Thread: Pension Age may move to 70

Ugh, the good old "class of 1953" chestnut. While I'm sure this little anecdote is all the rage among financial planner business breakfasts, it never actually happened. These nonsense stories don't do much to boost my confidence in the financial planning "industry". If you cant fact check a suspect story, why should I give you any of my money?


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Originally Posted by akelly

Ugh, the good old "class of 1953" chestnut. While I'm sure this little anecdote is all the rage among financial planner business breakfasts, it never actually happened. These nonsense stories don't do much to boost my confidence in the financial planning "industry". If you cant fact check a suspect story, why should I give you any of my money?


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LOL, nice pick up. Regardless of whether the anecdote happened or not, the principle remains the same. When it comes to wealth creation, aside from winning lotto or a big inheritance, time is the biggest factor and having a plan. Funny out of all that I wrote that's the only thing you can pick on. I remember you akelly from when I was on here a lot more. Your more interested in creating a stir or a ding dong. Just your usage of words is an incitement to create a barny. You know it and so does everyone else. In the old day's I would have engaged, not so anymore.

Your entitled to your opinion and I am not going to sit here and defend my profession. It's a billion dollar industry helping millions of Australians. Like any industry or profession you get some rogues and hence FOFA. You also clearly have no idea of what constitutes the "financial planning" industry. There is so much more to what we do than just dealing with people's money. Check out my blog and see for yourself Stevo's General Financial Advice Page | Improve your current financial position, give you certainty around your future& increase the value of your assets .

Regards

Stevo

I guess that the financial planners have to go a see a couple who live in Melbourne or Sydney, with two children earning less than $100000 gross a year, paying a rent of $350 per week, own two cars to be able to go to work and do the "children deliveries"etc.
Do not forget the $75 a day cost for kindi if one is not going to school to add the the modest rent cost.
Ask them, financial planning my foot! hardly will be any money left for any unforeseen eventuality.

Originally Posted by Chucaro

I guess that the financial planners have to go a see a couple who live in Melbourne or Sydney, with two children earning less than $100000 gross a year, paying a rent of $350 per week, own two cars to be able to go to work and do the "children deliveries"etc.
Do not forget the $75 a day cost for kindi if one is not going to school to add the the modest rent cost.
Ask them, financial planning my foot! hardly will be any money left for any unforeseen eventuality.

Huh, sorry mate, but your post doesn't make sense?? Whats your point? Hard to tell

Regards

Stevo

Originally Posted by stevo68

Huh, sorry mate, but your post doesn't make sense?? Whats your point? Hard to tell

Regards

Stevo

Stevo, what I am trying to say it is that if there is not many left after paying all the living expenses, there is not money left to plan for the future, there is not a chance to even think in a financial planning.
Survival is only what matters and that it is a reality.

Originally Posted by Chucaro

Stevo, what I am trying to say it is that if there is not many left after paying all the living expenses, there is not money left to plan for the future, there is not a chance to even think in a financial planning.
Survival is only what matters and that it is a reality.

Ah, gotcha. Ok, I am sure there are people in that boat. In terms of our average client- mum/dad, cuppla kids, mortgage, PAYG, Combo income $70/80k. Results based on data to 2013- Mortgage payed out faster ( saving around $330k in future payments), reduced tax- average refund received around $9742, Av spend on hols- $6486, ave retirement income- $72,413.

I also have clients that are in the situation you mention, I do "pro bono" work and show them how to improve their situation, mainly around budgeting and debt management.

Ultimately in what I do, I can only help/ advise those that want to do something themselves. It's their plan, their future, they just need guidance and in many cases discipline to achieve their desired outcomes, whatever they maybe. With many clients I am more like a personal trainer, keeping them on the path if they start to stray ( ie increase expenses, splurge ie things that are taking them away from their goals).

Regards

Stevo

Originally Posted by Chucaro

Survival is only what matters and that it is a reality.

Or as someone quite eloquently put it, "When you're up to your neck in alligators, it's easy to forget that the initial objective was to drain the swamp."

Having a plan is one thing. Having the resources or the opportunity to carry it out is sometimes quite a different matter.

Originally Posted by vnx205

Or as someone quite eloquently put it, "When you're up to your neck in alligators, it's easy to forget that the initial objective was to drain the swamp."

Having a plan is one thing. Having the resources or the opportunity to carry it out is sometimes quite a different matter.

For sure, but by having a plan in the first place gives you direction. People will spend more time planning their annual holiday than for their financial future and hence why the statistics paint the picture that they do. Also by having a plan in place can go along way to making sure you aren't up to your neck in alligators to start with. Bit like planning a 4WD trip. If you just up and went without any research, planning etc and ended up in Simpson desert and broke down without any radio's, survival equipment, sat nav's, extra water etc. Things would be pretty grim. That's life without a plan.

If however you mapped out your destination and how you were going to get there, any obstacles you may come across, provisions that you would need, how long it would take and you broke down. Things may suck but they wouldn't be grim because you had a plan and this was part of your plan in case things went pear shaped. Ditto with real life. Having a plan is critical to not only achieving things currently but also in the future. Better to have money invested for your children's schooling in 10-15 yrs time as opposed to trying to find the money in 10-15 yrs time for example. In a nutshell, having a plan is good .

Regards

Stevo