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ashley_s last won the day on November 17 2013

ashley_s had the most liked content!

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About ashley_s

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    Transitions Addict!
  • Birthday 29/11/1978

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  • Year of first Tri race?

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  1. ashley_s

    Petrol Prices

    That is one good thing about living in Port Mac. We don't have weekly cycles, I believe this is because the station attendants are too lazy the push the button to change the price.
  2. ashley_s

    Financial planners

    Are you reinvesting the income? What interest rate are you paying on your borrowings. Hard to think you are still down "a fair bit" after 13 years.
  3. ashley_s

    Financial planners

    There is a large generation that is hoping so. This is definitely a key expectation of a lot of people in the age group 30-50+ age group with large mortgages. Waiting for parents to pass away to be able to pay out mortgages.
  4. ashley_s

    Financial planners

    From years of experience the lump sum numbers in the AFSA report will be very close to the required lump sum. People often do it on slightly less but do probably forgo a little extra when doing renovations etc and have a little less fat in the numbers when it comes to living well beyond life expectancy. At $640k a couple would be initially receiving approx $15,000 pa. But this would very quickly increase until the the point where the assets are around $390,000 when they would largely be receiving full age pension approx $35,000 pa. Very basic rule of thumb is for normal range of income needs you need roughly 17x income to retire at 55, 15x at 60 and 13x at 65. The only thing you are missing in your $2m example above is inflation. When looking at retirement returns and how long money will last you need to use a net return (after inflation). So a $2m earning 5% would seem like it could provide someone with living expenses of $100k pa and hold its value over retirement. But your living expenses if they are $100k at the start of retirement will grow. Therefore in this case if inflation averages 3% your money would last around 26 years (ignoring age pension). Age pension would however make this last significantly longer, way beyond anyone normal life expectancy.
  5. ashley_s

    Financial planners

    https://www.superannuation.asn.au/ArticleDocuments/269/ASFA-RetirementStandard-Summary-2018.pdf.aspx?Embed=Y https://www.superannuation.asn.au/ArticleDocuments/269/ASFA-RetirementStandard-Budgets-Jun2018.pdf.aspx?Embed=Y These give you a detailed breakdown of typical retirement expenses.
  6. ashley_s

    Financial planners

    The gold piece of retirement advise that was handed down to me from my mentor. About having a happy and meaningful retirement. Retire to something, not from something. This I have found to be very true. For a lot of people though, especially men that can’t find that thing. You need to start creating thinking about your something a good couple of years before leaving work.
  7. ashley_s

    Financial planners

    Just for information only as there is so much misconception in relation to age pension. Generally 90% of these defined benefits pension counts towards the incomes test for age pension. So say she is receiving $60,000 pa around $54,000 pa would count. You can have roughly $80,000 pa of income and get a $1 of pension of pension. They could still have around $800,000 in other super/pensions together and still be receiving age pension. These Commonwealth defined benefits are as you say are just like winning the lotto.
  8. ashley_s

    Financial planners

    My recommendation in selecting a adviser would be ask friends. If they use someone then ask them what they like and dislike about them. If you don't have any contacts at all, perhaps look on the Financial Planning Association website. There will be a list you can choose from in your local area. I personally would look for a CFP(R). There is an additional year or 2 of education to obtain these designation (disclosure I am a CFP(R). If there more than a few I would narrow this down to 2 or 3 by calling the planner and having a very quick chat asking what is the main area of advice that they specialise in. Many will provide advice in many aspects but they should be able to tell you what they are particular strong in. It might be wealth creation/debt structuring, retirement/Centrelink, personal insurance. You should know what type you are looking for. During the 1st meeting, you are looking for the type of questions they ask you, to determine if they likely to be a good adviser. 1. The questions should all about you and what you are comfortable with. These initial questions should have in depth followup questions. The purpose of these are to really get to the bottom of what you are trying to achieve and your investment psychology. If they do most of the talking about investments etc, this is usually a sign you are talking to a product seller. 2. They should be able to make concepts easy to understand for you. Some concepts you may not need to understand fully or even want to know the details, but you should be able to understand what and why. 3. The first meeting they shouldn't really be talking about any specific products especially names. Structures yes, but not particular products. I would be very reluctant to use an adviser that states their value is delivered through excess investment returns or being able to pick investment managers. 4. They should also be able to easy explain how they charge fees. They may not tell you exactly what the fees will be at that time as it is not likely to be know exactly what is involved at that stage. But they must be able to articulate how they charge. Hopefully this gives you some information to help you make a decision. All the best.
  9. ashley_s

    Financial planners

    It is common for people to make an investment/super fund change believe it is a good or bad decision purely it is performing better/worse than what the old investment previously has. It is very important to take into context what the overall market has done since making any changes. As an example people who made changes in late 2007 or early 2008, felt that they have made bad decisions as the new investment performed poorly compared to the returns they were use to receiving. This completely ignores the fact that markets (particularly Australian shares and Listed property trusts) had just had the best 10 years of the past century. Then they started losing money. ComforablyNumb, I am not sure of your age. But given you raise the question around age pension, I assume this is at least on somewhat on your mind. I would hope that you would have asked these questions to your "adviser" and that they explained the rules to you in a way you can understand. Just as a note provided you and your partner are of age pension age. You are paid the same, there is no 1 of us qualify. A lot of the "benefits" of receiving a $1 of age pension can be obtained from the Commonwealth seniors health care card, which is based on income only, not assets.
  10. ashley_s

    Financial planners

    You mention impartial advice from your superfund. That is not impartial advice, it is advice provided from the product manufacturer. This is whole issue that the royal commission is trying to get to the bottom of. The limited “free” advice is solely on their superannuation product. You need to be careful thinking this is comprehensive advice that is in your best interest. They are paid by the superfund, this creates a conflict.
  11. ashley_s

    Financial planners

    You seem to have financial advice and products tangled up. They are completely seperate. Financial adviser’s role is to help you to set goals and determine an effective way to meet these goals. Theu are there to educate you and to help you understand risks and trade offs. They do not invest money, this is done by the fund. Which could very well be a super fund, indexed managed fund, ETF, bond, direct share, annuity or any other investment. I would be worried if you and your adviser are basing your relationship on an arbitrary return figure. What happens in the event where the most appropriate strategy is to reduce debt or move to cash?
  12. ashley_s

    Mobile plans - which one?

    As another example Belong Mobile only uses Telstra's 4G network not its faster and better 4GX.
  13. ashley_s

    enduring power of attorney

    Do you require it no. Does $330 for 15 of your time sounds about right. It isn't 15 of the solicitor's time, it is the years of knowledge built up that you are paying for.
  14. ashley_s

    Tracing a cheque

    made out to cash or to her personally?
  15. ashley_s

    920xt elevation stuff up

    Not over anyalsing, I use the same principles as you in measuring training performance. That is set a test train and then repeat that test and see if the training has had an impact. This is what you did in your example. I just simply pointed out due to your willingness to try and use modern training technology your test results are very likely wasting your time testing (other than getting a good workout). Funny we are having this conversation as today my Garmin bike computer had a issue loading, so took the watch out. I was just out riding for the sake of riding and thought I would tinkle around at 200 watts for 2:30 hours. Guess what I rode 198 watts. That is using the correct tools, understanding how to use them and have an understanding of my body. But that comes from nearly 20 years of racing, training and learning all at various levels.