Tag: Income Strategies

The rise of the gig economy and side gigs (thanks to technology)

Written by on 14 May 2026. Posted in Wealth Creation. No Comments on The rise of the gig economy and side gigs (thanks to technology)

While the gig economy has been bubbling away in the background for a while now, it continues to be on the rise, and people are finding new ways to make a bit of extra cash.ⁱ

Side gigs aren’t a new concept, but thanks to technology, opportunities are available to more skillsets than ever. In fact, these days, putting your services or wares on the market (whatever they may be) can be as easy as joining the right online marketplace and waiting for a bite.

Why people are taking on more work

In a time-poor world, it’s interesting that people should want to take on more work. The reasons are often as unique as the person, but there seems to be some common themes:

1. For an income boost.

Websites like AirTasker and Freelancer. com have helped people offer their skills to clients in their own time. Freelance work in particular is on the rise in Australia – according to a study by Upwork, nearly one-third (32%) of working-age Australians freelanced in 2015.ⁱⁱ

2. To follow a passion.

Some people are looking for ways to make extra money from their passion or to test whether it’s worthwhile pursuing full-time. They could be budding designers selling products on sites like Amazon marketplace, You Tube enthusiasts looking for followers, or lnstagram influencers posting pictures of themselves in exotic locations.

3. To seize an opportunity.

They can be people who have a spare room to offer Airbnb, or entrepreneurs who see a niche opportunity in the market and jump before big businesses do (the popular book ‘Good night stories for rebel girls’ was funded through the kick-starter website and self-published after the authors saw a gap in the market).

4. To test a new business idea.

It can feel risky to jump straight into a new business idea. Some people may choose to launch their idea on the side, help them understand the market better, and refine their offer before launching on a larger scale.

And there are plenty of other reasons too -some people might be looking to build their network, to keep learning, or to add more skillsets to their resume.

Why side gigs are a good thing

Gig work can cater to niche needs that bigger businesses might not see as worth their while. They can also bring about competition, providing consumers with more choice, lower costs and better service (think how Airbnb has changed the hotel industry).

What’s more, the growing gig market is connecting people in new ways and bringing local and global communities together via technology. These days it’s much easier to stay at someone’s place in Manhattan, get a uniquely designed gift from the Pilbara, watch how to tie a scarf like a Parisian and get a local tradie to fix your tap at 8pm.

The downsides

As the gig economy grows in popularity, laws and regulations are still catching up. University of Technology Sydney, Future of work research director Sarah Kaine warned in an interview with ABOⁱⁱⁱ that much of the “independent work falls outside the existing labour laws “so they don’t have minimum wage provisions … (or) all of the other things that we associate with being an employee.” That includes things like being paid a fair amount, contributing to superannuation, allowances for sick leave, footing the costs for materials, as well as having insurance.

What’s to come

It will be interesting to see how the rise of side gigs will impact the employment market in the coming years. Because one thing is for sure – while the technology’s around, the ability to tap into new markets is only going to grow. We could see new and exciting developments along the way that make life better for customers, and more enriched for those doing the leg work.

Still have some questions?

If you want to discuss your income strategy or side gig idea with one of our advisors. Call us to arrange an appointment on 02 9328 0876.

i – The McCrindle Blog, 23 October 2017, Latest Census Data: How Australians learn, Work & Commute
ii – Upwork, October 2015, Freelancing in Australia: 2015, slide 5.
iii – ABC news, 3 July 2017, Gig economy will create social classes and divide Australians, UTS researcher says.

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

Be a senior entrepreneur on your own terms!

Written by Sydney Financial Planning on 14 May 2026. Posted in Income Strategies. No Comments on Be a senior entrepreneur on your own terms!

Retirement is no longer the destination it used to be. If you’re like many Aussies who are heading into their later years after a lifetime of developing skills and expertise, you undoubtedly have more to offer, not less. If you’re thinking about starting your own business or considering how you’ll keep sharing your skills and experience in your later years, you’re not alone.

Many Aussies are blazing the trail into self-employment after retirement. And one of the effects of the increasing number of people venturing beyond retirement is the rising number of groups forming to provide guidance and help for older Aussies as they navigate through change in the digital age.

Many older Aussies are far from ready to retire into the armchair just yet. Life after work can be a time for harnessing passions and creating new ways to help others or generate income.

