When Dallas was younger, he was a keen martial arts student. After each fight, his coach would give him a Post-It note with three things on it that he needed to fix. These three points helped Dallas focus on what he needed to start working on. According to Dallas, he probably had a lot more than three things to work on, but the coach was adamant on only giving Dallas three at a time.
There is a classic saying that comes from one of our favourite characters, Yoda, in the Star Wars series. The wise old Jedi Master says to Luke Skywalker: do or do not; there is no try. In other words: fully commit, or be prepared to fail. We actually love this saying, because in many ways it can be adapted to our financial mindset, too; and the idea of fully committing to an action.
Whenever we tell people we’re financial advisers, the first question we get asked is ‘what is a good investment?’ or ‘what should I invest my money in?
We often discuss owning the great companies of Australia and the world and how it benefits you in retirement. Today, we look at some things you can do while you are still working.
In this blog we look at how much money you’ll need to retire, and what you need to do to get there assuming you have ten years left of your working life. Note: the figures discussed today are simply a rule of thumb and don’t take individual factors into account.
Everyone knows Roger Federer is one of the best tennis players of all time. But he still has a tennis coach! It’s the same for a financial adviser. Despite how good they are, they still benefit from financial advice. At Money Over 50, while we are well equipped to deal with our own finances, we still value input from other advisers. Michael is Dallas’s adviser; Dallas is Michael’s.
We’re going to get a little philosophical here and make this statement: people in the modern world want lots of choice in their lives. They want options when it comes to making decisions. And with modern technology, information is abundant – providing so many options for everything we do.
So, today’s blog is called ‘simplicity is best’, because we think this also goes for financial strategies. The simpler, the better.
One of the biggest fears our clients have is that despite working hard to save their desired $1.5 million for retirement, they will lose that amount in a GFC-type scenario.
This is a question we get asked a lot. When we talk about ‘product’, we mean any product or service that we recommend when we meet with our clients: superannuation funds, super income streams, account-based pensions, investments and so on. But the simple answer is no – we do not.
Dallas Davison, Michael Hogue and Ali Hogue.