Essense Wealth Solutions

Interest rates and living costs have both risen over the past couple of years. If you're feeling the stress, the first and most important step is to get your cash flow under control.

1. List ALL your regular expenses and whether they occur weekly, monthly or yearly. Free budgeting tools are available, or an excel spreadsheet works well.

2. Look for opportunities to cut expenses that aren’t essential right now. (Do you really need 3 different streaming services or magazine subscriptions, for instance? 🧐)

3. Next, work out how much you need each pay cycle to cover the non-negotiable costs. Consider setting this amount aside in a separate account so you won’t accidentally spend it.

4. How much is left over? Allocate yourself a realistic amount for spending, and don't be too stingy. Budgeting is a little like dieting - if things get too restrictive you're less likely to stick with it long-term.

5. Pop the rest in a high-interest savings account or allocate towards paying down debt. 💲💲💲

Don't love budgeting? We are here to help! ☎️💬

Having the right personal insurance covers in place provides valuable protection for you and your family. We will assess your individual situation and provide recommendations on the optimal amount of cover for you. 🌈

Is it time for a review? ☎️💬

Insurance is an important part of your personal financial strategy. And no, we don't just mean private health cover. 👨‍👩‍👦

🎯 Income protection insurance is your ‘plan B’ when you face unexpected health challenges that impact your ability to earn your usual income.

🎯 Trauma insurance pays a lump sum to cover medical treatment, lost income and other help you may need to recover from a serious illness.

🎯 Total and permanent disability insurance (also known as TPD) provides a lump sum payment if you should be permanently unable to return to work.

🎯 Life insurance ensures your loved ones will be financially cared for if the unthinkable should happen.

Together, these insurances will help safeguard your family and finances against setbacks, while providing additional options to manage your medical needs. 🌈

Are you covered? ❤️

Need to get your finances sorted but unsure where to begin? Perhaps you're not even sure what a financial planner can do for you.

To put it simply, financial planning sessions are always focused on YOU and your goals. It's a highly personalised service that can help with ALL aspects of your financial life. And let's face it, money and life are intertwined on many levels.

If you're new to financial planning, we recommend starting with a full financial review, which offers:
☯️ A holistic approach to your life and finances, from basic cash flow management to sophisticated strategies.
📊 A full gaps analysis so you know exactly what you need to maximise your finances and reach your goals faster.
🤝 Your opportunity to get to know us and ask any burning questions before you commit to additional services. It’s all about you!

Get in touch for more details, or to book your initial consultation. ☎️💬

I was recently invited to an interview with North. Here’s what I had to say about their retirement product, MyNorth Lifetime, which I often recommend to clients who are seeking peace of mind and predictable income in retirement: https://loom.ly/3AEiBfo

Are you a small business owner? Here are 5 key financial areas to consider:

🎯Superannuation - you pay super for your employees, but don't forget to pay yourself super, too. Contributing to super is important for your future retirement, and can also be an effective tax minimisation strategy.

🎯Tax planning - income tax, payroll tax, GST and more may need to be planned for. Make sure you are keeping funds aside to meet your upcoming tax obligations.

🎯Cash flow management - effective budgeting and cash flow management is the foundation of financial management, on both a business and a personal level.

🎯Insurance - what would happen if you weren’t able to work in your business for an extended period? Life and income protection insurances are critical, and you may also need business expense, key person and liability cover.

🎯Estate planning - an up-to-date Will ensures your assets are distributed according to your wishes, while a succession plan for your business ensures the entity you worked so hard to build can continue to operate into the future. 🌈

Need help? We’re only a phone call away. ☎️💬

If you’re looking for a knowledgeable, committed and client-centric finance professional, look no further than our newest director and senior adviser Mark Dela Cruz.

Mark is driven by a simple yet powerful ethos: to make a positive difference, one client at a time.

More than simply a financial adviser, he is a trusted partner his clients can rely upon at every stage of their financial journeys.

Since 2009, Mark has gained a wealth of experience across the financial services industry, spanning both Australia and the UK. His analytical skills initially led him into accounting and auditing, before he discovered his true passion for financial planning.

