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:

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

  • Estate Management

  • Taxation advice

  • Investment advice, including superannuation

  • Business structure advice

 

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

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Diversification

I don’t believe that any professional financial advisor would disagree with the concept of not “putting all your eggs in one basket”. It’s a cliché, but it’s also a prime foundation for safety, not just in the share market but overall in putting your money to work for you. It’s perfectly legitimate to have your money work for you to provide you with a safe and enjoyable life including indulging your fancies and having the occasional splurge to enhance your lifestyle. If your investment account is modest it is remarkably easy to arrange a diversified investment by using managed funds. There are thousands on offer by competent and INEXPENSIVE fund managers, including those who offer “platforms

GST

Some years ago I was about to depart Vancouver (and Canada) and I had a bundle of $50 notes which I was saving for my next visit. I also had $6.25 of Canadian currency left in coin. I went into a convenience store and carefully picked out goods to the value of $6.25 so as to get rid of the small change. I was shocked, when at the cash-register I was asked for $7.19. The difference of course, was the VAT or GST – same horse, different colour. In the USA some bills have add-ons of city, state and federal taxes. Sometimes the tip is calculated and added to the bill. In Australia we have different rules applying for different industries, but restaurants are forbidden to present a menu (in techni

Agreement

Last week I mentioned the changes in world sport which co-incidentally turned lots of young blokes into millionaires because they were exceptionally good at the sport they chose (or their mothers chose for them). Jealous souls like us drool at the concept of playing a few games of tennis and walking away with over a million dollars in the bank or adding yet another chunk of money to your already overflowing bank account. A very large number of battlers remain horrified and silent about the cash prizes and cash bonuses dished out to someone else in their society. These prizes come from discussion and agreement. This happens in all of our lifetime financial experiences – Request, Quote, Agree

Amateur (One who loves)

One of the really significant changes that occurred during the 20th Century was the transition (certainly not seamless) between society’s attitude towards our greatest sportsmen and sportswomen. The knights in shining armour – the amateurs – were a protected species not tainted by the dirty money that was received by those dreaded professionals who, heaven forbid, played the game for money and not for the love of the game. Even in easy going Brisbane I recall the proud announcement at my golf club that the professional was to be allowed into the clubhouse to have a drink. Bobby Jones, America’s best golfer in his day, was the subject of intense debate because he was paid for golf course desi