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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Flutter anyone?

I expect there would be little disagreement that Britain’s most recognized racehorse owner is the Head of State. I have often wondered whether the Queen has a punt on the races where her horses are running. I do not like gambling because I don’t like losing money and it saddens me to hear that a majority of people who have had a really big win on Gold Lotto or its equivalent end up not just broke, but actually bankrupt. I have observed alcoholism, drug addiction and problem gambling at close quarters throughout my lifetime and the saddest of these three is the last. At its worst gambling is a mental illness and those afflicted need our help as much as cancer sufferers do.

Professionalism

Last week I wrote about planning and that did not have to do with financial planning. When I was a university student *as a teenager) there was no such profession as financial planning, although most of the financial or investment advisors in those days were life insurance salesmen. The profession of financial planning has almost achieved universal recognition but unlike the “real” professions of medicine and law there is dramatically more government regulation within this more recently christened profession. Professionalism basically involves an internal code of conduct. I played rugby (union of course) in my youth and the difference between our code and the one that Dally Messenger started

Bucket List

A few weeks ago I was able to cross off the last remaining “sight to see” that had been on my bucket list for about fifteen years – namely watching the sun rise over the Taj Mahal in India. For many years I have accepted the premise that if you do not have something to look forward to you will die – or at least die earlier than you will if you have a bucket list. I had only three places on my list – the Taj Mahal, the Grand Canyon and St Petersburg. My imperative now is to fill in at least three gaps to close off my new bucket list, but above all to start the planning necessary for the next eight years. The first item on my list involves planning to ensure that I attend and enjoy my 90th bir

The Pension

In early September the Prime Minister announced that the measure proposed by the last Labor Government to increase the pension eligibility age to 70 has been revoked and the current age of 67 will stand. The reason given was that it was introduced as a budgetary measure that is no longer needed. In other words “we” can afford to pay all those 68 and 69 year old Australians the pensions they will now be entitled to. I recall a news item from my youth recounting that Harold Macmillan, while living at 10 Downing Street, received a letter congratulating him on reaching pension age and asking him if he wanted to receive it! That is a bit of a departure from the Marxist tenet “to each according to