If you’re thinking about going out on your own, you may be aiming to find your true purpose—what you really want to do. Are you inspired by ideas about getting involved in an area that interests you personally, creating something new or just giving back? New ventures can give you fresh energy and a renewed sense of purpose.

Here are some things for you to consider if you’re thinking about foraying into the world as a senior entrepreneur:

1. What do you love doing?

Find ways to be involved in doing the things you love. Follow your passion and aim to reap rewards on all levels: financially, mentally and emotionally. Working on something that interests you personally can be more sustainable and rewarding because a labour of love doesn’t feel like work.

2. Find like-minded people.

Find people who share your interests regardless of any age differences. Discussing ideas with people experienced in the areas you may not be familiar with can lift your ideas from the drawing board into reality, without you having to pay for expensive mistakes. Communities like Hub Australia provide co-working services for small businesses.

3. Start small.

By following in the footsteps of other successful people, you can start with small steps and test your ideas and decisions along the way without it costing you dearly. You’ll be able to see if an idea works or not—and adapt quickly as you learn what your market wants. Because there are no guarantees in business, it can be costly to risk everything on one idea.

4. Get financially organised.

The most valuable thing you can do to help yourself is to get on top of things financially. If your savings are on the line and the way you’ll earn money is changing, come and have a chat with us. You don’t have to do it all alone—together we can make sure everything’s arranged so you’ll be better off, not worse.

Help is at hand

If you’re aiming to go out on your own, consider contacting organisations like the SeniorPreneurs Foundation or Elderberry—groups like these can help you connect with other people who are forging ahead to become their own bosses and continue sharing their invaluable skills and experience on their own terms.

As you’re weighing up the pros and cons or wondering if or how you can become a senior entrepreneur, come and see us. We can help you manage the financial implications of being in business and any impacts on your government entitlements.

You have some great ideas, but have a few more questions?

We are always here to help guide you on your financial journey. Contact us for advice on how to get started or have your current situation reviewed, call us on 02 9328 0876.

General Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. Please seek personal financial advice prior to acting on this information.

Give your career a health check

Written by on 14 May 2026. Posted in Career Strategies. No Comments on Give your career a health check

If you answered ‘yes’ to the last question, it might be time to give your career a health check. We all know the benefits of having regular medical check-ups but, just like your body, your career needs a regular review to make sure you’re on track to meet your goals.

Do a career health check

The average time Aussies spend in a job is about 3 years and 4 months (as at June 2014) so if you’ve been in your job for more than three years, now might be a good time to give your career a quick health check.

But before you hit the search button on your favourite recruitment site, take time to work out what you really want to do – then you’ll have more chance of finding, or working towards, the job that will make you happy.

Here are some tips for a career health check:

1.Take your pulse

List your top three work achievements over the last year. If you’re struggling to come up with any, think about where you want to be in five or ten years’ time. Will your current job get you there?

2. Check your vital signs

List the top five reasons (in priority order) you’re in your current job. If you’re ranking your bonus and long-service leave higher than your job satisfaction, then things might be a little out of balance. It might be time to ask yourself whether you’re at the right place in your career.

3. Take your own medicine

Think about how you could improve your career prospects:

Refresh your personal brand – update your Linkedin profile, write a blog or upload articles which are relevant to your career.
Update your resume with your recent achievements. Make sure they match the type of work you’re looking for.
Do you need to study, get some training or update your skills?
Attend professional development events, workshops, seminars and conferences.
Join professional associations to meet like-minded people in your industry.
Collaborate in online forums where you can show your expertise on a subject.

Should you stay or should you go?

It’s one of the hardest questions to answer. Can you achieve your career goals where you are or do you need to look for a fresh start somewhere else?

If you’ve built up a solid reputation at your current employer, consider applying for a different role at the same company to give you a new challenge.

Perhaps you want more life/work balance? If so, you could consider working part-time, as a consultant or doing freelance jobs.

But if you still feel as though you’re just going through the motions, it could be time to get on the front foot and take action. A career health check could help to keep you on track, reignite your spark and help you get (and keep) the job you’ve always wanted.

Does your career need a health check?

Whether your goal is to be debt-free, save enough to buy a property or to have a comfortable retirement, having the right income strategies can make a huge difference. Get in otuch to arrance to speak with one of our advisors on 02 9328 0876.