Outside the office, Mark likes to balance his healthy gym-going habits with the occasional ice-cream, and loves to spend weekends adventuring with his adorable daughter, Ivy.

This is your friendly reminder that EOFY is just 6 weeks away! 😱

There's still time to get your finances sorted before 30 June, but if you haven't already booked in with your accountant and financial adviser, now is the time to make those calls. ☎️💬

The 2024-25 Federal Budget brings Stage 3 tax cuts, plus a $300 electricity offset for each Australian household to assist with cost of living pressures. 💸

Deeming rates are on hold for another year. This means Age Pension recipients will not have to worry about their payments being reduced due to higher deemed income from their financial assets.

Student HELP and HECS debt will be reduced to offset some particularly steep CPI increases in the last year, while Commonwealth rent assistance is set to increase by 10% in September.

Paid parental leave will now have super added, which is expected to benefit women in particular, who typically retire with less super than men due to the time taken out of their careers to care for children. 👨‍👩‍👦

Wondering how the budget will impact your finances? Get in touch for personal advice. ☎️💬

How can you profit from the Stage 3 tax cuts? They don’t kick in until next financial year, but there’s plenty you can do right now to ensure you keep more of your income over the next 14 months. 💰

Chances are, you’ll be paying less tax next financial year - so it might make sense to delay any income you can until after 30 June. If you’re self-employed, this could mean delaying client invoicing, for instance.

Given the higher tax rate in the current financial year, it could also help to bring forward any tax deductions you can. For instance, paying your income protection insurance premiums early could offer you an immediate deduction. 😃

Preparation is key, and once 30 June arrives it will be too late. So, if you haven’t already contacted your accountant and financial adviser, now is a great time to book those appointments. ☎️💬

How much income do you really need to afford a house in 2024? 🏡

The answer depends on where you live, but recent figures suggest the household incomes required to purchase a home free of mortgage stress are creeping up around the country.

A stress-free house purchase in Sydney requires nearly $300,000 in household income, while in Melbourne the figure is closer to $190,000 per year, media reports suggest.

These figures are based on the point where mortgage payments equal 30% of annual income, which is commonly defined as the ratio above which financial stress kicks in.

Must you own your own home in order to achieve financial security and comfort in retirement?

Not necessarily, but if these concerns are weighing on your mind, consider coming in for a chat. There are lots of ways we can help. 🌈

Your life is precious, and it’s yours to be lived now. Not delayed till a future date. 💫

Today, I encourage you to take a moment to reflect on how far you’ve already come along this journey, and everything you are grateful for in your life.🌻

Not just ‘things’ but the special people around you - your family and friends. 👨‍👩‍👦

When life gets busy, you might momentarily lose sight of what you are really working for - and WHY it is so important to you, personally.

Your ‘why’ is the higher purpose behind all of your big life and wealth-building goals, and represents the underlying values behind important decisions.

And your ‘why’ often links back to the most important blessings and sources of gratitude in your life - such as family.

So reflect with gratitude, then move forward with renewed purpose as you work towards your goals. It’s your time, so make it count. 🌈

💡Are you spending too much on everyday essentials?💡

Electricity and gas, phone plans, home and contents insurance, pet insurance and other services can vary widely in price, so it is worth comparing costs between different providers from time to time.

You might be surprised how much you can save - and every little bit helps! 😀

Understanding where your money is going is the foundation of all financial planning, so if you don’t already have a realistic and up-to-date budget in place, now is a great time to get one set up.

If nerdy spreadsheets aren't your thing, don't worry, we are here to help! Get in touch for assistance. ☎️💬

Getting ready for tax time? ⏰ We don’t want you paying more tax than you need to, so we’ll help you where possible with tax-effective investment strategies and will work closely with your accountant to keep things on track. 🌈

Get in touch for assistance. ☎️💬

EOFY is just a couple of months away - now is the time to prepare! 💻

Tax planning well before the end of financial year gives you enough time to buy, sell or move assets around, if necessary, to minimise your tax bill. 🏡📈💰

It also gives you time to manage previously unforeseen issues to avoid any nasty last-minute surprises. 😱

And let’s not forget about your super.

Superannuation has a lot to offer when it comes to minimising tax, and yet it is often under-utilised for this purpose.

