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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Can You Imagine the Melbourne Cup Being Made of Silver?

Gold, the precious metal, has become dramatically more precious over the past couple of years, supported, as always, by its primary, definitely non-essential, use of being turned into jewellery. Australia’s conversion from a convict settlement to the wealthy backbone of the British empire effectively started on the goldfields of Victoria and even today Australia remains the primary gold producer in the world. When I was at school my Senior Chemistry teacher never ceased to extol the scientific virtues of gold, but he was even more enthusiastic about platinum which he thought should be banned in the manufacture of jewellery because of its more effective use in science. I’m not sure that he wo

More Grange Anyone?

"Who wants to be a millionaire? I don't. Have flashy flunkies everywhere? I don't. Who wants the bother of a country estate? A country estate is something I'd hate… " This lyric comes from the song “Who Wants To Be A Millionaire?” in the 1956 movie, “High Society”. I’ve never ever attempted to estimate the number of financial professionals in Australia, or even globally, who openly or by implication assume that more than 90% of their clients want to be able to purchase, without even thinking of cost, a whole string of expensive indulgences – that is that they want to be millionaires. My mother used to repeat, fairly often, that you can only sleep in one bed at a time and live in one house

Set and Forget

I once had a client who was so concerned (or his wife was) about how much money he had made or lost each week that instead of taking my advice and looking at the value of his portfolio on December 24th each year he agreed to have a financial meeting with the said wife EVERY Saturday morning. His job on Saturday was to report to the meeting (quite formal), how much their investment had gone up that week…and if it hadn’t what was he going to do about it! The possibility of having a computer program making share trades for you is one way you can set and forget - let the computer do all the trading for you, especially limiting the losses. On a busy day in the New York market some programs would

The “Market” or the Businesses

What are you really investing in? The “market” or the companies that are traded in that market? Let's start with the basic premise that the huge majority of buyers for investment do so with the intention (wish? or hope?) of making a profit. But an argument can be made that there is a big difference between making a profit and taking the profit…that is selling out by converting your investment back to cash. There is a very old saying that you won’t go broke making lots of small profits. If you bought a share for $5 and sold it for $10 no one would argue that you hadn’t made a profit, except the bloke who then saw his share go up to $20 after he’d sold it for $10. For the next umpteen years h