What clients really value: The enduring power of long-term financial guidance

Written by Sydney Financial Planning on 28 August 2025. Posted in Financial Planning. No Comments on What clients really value: The enduring power of long-term financial guidance

It shows up in a different way.
It’s in the quiet confidence clients develop when they understand the path they’re on.
It’s in the steady hand they feel guiding them through uncertainty.
It’s in the shift from “Will I be okay?” to “How do I live with more intention?”

Across countless conversations, review meetings, and long-standing relationships, clients describe the same outcomes – not in technical language, but in deeply personal terms:

– “I finally feel like I understand my financial world.”
– “I know where I’m going – and why.”
– “I trust the process now. I trust myself more.”

These reflections aren’t about emotional comfort alone. They point to something far more enduring: a sense of clarity, self-trust, and alignment with what matters most.

Yes, financial strategy matters – sound structure, risk management, and disciplined planning form the foundation. But over time, the greatest value of long-term advice is found in what it empowers people to become.

Here’s what we’ve observed:

1. More confident decision-makers

With consistent guidance, clients grow into their financial lives. They move from hesitation to informed action. Over time, they stop outsourcing all decisions and begin trusting their own judgement. That confidence is hard-earned – and life-changing. It transforms how people move through financial choices and life transitions alike.

2. More aligned with their values

Wealth on its own doesn’t create satisfaction. But when your money is structured around your values – family, freedom, contribution, legacy – it becomes a powerful tool for living well. Long-term advice helps bring that alignment into focus, translating your values into a lived financial strategy.

3. More intentional in how they live

When money is no longer a source of confusion or stress, it becomes something quieter – something that supports life, rather than controlling it. We see clients make clearer, calmer choices, less driven by reaction and more guided by intention. That’s when financial advice becomes a catalyst for a more focused, values-driven life.

4. More future-focused and legacy-minded

The longer the relationship continues, the more deeply clients begin thinking beyond themselves – about the kind of impact they want to make, the future they want to shape, and the values they want to pass on. At this stage, advice becomes not just strategic, but deeply personal.

At its best, long-term financial advice does more than guide a portfolio – it supports a life. It offers perspective, structure, and calm through every season. It helps people make wiser decisions, stay anchored to their values, and live with greater purpose.

A great adviser doesn’t just help someone make better financial decisions – they help them build confidence in their ability to navigate life’s transitions.

They help translate complexity into clarity, fear into perspective, and overwhelm into action.

As time goes on, that guidance becomes more than useful – it becomes transformational. That’s what meaningful advice delivers – not just over years, but over a lifetime.

Article by Michal Bodi
Senior Financial Planner | Partner

Are you getting the true value from your financial advice?

Speak with our Financial Planners about building clarity and confidence in your future. Call 02 9328 0876 to book a meeting today.

The income or growth conundrum

Written by Sydney Financial Planning on 18 September 2023. Posted in Investing. No Comments on The income or growth conundrum

We love investment income at SFP, because it adds real money to your investment account which you can use in the real world. Don’t get me wrong, capital growth is great (both the income and capital are important considerations for any investment), however, until you sell something it’s not real money we can use at the shops. And the problem with selling investments is that we then have to give up the future income from it. A bit of a conundrum.

They say, “horses for courses”. Depending on what life stage you’re in will depend on what investment return you might be favouring. Our accumulator clients might be focusing more on capital growth, whereas our retired clients might be more focused on a growing income from their investments.

Investment income may come in the form of interest, rent, dividends or distributions (as they call them from managed funds). The quality of the income is determined by the quality of the underlying investment, with consistency and reliability being two important factors we deem to be represented in quality income. The other important factor is the ability for the income to increase over time.

If you’re accumulating wealth over the longer-term, your focus is likely to be on capital growth, with income generated from that investment being used to purchase additional investments. However, there comes a point in time where your capital has grown sufficiently, and now your focus will be more on generating income to support your lifestyle.

If you need to access capital to fund your lifestyle expenses, you become a forced seller and must accept what the market gives you. This is generally not a situation many of our accumulator clients have dealt with, as we can set a retirement target date and plan accordingly, so we know when we’re likely going to need to access our investment capital.

The greatest challenge is for our pre-retiree or retiree clients, in that they may be in a situation where they have insufficient cash to fund their next pension payment. If the underlying investments produce sufficient income to top-up your cash account, then you won’t need to sell assets to fund your withdrawals, which is an ideal scenario.

