Human beings are curious people. We secure all our assets including our home, cars, and boats. We use banks and safes to protect our valuables. Most of our personal possessions are insured against contingencies such as fire, damage and theft. In the main, it is incomprehensible for us not protect all our material possessions.
Tag Archives | budgeting
Jokes about Spending the Kids’ Inheritance (SKI) abound, however when it comes to the crunch, many retirees find it difficult to watch their dollars slowly dwindle. Saving regularly over a period of many years does two things. Firstly, it builds up a nice retirement nest egg. Secondly, it creates a well entrenched habit of not spending.
Owning a business is a great way to build your wealth. Use these five money tips to make the most of your opportunity.
Confusion still reigns for KiwiSaver members reaching the age of 65 as to what to do with their KiwiSaver funds and whether to keep contributing. If you are over 65 and have been a member of KiwiSaver for at least five years, you have several options available.
Sibling rivalry is common, but add to the mix the death of parents and a sizeable estate and you have a recipe for the destruction of family relationships. The baby boomer generation is very susceptible to this problem. Typically, their parents grew up in the Depression era and were good savers, unlike the baby boomers.
Investing in property is a popular means of building wealth for retirement. Typically, keen property investors will build a portfolio of properties using borrowed funds in the expectation that the increase in value of the properties over time will allow them to sell off one or two at retirement leaving a portfolio of properties with no debt
Do you often wonder about putting structures in place to keep your wealth safe? Or whether the structures you’ve already got in place will actually do the job you want them to? It’s easy to put this in the “too hard basket”. Not only are you too busy to look after your own affairs, you may not know what to do, how to do it, or who to go to for the correct advice.
While New Zealanders in general have an excellent grasp of basic financial concepts, a recent survey has found that they are not so good at putting into practice what they know. The survey, undertaken by the Commission for Financial Literacy and Retirement Income with the support of ANZ, ranked New Zealanders well ahead of other OECD countries on financial knowledge.
Achieving financial security is an aim that most people aspire to. Worrying about money causes stress, loss of enjoyment of life, and is often linked to relationship problems.
One of the greatest myths of wealth creation is that being as frugal as possible is the key to riches and a happy life. There are countless articles written about how to save money and become wealthy by recycling materials, making your own household cleaners, growing your own vegetables, upcycling furniture and so on.
Baby boomers should by now be well aware that as they move towards and through retirement, they will place huge pressure on NZ Superannuation.
It wasn’t so long ago that most people had an expectation of retiring completely from the work force the day they became eligible for NZ Superannuation.
Whether you are running a business or managing the household finances, cash flow is critical. The difference between cash coming in and cash going out in any given period of time is the net cash flow. If it is positive, your cash balances will increase and if it is negative, your cash balances will decrease.
Kiwis are being urged to “Think, Shrink, Grow’ by the Commission for Financial Literacy and Retirement Income in their campaign to improve our money habits.
For first year tertiary students, one of the most daunting challenges is how to get financial assistance without being burdened with a lifetime of debt. A student loan is inevitable for most students. Student loans are available for compulsory course fees, course related costs and living costs, subject to eligibility criteria. There is no interest charged if you are based in New Zealand and if you make the required repayments on time once you are earning above the income threshold.
Getting yourself on the path to financial freedom is not just about getting your money sorted; it is about sorting your life as well.
The principles of wealth creation haven’t changed since money was first invented. Some of the most insightful and inspirational books were written decades ago yet they are still relevant today. One of the most enduring classics is The Richest Man in Babylon by George S Clason, first published in 1926 and more recently published by Penguin.
One of the best investments you can make in life is to invest in yourself. Being physically and mentally in good shape makes you happier and improves your chances of financial success. Think of the personal attributes of the most financially successful people you know.