If you’ve considered making any extra personal contributions to super, now is the perfect time to explore this option.

We can help! Simply get in touch to book in a review. ☎️💬

Feeling weighed down by debt? Start here 👇

Step 1: Establish a realistic budget to understand where your money is going. This is the first and most important step to taking back control of your finances.

Step 2: How much surplus cashflow do you have after covering the essential living costs plus minimum debt repayments?

💡TOP TIP: Be sure to set aside a little extra money for spending so you’ll be able to comfortably stick with the budget you’ve created.

Step 3: Allocate all your surplus cashflow towards paying down your highest priority debt first. And here’s the key - you’ll really need to be disciplined about sticking to your budget.

Step 4: Review your debt management strategy with your friendly financial adviser, who will be able to provide you with personalised strategies and advice. 🤝

Happy Easter to all our lovely clients and friends. We hope the Easter bunny comes to visit. 🐰🐣💝

But most importantly, we hope you all enjoy some down time this holiday period, and perhaps an opportunity to reflect on your progress this year so far and review your goals for the coming months.

If you need us, we're back in the office from Tuesday. 🌻

Earning more isn’t your goal. Buying more isn’t your goal. It’s not about the money. Money is just fuel to get you where you need to go. 💰

If you think it’s about the money, look deeper. What is TRULY important to you in this life? 💕

If money were no object, how would you spend your time? Who would you spend it with? 🏖️

All worthwhile goals begin with WHY… if you want something, ask yourself why it is important to you, and keep delving down until you reach your core values. The essence of what is truly valuable and important to you, personally.

And I promise you this - it won’t be about the money. Money is the vehicle, not the destination. 🚗

You focus on the ‘why’ and leave the ‘how’ to us.

'Your why, our how.' 🌈

Did you know that different types of investment assets can react differently to the same conditions in the market or economy, or to major global events? 🌎

This is one reason we recommend you diversify your investment portfolio.

Diversification is a strategy for mitigating risk and maximising returns. It helps to even out the ups and downs over time, while providing a solid foundation for future growth.

It also means that if one particular company or sector drops in value, your losses will be balanced out by returns in other areas.

A diverse portfolio includes different types of assets. For instance, cash, shares, fixed interest, property and alternative investments. 💰🏡📈

The best investments for you to choose will depend on your long-term goals and risk tolerance. Get in touch for personal advice. ☎️💬

Meet Mihaela, the administration superstar and customer service go-to who keeps our office running smoothly.

Friendly, proactive and adaptable, Mihaela has a remarkable talent for keeping things organised and ensuring our customers have a fantastic experience.

Mihaela has a strong administrative background spanning large corporates and small businesses alike, and she is adept at spotting opportunities to contribute to our team’s continued growth and success.

She’s only been here since January and we’re already wondering what we ever did without her!

Outside of work, Mihaela enjoys keeping fit and spending time with her family. She also speaks two languages and has a degree in criminology. How cool is that?

We put our problem-solving skills to the test in The Adviser Games this week and we came away victorious! 🏆

Sure, it wasn't the Olympics... but a day of fun, team bonding and relationship-building was had by all, along with some friendly competition between advisors.

As a team, we are always looking to get the 'edge' through updated product and strategy knowledge, new skills, and new ways of helping our clients.

The world of finance is always changing - be it legislation, investment products, superannuation, the economic landscape, you name it.

As financial advisors, we are here to guide our clients through these changes - which means staying abreast of them all ourselves, of course. 🤝

But that doesn't mean we don't know how to have fun in the process. And we have a pretty awesome team, if I do say so myself. 😀💃🕺

You’ll be able to contribute more to super in the new financial year, which could mean greater tax savings and a boost to your retirement nest egg. 💰

Contribution caps - the amounts you can voluntarily contribute to your superannuation - are changing from 1 July 2024.

Concessional contribution caps are increasing from $27,500 to $30,000. This is the amount of your pre-tax income you can contribute to super, and includes your employer’s contribution. Making extra concessional contributions can be a great strategy for minimising your income tax liability while investing for your future.

