Category: CAIRNS EXPERTS

5 WAYS TO GET YOUR MONEY IN ORDER

5 WAYS TO GET YOUR MONEY IN ORDER

Budgeting seems like a dirty word. Especially to people who can’t bear the thought of trolling through bank statements to understand where their money has gone. Not to mention setting targets and then actually sticking to them. What are some ways to get your money in order?

Fortunately technology is now taking much of the tedious work out of knowing the detail of your spending habits.  There are now apps which can automatically track your expenditure. They use internet banking and compare those expenses against what you want to spend.

Why is knowing what your expenses and income are important?

Whether you are a family or a business, if you want to achieve your full financial potential, you need to set some goals. Track your progress towards those goals and then reward yourself once they have been achieved. Goals could be taking that family holiday to Disney Land, reducing the mortgage or purchasing an investment property.  Regardless of what the goal is, understanding what you spend and how much you can save is integral in achieving your financial and personal goals.

Show me the Money is a new service offered by Kelly Wealth Services. It can help our clients with the assistance of market leading technology to provide easy to use cash flow tools in a cost effective manner.

www.kellywealth.com.au

FINANCIAL CHECKS BEFORE HAVING A BABY

FINANCIAL CHECKS BEFORE HAVING A BABY

You don’t have to be a rocket scientist to guess that having a baby is going to make some changes to your finances. However, there are some really sneaky ones that you probably aren’t aware of that you need to be. So let’s chat about the top three financial checks before having a baby.

Tell Me Brent, what impact does having a baby have on

  1. Insurance
  2. Superannuation
  3. Ability to lend

If you are not where you want to be financially, you need a financial coach to help you get there. Do your future a favour, and book a no obligation free chat with the team at Kelly Wealth to find out how they can help you today.

The Big Decisions:

  •  How are we going to survive on one income or a reduced Income?  (Budgeting / cash flow management).
  • What one off expenses do we need to budget for?   (Cots, change tables, clothes, car seats , porta cots, Prams ) They all add up.
  • Home modifications??   Do we need more room or a bigger house.
  • Upgrade the car (My partners two door 4X4 is not a “family vehicle” or the small car will no longer meet our needs.)

Other Important considerations:

  •  Income support services.  (Paid Maternity & Paternity leave arrangements & Support, Family Tax Benefits part A & B).
  • Personal Insurances.  (Now that I am a grown up you need to consider Life insurances & income protection to protect your family).
  • Also need to consider Estate planning.  Who receives the benefits of estate if you pass away and who do you want to look after  money for the benefit of child and more importantly who would you want to look after the child in the event of parents passing away.
  • Starting a saving or investment plan for the child’s education in the future.

How can Kelly Wealth Services Assist:

  •  We provide budgeting and cash flow advice.
  • We can provide a review of your Mortgage and other loans.
  • Lainie can provide finance if you need to upgrade the house or vehicle.
  • We provide personal insurance advice.  (How much do I need? Do you have cover inside your super already?  Is it a good quality cover?)
  • We can provide investment advice on saving for children’s future needs.

www.kellyhealth.com.au

A GUIDE TO PREPARATION FOR SEPARATION

A GUIDE TO PREPARATION FOR SEPARATION

If you are still able to communicate amicably, we recommend you make a list of joint expenses and work out how much needs to be paid into an account per week, fortnight etc. to pay those expenses as they fall due. It’s Ok to keep a joint account open for that purpose if you trust each other not to misuse it. 

Work out how much you can each afford to contribute to that account based on your income and other expenses not covered by the joint list.

Otherwise…

Bank accounts

  • Bank accounts – Open a bank account in your name only and get your wages and Centrelink benefits paid into this account.
  • Joint accounts – talk to the other person about closing off joint bank accounts and dividing the amounts in there. Failing that ask the bank to freeze the account or make it so that both signatures are requires.
  • Credit cards – If the credit card is in your partner’s name can you stop using it? If it is in your name and he/she has a card – consider cancelling it.
  • Joint credit cards – consider cancelling or freezing the account
  • PIN and password – change all PIN’s and passwords.

