Recently, Michael caught up with a friend who works as an accountant. A long discussion about the two professions got Michael thinking: do listeners of the Money Over 50 podcast (and people in general) know the difference between an accountant and a financial adviser?
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.
In this blog, we discuss one of the theories from a book called Profit First by Michael Michalowicz. We decided to base a podcast around this because many of its principles can be adapted at a household level. In financial terms, the ‘old way of thinking’ is discussed in the book, which is referring to the formula ‘the revenue of a business minus the expenses equals its profit.'
Making the leap to see a financial adviser can be a daunting process, especially knowing that you need to lay all your cards (regarding your financial situation) on the table.
You may feel as though you should have saved more or should be earning more income.
Tax. It’s an unavoidable aspect of working.
Most people pay a lot of tax in their working life and don’t receive much assistance from the government in return.
So, when it comes time to collect the Age Pension it may feel like it’s your time to finally ‘get something back’.
It is important to understand what we, as financial advisers, are able and willing to do, and what we are not able to do for you.
Often when I tell people I’m a financial adviser they ask me ‘what do you think the share market will do this year’ or ‘what do you think about NAB shares’ or something similar.
When I say that I have no idea they either think I’m holding out by not letting them know the ‘good oil’ or that I’m a terrible financial adviser.
Retirement is a concept many people struggle to visualise on a day-to-day level, especially when planning years (or even decades) in advance.
We love being financial planner's, and we absolutely love providing you with the best information. Here is a compilation of some of our favourites.
When I tell people that I’m a financial adviser, one of the first questions they tend to ask is; ‘what super fund should I be in?’. My non-answer to this question is usually; there are many other far more important things to worry about.
Dallas Davison, Michael Hogue and Ali Hogue.