Comfort with Money

by Rodney Gibson Financial Advisor

I am a sole practitioner with 40 years experience in finance, taxation, law, business and accounting. I am currently associated with SALA Financial Services. I provide the following:

  • Estate Planning, including wills and powers of attorney (EPOAs)

  • Estate Management

  • Taxation advice

  • Investment advice, including superannuation

  • Business structure advice

 

My aim is to assist you to live within your means and achieve all your financial goals.

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Compounding

Many respected financial writers rightly regard compounding interest as a kind of magic wand to making money. Suppose you invest $100 at 15% return per annum and allow the earnings each year to compound so that last year’s income earns the same percentage in each following year. At the end of 5 years your investment will DOUBLE to $201.13. A lot of investment advisers regard a “set and forget” system as lazy or negligent. It doers not work for everyone because you may actually need the income to balance your budget, but reinvestment of interest, managed fund distributions or dividends (as part of a dividend reinvestment plan) is a sure fire wealth creation process that will amaze you as the

Sell and Repent.....but SELL!

It is amazing how many times you can hear the story of a friend, neighbour or relation who sells something, usually a house, for thousands of dollars less than the only offer they had received months ago when the property first went on the market. When I was still in the early stages of learning the realities of being in business, an elderly businessman passed on the advice he had received 30 odd years before. “Joshua” he had been told, “when you are in the business of selling and you need to keep on selling, when you get an offer…..SELL AND REPENT, BUT SELL”. It probably applies even more appropriately when you are faced with selling a house.