Financial Planning | Edgeworth Partners

Losing Interest? Well, It Could be 2024 Before Things Change.

Earlier this month, Australia’s Reserve Bank dropped their target for interest rates to its lowest rate ever. This has dampened interest rates across the economy – as you will have noticed if you are a borrower or a saver. Rates will stay low for at least three years, so now is a great time to review your financial plan to make best use of these low rates.

The 2020 Budget for Businesses

This week we bring you our analysis of the ways in which the recent Budget will impact on businesses. The main avenue for assisting business is an expansion of the instant asset write-off scheme that has been in operation for a few years now. Support for employment is also expanded – and there is even a little bit of support for businesses that try to help staff who they have had to make redundant.

The 2020 Budget for Households

This week we bring you our analysis of the ways in which the recent Budget will impact on households. The main impact will be for working people who will enjoy a series of tax cuts, but there is also some relief for people on income support due to age or disability and some incentives for employers to hire people on income support due to unemployment.

What’s All This About Deficits?

This week we finally received the 2020 Commonwealth Budget that was initially expected in May 2020. As expected, this is a whopper of a Budget and we will look at much of its content over coming weeks. This is our usual move, as it allows us time to fully digest what the Budget has to offer. For this week, we will focus on the part of the Budget that is generating the most headlines: the deficit. According to Treasurer Frydenberg, the Commonwealth expects a Budget deficit of $213 billion in the current financial year.

How Not to Argue Over Money

If you live with someone you love, then this week we want to offer you some light-hearted but useful advice to avoid arguments about money. After all, successfully managing money together calls for as much tolerance and good humour as all the other parts of life that couples need to negotiate. If you can keep smiling, everything becomes a lot easier.

Hello Sunshine!

Next week brings the first day of Spring – an arrival that can’t come soon enough in this most strange year! To mark the changing of the seasons, this week we take a lighthearted look at the relationship between money management and the weather. You might be surprised to know that serious researchers have looked at this question. So, for investors, could it really be a case of “Hello Sunshine?”

The Best Time to Plant a Tree Was Always 10 Years’ Ago

They say the secret to successful comedy is all in the timing. Funnily enough, the same goes for investment or debt management. But unlike with comedy, when it comes to money it is usually best to get in early. That’s because anything that earns interest is worth acquiring earlier - and anything that charges interest is worth paying off as soon as possible.

Brother (or sister), can you Spare a Dime? Lending Money to Friends and Family.

This week, we thought we would look at an issue that some of us are likely to face, as the impact of Coronavirus affects people we know and love. That issue is what to do if someone asks us for a financial loan. It might be family, or it might be a friend. Either way, lending money to friends and family can be a touchy subject. We hope these general thoughts may help.

Restorations Don’t Always Work Out So Well!

Covid 19 means that many household budgets are under pressure. Many of our clients are looking closely at all of their spending. For some people, this review includes thinking about their life insurances. As we will discuss below, any decision to discontinue or reduce life insurance should only be made after very careful consideration. Restorations may not turn out the way you think they will.

The Wealth Equation. Maximise, minimise, optimise.

The ability to turn a complex idea into a simple set of habits is usually the secret to success. This week, we thought we would ‘boil’ financial management down to a simple mathematical formula which many successful people have applied in their own lives. We call it the ‘wealth equation.’