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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Negative Gearing

I’ve never been a fan of classic negative gearing. On the other hand, I’ve never ceased to promote the concept that it makes a great deal of sense to borrow money and pay the interest on that money for the purpose of increasing your income and presumably increasing your wealth. Some time during the 1970’s I interviewed the teenage son of a friend and client who was “worried about tax”. When I asked him how much tax he was paying his answer was zero – because he didn’t have a job. Within the financial community the terms “good debt” and “bad debt” are used with widespread misunderstanding of what those terms mean. The most popular would indicate that good equals tax deductible and bad equals

How Risky Is That?

A “risky” action, venture or investment is one where there is a possibility of bad consequences. In the financial world professional advisors are obliged to assess the risk tolerance of the would-be client and after that assessment only recommend financial action which matches the level of risk that the client has “recorded”. Obviously a highly risky investment is one where there is a significant possibility of bad consequences – losing your money! “Bad” becomes highly subjective, ranging from losing any of the investment to losing the lot. Financial advisors are obliged by law to match the risk profile of the client to the investment recommended. Investing advice should always be made by me

Can I Afford It?

One of the great things about adulthood and earning your own money is that you would normally have unfettered CHOICE about what you spend it on. One of the best lines of conversation you can have is “It’s my money and I can spend it any way I like.” (For this read “Mum stop telling me what to do” or “You’re not the boss of me”). The principle behind spending your money wisely is that one choice you have is not to spend it but to save it, either for investment purposes or to buy something that you haven’t got the money for NOW. “Afford” is a word that should be absolutely objective and should mean being able to meet your commitments (usually financial but can be extended to time or even actio

“Further” Education

Quite recently the Federal Treasurer introduced some dramatic changes to the funding for our universities. These changes came with the clear INTENTION to dramatically increase the cost of studies and in the end to keep the cost of the studies leading to a degree with a practical link to a job at an affordable level. In the discussions for and against this upheaval, the distinction was drawn between a course of study leading to a job (like science and mathematics, medicine and other health studies, architecture, education and nursing) and a course of study which did not make the student immediately job ready without further study (like arts, law and economics, creative arts and communications