Non-concessional contribution caps are increasing from $110,000 to $120,000. This is the amount of your after-tax income you can add to super to help grow your retirement savings. 📈

Should you consider contributing extra to super this year? Book a review to find out more about this option and whether it is right for you. ☎️💬

We're squatting for breast cancer in March. Yes, that's right, I'm taking part in the 57 squat challenge to raise money for breast cancer research. 💪

Did you know that 57 Australians are diagnosed with breast cancer every day in Australia, and 9 will sadly lose their lives? 💔

If you'd like to contribute to valuable research aimed at eliminating deaths from this awful disease, please visit our team page on the National Breast Cancer Foundation website. 🎗️

Here's the page: https://loom.ly/sjOc3yo

You can sponsor our team, or if you're feeling up for the challenge yourself, register a team of your own.

Thanks for your support. 🙏

We're here to help you protect the life you love, and care for the most important people within it.❤️

Having the right personal insurance covers in place provides valuable protection for you and your family. We will assess your individual situation and provide recommendations on the optimal amount of cover for you. 🌈

You have to make an INSURANCE CLAIM? Here's what you should do...💡

(This advice applies to life, TPD, trauma, and income protection insurances.)

STEP 1: seek out a financial advisor you feel comfortable with to review the claim details in the first instance. Financial advisors will generally charge a fixed fee for their service and have the knowledge and experience to assist with most life-related claims.

STEP 2: agree on the next steps with your financial advisor and have them complete and submit claim paperwork on your behalf.

STEP 3: if your financial advisor doesn't believe you are eligible to claim, your claim is rejected, or your case is unusually complex and requires specialist assistance, they may recommend you speak to a lawyer for further advice.

NB: Lawyers will generally charge a higher fee (and may take a cut of the insurance payout), so we highly recommend speaking to a financial advisor in the first instance.

I’m more than happy to chat about any insurance related queries (there's no charge for an initial chat). ☎️💬

There’s good news and bad news when it comes to the Age Pension in 2024…

If you work part-time in retirement, you could keep up to $4,000 more of your pension this year. 🌈

Based on recent changes, you can now earn $11,800 per year before your benefits are reduced, up from the previous limit of $7,800. 💃🕺

Will the Age Pension increase much on 20 March, when it is next indexed? The reality is, probably not. 🤔

CPI only rose by 0.6% for the December quarter (the lowest rise since 2021), so the March pension increase may be less than 2%, which represents about a $18 per fortnight increase for singles or $27 for couples. 🌻

If you need a hand with budgeting in retirement we’re here to help! Get in touch for a chat. ☎️💬

Are you thinking about retirement, maybe planning to retire in the next 5 or 10 years?

As retirement approaches, we’ll work with you to formulate new strategies around maximising your superannuation, changing your investment mix, minimising taxes, and planning for an exciting new life in the future.

How much income to you really need to live comfortably in retirement? The answer may surprise you. 🧐

According to the Association of Superannuation Funds of Australia (ASFA), a couple aged 65–84 who own their own home could enjoy a modest retirement on around $47,000 per year (or $900 per week).

A more comfortable standard of living could be achieved for around $72,000 per year ($1,400 per week).

Singles can achieve the same lifestyles on $32,000 and $51,000 respectively (equivalent of around $600 - $1,000 per week). 🌈

NB: These figures do not take into account rent or mortgage payments, which may substantially impact living costs. 🏡

Retirement lifestyles vary, so your dream retirement might require a different level of income. Get in touch for personalised advice. ☎️💬

How will the Albanese government’s proposed revisions to stage 3 tax cuts impact you?

If you earn less than $150,000 per year, it’s good news! You’ll get to keep more of your income under the revised package. 🌈

Those earning $150,000 or more will still receive a tax cut, but it will be lower than previously anticipated under the original package. 🤔

The greatest benefits will be felt by those earning between $45,000 and $135,000, who will keep around $800 extra per year compared to what they originally would have. 💃🕺

So, what are the changes, exactly?

📍The bottom tax rate is lowered to 16%
📍The top tax threshold will be $190,000
📍The 37% tax rate will be reinstated for $135-$190K earners.

Looking for ways to reduce your tax bill? Ask us about tax-effective investment strategies. ☎️💬