This is where having a well-defined strategy comes into play, and why it forms an important part of our planning process for clients in retirement, or close to retirement. By looking ahead, we can determine the optimal timing for adjusting your investment strategy, as well as consider appropriate underlying investments to meet your needs going forward.

Re-investing dividends provides the opportunity to grow your portfolio at a greater pace over time, compared to banking your dividends. This applies regardless of whether you’re putting additional funds in or not, the dividends will be used to purchase more shares or units in your portfolio. This is known as “compounding returns”.

Where your strategy is largely to build your portfolio over a long period of time and your personal circumstances enable this to happen consistently (generally while you’re working) then re-investing dividends has proven to be an effective strategy.

However, if you require a regular income from your investments (such as in retirement), your dividends may be better served being directed to your cash or transaction account. This will in effect ‘top up’ your cash account and allow you to continue funding your income needs.

The decision to re-invest income, or allocate income to cash, really depends on your overall needs and there may be a combination of both of these approaches built into your overall plan.

Article by Steven Stolle
Financial Planner | Director

Does your portfolio have a long-term investing strategy in place?

Speak with one of our Financial Planners about the best investing approach for your circumstances, call 02 9328 0876 to arrange a meeting.

Focusing on the right thing

Written by Sydney Financial Planning on 14 September 2023. Posted in Investing. No Comments on Focusing on the right thing

2022 could have gone into the books as an unrelievedly ‘bad’ year, indeed quite the worst one since the onset of the Global Financial Crisis in 2008. But of course, that isn’t the case because the share prices are just one aspect of their total return.

The other is dividends – the actual cash disbursements companies make to their owners (shareholders) out of their earnings, and the income on which many retired investors are living. In 2022, those dividends went up just shy of 11% from 2021. You read that right, last year’s S&P 500 cash dividend was 10.8% higher than 2021’s. (It was the 13th year in a row that dividends went up, and the 11th consecutive record high.)

That’s sort of what dividends do, and indeed it only makes common sense: since in the aggregate the 500 companies in the Index have significantly increased their earnings over time, they’ve been able – and quite willing – to reward their shareholders by raising their cash dividends.

This wasn’t a one-year wonder. In the last 50 years – beginning with the annus horribilis 1973, the dividends went up because the earnings went up – more than 18 times.

Well fine, in fact pretty terrific. But in the next breath, you might very intelligently ask: how much of that dividend increase was lost to the erosion of purchasing power? In other words, how much did the cost of living go up in those 50 years? The answer is that the Consumer Price Index increased 6.4 times, from December 1973 to December 2022.

If that’s starting to look to you like the S&P 500’s cash dividend has quietly gone up, this half century past, close to three times more than has the cost of living, I’m happy to confirm that you’re reading the situation just exactly right.

You may wonder why no one (apart from your financial planner, who may have to be restrained from shouting it from the housetops) has ever reported this to you. Permit me to speculate: (1) It’s a pure goodness, and financial journalism tends to devote very little space to purely good things. And (2) it isn’t really “news”, but rather a cumulatively very powerful truth.

So, if some bank you’d never even heard of busted out today because it lent a bunch of money to some crypto bros, be assured that that’s just about all you’re going to be reading and hearing about for a while. Indeed, I can pretty much guarantee that “Tortoise continues inexplicably to beat hare” won’t ever be the big headline on your financial “news” feed, so you needn’t bother looking for it.

Here’s why an 11% jump in the cash dividend in spite of any temporary declines in the share prices, should have been every long-term equity investor’s key takeaway from 2022:

For the pre-retirement investor – trying with all his/her might to accumulate enough capital for retirement – it’s because a significantly increased stream of dividends was being reinvested at significantly reduced share prices. That’s the great (though somehow not obvious) beauty of compounding, as you make most of your money in a bear market; you just don’t realize it at the time.

And of course, for retired investors, it’s how their increased income may well have stayed ahead of their inflating living costs. CPI inflation was pretty dreadful in 2022, but it was nowhere near 11%. Remember: it isn’t your account statement you’ll be taking to the supermarket throughout perhaps three decades of retirement; it’s your income.

Just one man’s opinion, I guess. But if people looked up their dividend income every 90 days instead of checking their account balances every 90 minutes, they just might become markedly more successful investors.

Article by Michal Bodi

Senior Financial Planner | Partner

Does your portfolio have a long-term investing strategy in place?

Speak with one of our Financial Planners about the best investing approach for your circumstances, call 02 9328 0876 to arrange a meeting.