Please note – we always encourage you to talk to your ex about these steps before taking them.

Your mortgage and other debt

  • Know what the mortgage and bills are – how much, when payable.
  • Know what the loans are. What are you liable for? Don’t forget guarantees.
  • Let the lender know you have separated, keep in contact if you are having trouble making repayments.  Can you pay the minimum repayment? Can you renegotiate the loan?
  • Don’t forget that if a debt is in joint names, the only way to ensure you are no longer liable for the loan is to remove yourself from it. Even a court order stating that the other person is totally liable for a loan, doesn’t remove your liability. Only the lender can do that.
  • Mortgages – do you have a redraw option? How can you stop the other person using the redraw? Eg – joint signatures for any withdrawals.
  • Bills – The person staying in the home should put all utility bills (phone, internet, electricity, gas) in their name only – the person moving out, should have their name taken off. You should get a balance as at the date of separation.
  • Another tip about a mortgage – if you want to keep the house you will have to take over any mortgage in joint names into your sole name. You must keep up repayments without falling into arrears and if you fear you might, talk to your bank or other lender.
  • Go and see a broker to make sure you will actually be able to take over the loan before you start any negotiations; also to make sure you really can afford to make repayments
  • Go and see a financial advisor/financial counsellor if you are struggling

The house

  • Know how it is owned – joint names or not?
  • If it is on the other person’s sole name – you may need to protect the property with a caveat.
  • If rented – can you change the lease to your sole name? Or have your name taken off?

Superannuation

  • Superannuation is an asset capable of being divided between couple after separation.
  • If you are paying extra into your super, you may consider stopping the payments for now.
  • Check who your beneficiary is on your super
  • Get a statement as at separation, but just be aware if the matter goes to court you will need to provide current balances.
  • If you can’t get the other person’s super statement from them, you can request it direct from their super trustee – it’s called a “Form 6 Request for information” and will be available on the family court website or the super trustee’s website.
  • If you are worried the other person may be able to access their super, get legal advice about applying for a “flag” ( stopping the other person being able to draw down their super)
  • For a self managed super fund – are you protected? Don’t forget that you can’t have a SMSF with only one person so it will have to be wound up which may involve selling assets

Companies and other financial entities

  • Do you know how assets are owned – i.e. by a company or family Trust? 
  • Get the relevant paperwork – e.g. get the trust deed, you need to know who the settlor and beneficiaries are
  • If unsure about a company, do an ASIC search. You need to know who the directors are and how shares are held
  • Don’t forget that to separate the interests in a company, you need to take further steps to have directors removed
  • Make sure you know about any company liabilities – tax, personal guarantees

Other assets

  • Start getting ready – what other things do you own and what are they worth?
  • Who owns them?
  • What do you owe?
  • How easily can you access these assets – ie a term deposit

See our fact sheet – Property preparation  – on our website.

This is a handy online tool:

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/asset-stocktake-calculator

Other stuff

  • Will – Update your will as being separated does not cancel your existing will. Divorce may invalidate it.
  • Life insurance – review the level of cover, are the named beneficiaries still correct?.
  • Super – are the named beneficiaries still correct ?
  • Power of attorney / Advance Plan – if you have something in place is it still what you want?
  • Get copies of all important documents

www.collierlawyers.com.au

HELPING YOU CONTROL YOUR EXPENSES

HELPING YOU CONTROL YOUR EXPENSES

Budgeting seems like a dirty word to most people who can’t bear the thought of trolling through bank statements to understand where their money has gone.

Not to mention setting targets and then actually sticking to them.  Fortunately technology is now taking much of the tedious work out of knowing the detail of your spending habits.  There are now apps which can automatically track your expenditure via your internet banking and compare those expenses against what you want to spend.

Why is knowing what your expenses and income are important?

Whether you are a family or a business if you want to achieve your full financial potential, you need to set some goals, track your progress towards those goals and then reward yourself once they have been achieved. Goals could be to take that family holiday to Disney Land, reduce the mortgage or purchase an investment property. Regardless of what the goal is, understanding what you spend and how much you can save is integral in achieving your financial and personal goals.

