment=”center”][vc_custom_heading text=”Connecting an Adviser with Your Children” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes”][vc_column_text]
How parents and advisers can work together to manage intergenerational wealth transfers.
[/vc_column_text][vc_btn title=”Read more” style=”custom” custom_background=”#ae9257″ custom_text=”#ffffff” align=”center” link=”url:https%3A%2F%2Fdrive.google.com%2Ffile%2Fd%2F1DL5IHIUaMLeBuA2NSFOL6XNL67X7DZ8G%2Fview|target:_blank”][vc_separator border_width=”3″][vc_single_image image=”7033″ img_size=”large” alignment=”center”][vc_custom_heading text=”Supercharge your Super before the clock strikes EOFY!” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes”][vc_column_text]
EOFY can have a tendency of creeping up on you… The calendar ticks over to 1 June, suddenly, your inbox is bombarded with EOFY sales, and you’re left thinking‘ Where has this year gone, it feels like Christmas was only yesterday!’.
Then you remember the superannuation tasks you’ve been putting off.
If this sounds familiar, then keep reading for our top ten tips to making the most of your superannuation before EOFY.
[/vc_column_text][vc_btn title=”Read more” style=”custom” custom_background=”#ae9257″ custom_text=”#ffffff” align=”center” link=”url:https%3A%2F%2Fdrive.google.com%2Ffile%2Fd%2F1R6Ucp5dEJfzxjp7AH2GilKD-jYRHDqfT%2Fview|target:_blank”][vc_separator border_width=”3″][vc_single_image image=”7034″ img_size=”large” alignment=”center”][vc_custom_heading text=”What Would Happen If You Couldn’t Work?” font_container=”tag:h4|text_align:center” use_theme_fonts=”yes”][vc_column_text]
If you were paid the average annual wage of $101,816.00, you could potentially earn over $12,299,349 over a 40-year working life. You would use this money for daily living, for holidays, to accumulate assets like a house and car and to save for your retirement. Being injured or taken ill, for only a short period, could severely affect or even cancel some of these plans.
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Disclaimer
This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. We strongly suggest that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Although we consider the sources for this material reliable, no warranty is given and no liability is accepted for any statement or opinion or for any error or omission. Past performance is not a reliable indicator of future performance. Please refer to the Product Disclosure Statement (PDS) before investing in any products mentioned in this communication. This information is current as at the date of publish.
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