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Navigating the Stage 3 Tax Cuts: Maximizing Your Financial Opportunities

The Government is tinkering…. again.   In the ever-evolving landscape of taxation, understanding the implications of government policies on your financial well-being is crucial. One such recent development is the Stage 3 tax cuts that come into effect from July 1st, 2024, promising relief for taxpayers across all income brackets. Whilst some tax relief is most certainly welcome, in typical Aussie style the changes have ended up a yet another political farce, and all of the backflips make it a bit difficult to keep up! Rest assured, as Tweed Heads leading  accounting and financial planning business we’re here to help…
Broken C rystal Ball

Ignore Investment Forecasts – Everyone’s Crystal Ball is Broken

Every year around this time the world’s largest investment banks (experts, one might reasonably assume) compile their forecasts of where financial markets will end up at the end of the year. They scrutinise a mountain of economic data, analyse reserve bank meeting minutes, compile sophisticated quantitative models, and then tell the world (with the utmost confidence) where markets will finish the year. Whilst we’re yet to see the full suite of forecasts hit for 2023, a look back at 2022 is quite instructive…   What Happened in 2022?   An average of the world’s foremost experts, would have seen the…
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What Freediving Can Teach Us About Investing

Over the Xmas / New Year break I spent some time pursuing one of my great passions (Freediving), and it got me thinking…does Freediving make you a better investor?   In the sport of Free Diving, participants train their minds and bodies so that they are able to hold their breath for inordinate amounts of time, and travel to great depths (or lengths) underwater on a single breath. (To check out some of the insane records, check out the AIDA Website). Now I have to tell you, that achieving ‘success’ in Freediving by holding your breath as long as possible…
Financial Services A-Team

How to Build Your A-Team of Financial Advice Professionals

Over the coming weeks in a 6 part mini-series, I’m going to show you how you can build your A-Team of Financial Advice Professionals. We’ll introduce all of the team members you’ll need for success, and take a deeper dive into what each of them does, what they don’t do (or aren’t legally allowed to) – and which professionals you should be asking for advice about which subjects.   Episode 1: Financial Adviser Episode 2: Accountant Episode 3: Mortgage Broker Episode 4: Conveyancer Episode 5: Estate Planning Solicitor Episode 6: Real-Estate Agent   DIY will only get you so far….…
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Stop Trying to Hit it out of the Park! by Saul Muscardin

In 2004, Michael Lewis wrote a fascinating book called Money Ball – which went on to become a major Hollywood movie starring Brad Pitt. The book tells the tale of Billy Bean, the manager of US Major League Baseball team the Oakland A’s and how he managed to take a team with one of the lowest budgets in the league to the play-offs – on multiple occasions! How did he do it? Well, conventional wisdom long held that big name, highly athletic hitters and young pitchers with rocket arms were the ticket to success… but without the financial firepower to…
Beach Jump

10 Profound Quotes for Wealth & Happiness in 2021

Every year around about this time people start preparing to make New Years Resolutions – 80% of which fail by the second week of February according to this FSU News article. Yet despite this overwhelming failure rate, we front up again next year with a new set of resolutions and a commitment to achieving them. Why do we continue this folly?   Well, It’s not too difficult to see why we make resolutions – Self-improvement is an admirable pursuit. It brings us a sense of accomplishment, pride, and the immense satisfaction of achievement. However, why we break resolutions is far more nuanced…   We make goals…
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Top 5 Reasons to Start Saving in 2021

Let’s face it, when it comes to wealth creation ‘saving’ is about the most boring method I can possibly think of, but trust me on this…. saving is the bedrock of wealth creation, and if you harness this simple little skill it has the power to change your life. But before I get into my Top 5 Reasons to Save, let’s take a moment to define what I mean by ‘saving’. Saving, contrary to popular belief is not piling your money up in the bank earning 0.5% – Your road to wealth will be a very tough slog with a…
Marshmallow

How Resisting A Marshmallow Can Make You Wealthy – Part I

  In 1972, a Stanford University psychology professor named Walter Mischel ran an incredible experiment. A child was given a small treat – in this case they could choose between a Marshmallow or a pretzel (whichever they preferred). They were told that they could eat the treat any time they liked, or…. if they managed not to eat the treat and waited for the researcher to return 15 minutes later, they could have a second one. The researcher left the room and watched with interest.   So what happened?     Well, as you may have guessed some of the…
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Status Quo Bias – The Great Wealth Destroyer

Believe it or not, being a successful <insert just about anything here> requires a far lower amount of expertise and a far greater amount of behavioural and emotional management than most people recognise (or care to admit). We see time and time again that this is particularly true of people’s finances. As humans, we make simple decisions complicated because emotions cloud our judgment – fear, greed, anxiety, uncertainty, overconfidence, spotting trends that don’t exist… they all distort what should otherwise be a simple logical choice. Let me give you an example.   There is an enormous body of scientific data…

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