Show me the Money is a new service offered by Kelly Wealth Services which can help our clients with the assistance of market leading technology to provide easy to use cash flow tools in a cost effective manner.

www.kellywealth.com.au

Physiotherapy Can Assist With Pregnancy Pain

PHYSIOTHERAPY CAN ASSIST WITH PREGNANCY PAIN

There is a multitude of musculoskeletal issues that can occur during pregnancy and following birth. Fortunately, these can be helped with treatment from an experienced women’s health physiotherapist. Pelvic girdle pain (PGP) can be one of the more severe and disabling.


The pelvic girdle is a ring of bones at the base of your spine. Pelvic girdle pain can be experienced in the hips, lower back, pelvis, pubic bone, groin, lower abdomen and legs. PGP affects one in four pregnant women. Pain when you are walking, climbing stairs, turning over in bed, getting in and out of a car, are common symptoms of PGP. PGP arises from excessive movement of the pelvis during pregnancy. Excessive movement of the pelvis is caused by:

•• Hormonal changes which alter the stretchiness of your ligaments.

•• Postural and loading changes from your tummy growing.

•• Pelvic floor muscles being stretched with the weight of the baby.

Certain activities will continue to aggravate PGP until you gain good control of movement in the pelvic joints. These include pushing loaded shopping trolleys, standing on one leg to dress, running, prolonged walking, walking on uneven or soft ground, carrying a toddler on your hip, getting in and out of the car, vacuuming and mopping.

Thankfully you can get help through physiotherapy and evidence supports this. A patient-specific clinical Pilates program is also very effective at managing PGP during pregnancy, with the use of stabilisation and stretching exercises.
If you would like more information on how you can manage PGP, contact your local women’s health physiotherapist to discuss.

INTRODUCING… THE PAKMAG EXPERTS (CAIRNS)

2018 is a very exciting year for PakMag. Not only will we continue to provide great information on what’s on in Cairns, give you top tips for parenting and have heaps of prizes to win, we’ll also have experts in areas such as health, law and wealth planning who will answer your questions on a monthly basis.

We’re very proud to introduce to you, our first four experts of 2018.


Dr Bobby Griffin / Sunbird Orthodontics

Dr Bobby is Principal Orthodontist and owner of Sunbird Orthodontics. He graduated as a dentist in Scotland in 1999, with academic commendation, and since then, after he emigrated to Australia in 2004, he has gained a number of other academic accolades, which mean he can now call himself a Specialist Orthodontist.

His practice in Smithfield is where he lives out one of his main passions in life, helping both children and adults with their dental and orthodontic needs.

Fun Fact: Dr Bobby wears many hats; he’s an orthodontist, a dad to his son Sachin (6), a runner (who ran the New York marathon), and lead guitarist in 3 bands!

 

Sunbird Orthodontics

Dr Bobby, what’s difference between a dentist and an orthodontist?

An Orthodontist is like a super-dentist. You need to be a dentist before you can become an orthodontist, and I was a family dentist for 10 years before I became an orthodontist. An Orthodontist is a specialist dentist who only deals with the development of children’s teeth and jaws.

An Orthodontist works together with your regular family dentist, and spends most of their time helping children through the transition from the baby teeth to the adult teeth, trying to avoid or minimize potential problems resulting from crowded and impacted teeth, or from habits like thumb sucking. An Orthodontist also has the skills to correct problems that do arise, and they use things like braces, plates and aligners to fix crooked teeth and bite problems.

Our aim is to ensure that your child has the best possible adult teeth to take into the future, and give your child the confidence to excel.

 





 

Dr Elizabeth Jackson / Dr Elizabeth Jackson, Obstetrician Gynaecologist

After finding her passion for obstetrics and gynaecology whilst in medical school, Dr Jackson completed a rigourous program of training and internships to achieve her dream.
She has worked as a private specialist in Cairns since 2015.

Dr Elizabeth is the only women’s health professional who is trained to use the da Vinci robot, a specialised piece of equipment which makes surgery less invasive and recovery time quicker, for which she underwent 3 months of intense training.

