BMG Financial Planning and Accounting Albury Wodonga

May 2020

EOFY planning | Loss aversion | Super access | Jobkeeper payment | Dollar street | Self-care tips

In this month’s newsletter, with 30 June on the horizon, we begin by discussing several end of financial year planning tips for wealth accumulators, pre-retirees and retirees. Our animation illustrates loss aversion, a type of cognitive bias that can influence our financial decision-making in a range of personal finance areas. Certain conditions of release can allow us to access super early; we unpack the potential long-term impact of doing so under a new, temporary condition of release. The JobKeeper Payment was recently legislated, with some changes; we provide an updated overview of this. We also share a TED Talk by Anna Rosling Rönnlund, where she discusses Dollar Street, an interactive tool that allows us to view the world as a street, ordered by income.

Lastly, with the current global situation, it’s important to take time to look after our physical, mental and emotional wellbeing. Below is a video by Doctors without Borders with several helpful self-care tips.

EOFY planning tips: Give your finances a boost

With the end of financial year on the horizon, it’s important to review areas of our personal finances, and take action if required, before 30 June. In this article, we discuss EOFY planning tips.

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Cognitive bias: Loss aversion animation

Behavioural finance, a sub-field of behavioural economics, studies the psychology of decision-making. In this animation, we illustrate loss aversion, and how it can influence our decision-making.

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The potential long-term impact of accessing super early

To access super, a condition of release must be met. In this article, we list these conditions of release, and also provide information on the potential long-term impact of accessing super early.

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The potential long-term impact of accessing super early

In two recent articles, we provided overviews of the Government’s economic response to the COVID-19 pandemic. In this article, we provide an updated overview of the now legislated JobKeeper Payment.

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Dollar Street: The world as a street ordered by income

Our ideas about people in other places and cultures live can be formed by the images we see in the media. In this TED Talk, Anna Rosling Rönnlund discusses an alternative viewpoint, Dollar Street.

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Wellbeing: Self-care tips in times of stress or anxiety

Looking after our wellbeing is vital, especially in times of elevated stress or anxiety. In this video, Médecins Sans Frontières (Doctors without Borders) provides some helpful self-care tips.

Launch Video