BMG Financial Planning and Accounting Albury Wodonga

November 2016

Shared Economy | Homemaker Insurance | Your Castle | Pyramid Schemes | The Joneses

With the holiday season approaching we thought we’d dive into the sharing economy – many people, especially pre-retirees, are now earning money from a growing trend towards ‘hollering an Uber’ and planning a getaway with Airbnb. Our animation this month takes a careful look at why it may be important to consider insuring both heads of the household, not just the main or sole breadwinner. Often underestimated, the family home is an asset to value and manage wisely in the journey towards building personal wealth. “It’s not a pyramid scheme!” Or is it? We provide you with some helpful tips on deciphering whether that investment opportunity might not be all that it seems. Also, sometimes we just can’t help but compare ourselves to others, however Mr. Bean and his ill-planned ‘Eating Competition’ do a great job in illustrating the pitfalls of ‘keeping up with the Joneses’.

And finally, with the changes to the Age Pension assets test thresholds and taper rate coming into effect from 1 January 2017, take some time to revisit one of our recent articles, ‘Will you be affected by changes to the Age Pension’, and if you have any questions or concerns regarding the Centrelink revisions please don’t hesitate to contact us.

The sharing economy and pre-retirees
According to recent data, there has been an increase in the number of pre-retirees – 55-64 year olds, participating in the sharing economy (such as Uber, Airbnb and Gumtree) in an attempt to boost their wealth and income. Read more…

the-sharing-economy-and-pre-retirees

Personal insurance for families
Many families consider personal insurances for the household’s main or sole income earner, but what about the non-working spouse? This animation explores why insuring both heads of the household may be an important consideration in developing your personal insurance plan. Launch video…

personal-insurance-for-families

Taking care of your castle
Wealth accumulation can be as simple as putting aside money each week into a high-interest savings account, paying down your debts, or building a diversified investment portfolio inside or outside of superannuation. Does the family home also come into mind when considering your personal wealth? Read more…

taking-care-of-your-castle

Helpful tips in detecting pyramid schemes
Have you ever sat around the dinner table with a friend or family member or attended an ‘investment’ conference or seminar and repeatedly heard someone say, “Now, this is not a pyramid scheme”? Pyramid schemes are illegal schemes under Australian Consumer Law. Read more…

helpful-tips-in-detecting-pyramid-schemes

Mr. Bean – Eating Competition
Are you currently trying to keep up with the Joneses? In life, everyone has their own financial journey so instead of worrying about what others are doing or how much they appear to have, it is important to stay focused on your own financial goals and objectives. Launch video…

mr-bean-eating-competition