Fun Fact: Liz wanted to be a Formula 1 driver until she nearly crashed during a test lap on her honeymoon!

 

Dr Elizabeth Jackson

Dear Dr Jackson, I’ve been told I need to have a hysterectomy. I’m scared about recovery time. Have you got any advice?

Planning time off work for recovery is important. Recovery may mean the time to go back to work, or resuming exercise or sexual activity. Surgery may leave you tired, and if you have a strenuous job, plan additional time off.

Your gynaecologist will recommend different approaches (which have different recovery times), depending on prior vaginal birth or surgery, uterine size and the need to remove the tubes or ovaries etc.

Vaginal approach is the least invasive, with a 3-4 week recovery time. An open approach is for more complex cases (approx. 6 weeks recovery). Laparoscopic and robotic hysterectomy are minimally invasive techniques which replace open surgery with smaller cuts on the belly (approx. 2 weeks recovery). If your surgery is combined with another operation (such as prolapse), recovery may vary. When you feel comfortable, walking is ok, and at six weeks, your gynaecologist will give you a plan to return to exercise and sexual activity.

 




 

Nardine Collier / Collier Laywers

Before moving to Cairns, Nardine spent 20 years in Alice Springs where she ran her own practice. Her experience in this remote environment has made her a more resourceful and creative lawyer. Running a business and raising two boys has also meant that she has found a way to be more efficient by aiding her clients to be more ‘hands on’ with their own cases. It saves Nardine time and, in turn, it saves her clients money!

Nardine holds a Bachelor of Laws, a Master in Applied Law (Family Law), and she’s an accredited specialist in Family Law (professionals with this title are few and it recognises excellence in the field). Nardine is also a nationally accredited mediator and family law arbitrator.

Fun fact: Nardine used to be a race walker and won some events in the Alice Springs Masters Games.

 

Collier Lawyers

Dear Nardine, My husband and I are talking about separating. What should we be preparing in advance to make this as easy as possible on our family?

I know it sounds obvious, but firstly, explore whether there is any hope for your relationship, by attending counselling.
If you decide that the relationship is really over, here are some things to think about (and ideally discuss with each other, if you still can):
•• What about the kids? How and what will you tell them?
•• Who will stay in the house?
•• How do you sort out finances in the short term? If you’re still communicating amicably, I recommend making a list of joint expenses and working out how much needs to be paid into an account by when.
•• Protect yourself. Is safety an issue? Financially, do you need to close accounts etc? Emotionally, do you have the support you need?
•• Get legal advice.
•• See our website for our step by step separation checklist and “what do we tell our kids?” factsheet

 




 

Brent Kelly, Brent Cerutti & Lainie Poon/ Kelly Wealth

The power team behind Kelly Wealth is made up of Brent Kelly (Director and Senior Financial Planner), Brent Cerutti (Director and Senior Financial Planner) and Lainie Poon (Lending Advisor) who combined have over 50 years’ experience in the financial industry.

With a plethora of financial degrees and relevant qualifications between them, the team are well-equipped to help their clients with a range of needs.

Fun facts: Brent K has an Instagram account callled “flavour_up” as he I loves to cook! Brent C worked as a White Water Rafting Guide in the Italian Alps and Tully River after uni (before getting a haircut and a real job!). Lainie’s passion for experience means she spends money on travel, food and family rather than material things.

 

Kelly Wealth

Dear Kelly Wealth, I have two kids, I work hard and have a mortgage that we are ahead on. I’d love to meet with you, but I don’t have money to invest now. Can you help?
Great question and really common one! Firstly, if you’re ahead with your home loan and you’re looking at further wealth creating, you’re in the right mindset and obviously doing the right things with cash flow.

So, “Can we help?” – absolutely YES. It’s a common misconception that only wealthy people seek the services of a financial planner.

Our process is simple and transparent, and is without a doubt, value for money. We have an initial obligation-free, no-cost meeting to findout if we can help and add value to your situation. If it’s not the right time to undertake a financial plan, we give you some steps to take you forward. In terms of cost, packages start from $550. Our range of services really are tailor-made to match all budgets and needs.