Finance

Aussies Could Get Extra UK Pension

Tony Skinner discusses with John Ring the benefits ofclaiming a UK state pension for Australians who have lived and worked in the UK.
John explains that individuals can maximize their UK statepension by buying additional years of contributions, with a current opportunity to buy 18 past years by April 2025.
The standard rate for contributions is £1,600 per year,while the cheap rate is £350 per year. Tony, who worked in the UK for six years and Australia for four years before 2001, could potentially increase his annual pension from $4,200 to $17,000 by buying these additional years.
John’s company, Extra Pension, assists with the applicationprocess for a fee.
Note their is no guarantee to receive a UK pension.

With Invoice Financing and in Business Don’t be afraid to ask for help

Don’t be afraid to ask for help.

Invoice finance just provides upfront payments to you for your invoices. So effectively you’re using the assets on your balance sheet, which are your invoices. just bringing the payment forward to you, you’re getting your money faster.

I’m thinking about growing this business, for example, in different ways. And I guess it depends on your appetite to risk so would you say, now’s a good time to take on some risk? If especially if competitors are falling by the wayside?

Use A Budget and Master Your Money Now

But I also love working with millennials as well because what you do with your finances in your 20s and 30s is going to make far more of a difference in what you do in your 50s and 60
So you can go on my website and there is a link to a budgeting course and that’s for $25 it’s distributed through Udemy. And for two hours, you can go through that course yourself and learn how to budget properly

Make Sure You Pay Yourself First In Your Business

Make Sure You Pay Yourself First In Your Business
But then the other part is yes, putting money aside to be able to pay yourself As the owner of the business and as an employee of the business that you know, you’re doing the daily work, you want to make sure that you’re getting paid for that
I’ve got this awesome business I’ve been working with with growing sales, but they say to me, you know, there’s no money there’s no cash in the business at the end at the bank account at the end. have each month and you can, is that what you help with? Yeah

Invest and help disabled housing grow

The NDIS scheme is something that was implemented a few years ago and SDA stands for specialist disability accommodation, and it is a $700 million funding stream within the broader NDIS scheme which stands for national disability insurance scheme. And basically that provides some $200 billion worth of services across the board for people with disabilities and the SDA services a select group who are eligible to have disabled housing.

That’s why it’s a win win. So the investor is being incentivized the government is effectively the 15% yield comes from three income streams. And one of those income streams is the actual rental so the rental is three times more than what you would receive from an able-bodied tenant.

Refresh your SMSF Super

All right. So what we’re talking about today is SMSF or self managed super funds. That’s for people who don’t go into the industry or non industry super funds that most people get through their employers itself. So let’s just jump straight into it. What are the benefits of a self managed Superfund?
● So yeah, one of the common misconceptions with super is that it’s well, it’s all mine anyway. So I’m entitled to be able to use however I want to, and it’s to some extent, but there are certain no no’s with your own super.
● with self managed super funds and the rules and regulations. They actually can change quite frequently. The goalposts continually move and that’s part of the reason why a lot of accountants find it hard to keep up with so you need a specialist

Change Your Attitude to Money

Change Your Attitude to Money
● Change your attitude to money by performing with money, how to perform under pressure, understanding what your drivers are and guiding you to maximize your ability to actually make money, how to you know how to make it, keep it and grow it. This is the secret.
● Hit that reset button and take control of your finances. You don’t want to be a slave to the corporate world, and this is aperfect opportunity to press the reset button and take back control. align yourself with the type of work that is fulfilling that rewards you you’ll be surprised how much your income will increase with less effort.

Mortgages During CovidRecessionAndPandemic

Anita from advancedfinance.com.au talking mortgages during the current C R A P event.
You are getting a lot of buyers coming out going right what what bargains are out there. What can we get this property for? And it certainly created a little bit of activity, I kind of expected the property market would have gone way down during the event but I haven’t seen really much downturn at all.

● Borrowers really need to be in really stable employment and have secure positions to be able to take out a mortgage and I think that’s probably Responsible Lending Anyway, you really don’t want to be taking out a new loan that’s going to end up in hardship down the track. So you definitely need to be in stable employment
● Yeah. So luckily, the ABA have announced that anyone that did make hardship arrangements before they got behind, it won’t be listed on your credit rating. And we do believe it won’t impact your ability to borrow down the track. So you did the right thing. It’s definitely good to get in touch beforehand.