Finance advice
Philippe Brach

Budgeting for your financial future

By Philippe Brach

Many people put their hands up when asked if they're in a comfortable financial position, without realising that they've failed to budget for what the future may hold. Here's how to make sure you're not one of them. 

Blogger: Philippe Brach, CEO, Multifocus Properties and Finance

No matter what you do in life, money seems to be involved; unless you are out walking the dogs, of course – but even they need feeding!

For those who are comfortably well off, with a good job, the means to have quality day-to-day life, go on holiday and enjoy doing things with the family, everything looks rosy. But just how rosy is it?

We've met many people who are in long-term stable employment, with successful careers, a bright future and are in positions to support their families. So what’s wrong with that? Nothing at all. However, the interesting aspect is when, after discussions regarding securing their future financially, passing a little nest egg on to the kids or paying fees for their university studies, they realise they haven’t made any concrete plans to have the money available at the right time in the right quantity. University study can be expensive, so being able to help your children when the time comes would avoid large HECS debts and give them a real boost in life. And how about a hand when they come to buy their first home? Then, of course, there is always your own retirement to think about.

As you read this, think for a moment: What retirement income are you expecting to receive? Is this sufficient to continue doing the things you enjoy in life or are you going to have to seriously tighten your belt? No one can expect to have a post-retirement income that equates to their working salary, but can you improve on what you are currently projected to have to live on?

Obviously, the younger you are when you start planning and putting measures in place to save for your retirement the better the outcome will be. It goes without saying that it’s also best to think well in advance when you are intending to help out your kids with any major expenses.

Money is very liquid, it flows into the household and flows back out through the fingers even faster. Saving can be difficult, especially in these times when there is so much to entice us to spend everything we earn but, when thinking of the future, consideration should be given to how to maximise the benefits of your income without actively compromising your ongoing lifestyle.

• The first place to look is to examine what you do with your salary and what you would like to achieve in the way of savings so you can influence your future financial security. Over a chosen period try making a general list of the amounts you spend and what they were for. You’ll be surprised, everyone is.

• Now look at creating a budget. Horrible word, isn't it? A budget ... it seems to indicate cutting down, austere measures, hardship, no fun, boring stay-at-home existence, can’t afford to do anything. It doesn’t have to be like that. It enables you to sort out your money priorities and find the right balance between spending and saving. Excellent information on budgeting can be found at https://www.moneysmart.gov.au/managing-your-money/budgeting/how-to-do-a-budget. So, go on, take control of your finances.

• While watching your savings grow, start considering what you are going to do with them to achieve the best returns. Do some research: look at bank savings and offset accounts, purchasing shares, term deposits, additional superannuation payments, putting it under the mattress (not to be recommended!) and, of course, investing in property.

If you choose to explore whether investing in property is for you then we are always available to discuss this, advise you and help you create a long-term strategy to grow your assets and secure your future.

Read more: 

6 steps to successful negotiation 

EXCLUSIVE: The 6 week property transformation - episode 1 

What your buyer's agent should be doing for you

7 steps to prepare your home for auction 

Do you really need to do that repair?

 

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About the Blogger

Philippe Brach

Philippe Brach

Multifocus Properties & Finance was established in 2005 with the aim of mentoring investors to create wealth and invest in their future by building an investment property portfolio.

The company is led by Philippe Brach who has over 25 years experience in the international corporate world specializing in finance, accounting and investment. He is a fully qualified and extremely experienced real estate agent, concentrating his attention solely on investment opportunities around Australia. In addition he is a highly regarded mortgage broker, being accredited with around 35 different lenders.

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podcast

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
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Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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Airbnb reforms unpacked for property investors
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AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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