Workers compensation vs income protection

Written by Sydney Financial Planning on 28 February 2020. Posted in Financial Strategies. No Comments on Workers compensation vs income protection

When it comes to covering your income if you can no longer work, what’s better? Income protection, workers compensation, or both?

What’s the difference between income protection and workers compensation?

The key difference between workers compensation and income protection is whether cover will be provided and to what extent.

When it comes to workers compensation ^[1], cover will only be provided if the accident or illness occurs as a direct result of the job. Payments can be used to cover income for the duration that you are unfit to work or up to 65 years old in most cases (sometimes 67), as well as any medical expenses or rehabilitation. The key point when it comes to workers compensation though is where and why the injury or illness has occurred. If you cannot prove that it was a result of jobs undertaken at work, then you will not be eligible for compensation.

In contrast, Income Protection ^[2] can cover you for injuries and illnesses suffered both at and because of work, and also outside of work. When you consider 75% of accidents occur when a person is at home or during leisure time, compared to 25% at work ^[3]. Taking out income protection may help you to cover outgoings and expenses, should something occur outside of work that impacts your ability to earn an income.

Workers’ compensation costs and benefits are paid for by the employer, with workers compensation systems varying from state to state ^[4]. Income protection insurance premiums on the other hand are usually paid for by the individual.

What does income protection offer? You can’t make an informed decision unless you have all the facts.

Income protection can give you the support of an alternative source of income if you are unable to work due to an injury or an illness. Benefit payments of generally up to 75% of your average income are paid monthly, which can help you to cover expenses.

Remember, relying on workers compensation means you won’t be covered if the injury or illness isn’t due to work or your workplace and usually, you’ll need to present evidence to prove the injury or illness occurred as a direct result of your job. Sometimes, this may be difficult and this can result in lengthy delays. And if you’re self-employed, a sole trader or an independent contractor you may not be covered under a workers compensation scheme. While some people believe income protection is only for high income earners, this isn’t the case.

What is the impact of having both workers compensation and income protection? You can have both workers compensation and income protection. However, having access to workers compensation may mean a reduced insurance benefit ^[5] from your income protection policy. Why? Income protection is designed to help cover your loss of income, but if you’re already being compensated for the loss of that income from somewhere else, such as workers compensation, this will be factored in and generally your income protection benefit will be reduced accordingly.

According to the Australian Bureau of Statistics ^[6] 47% of Australians who suffered an injury or illness as a result of work received no financial assistance in 2017/18. While workers compensation is great, it doesn’t cover everything, especially not broken bones that prevent you from working if they occur while on holiday or even just as a result of a fall at home.

Income protection offers peace of mind, so that you and your family can be protected should your income be affected by injury or illness.

Still have some questions? Are you covered?

Speaking with one of our financial advisors is a good place to start. Make a booking or call us on 02 9328 0876 to arrange a meeting.

[1] Fair Work Ombudsman 2020, Workers Compensations, viewed January 2020 https://www.fairwork.gov.au/leave/workers-compensation
[2] TAL Slice of Life Blog, 2 January 2019, Income Protection Insurance: Protect against the unexpected, viewed January 2020 https://www.tal.com.au/slice-of-life-blog/ip-protect-against-the-unexpected
[3] Finder.com.au 2020, Income protection insurance vs WorkCover, viewed January 2020 https://www.finder.com.au/income-protection-vs-work-cover
[4] Nolo 2020, Who Actually Pays for Workers’ Compensation?, viewed January 2020 https://www.disabilitysecrets.com/workmans-comp-question-20.html
[5] Compare the market 2020, Do I need life insurance or income protection?, viewed January 2020 https://www.comparethemarket.com.au/life-insurance/information/life-insurance-or-income-protection/
[6] Australian Bureau of Statistics, 2018, Work-Related Injuries Australia,July 2017 to June 2018, viewed January 2020, https://www.abs.gov.au/ausstats/abs@.nsf/mf/6324.0

Things to avoid as a newbie investor

Written by on 24 April 2019. Posted in Investing. No Comments on Things to avoid as a newbie investor

1. Failing to plan

When looking to invest, it’s generally wise to think about:

your current position and how much you can realistically afford to invest (consider what other financial priorities you have or existing debts you may be paying off?)
your goals and when you want to achieve them
implications for the short/medium and long term
whether you understand what you’re actually investing in
whether you know how to track performance and make adjustments
if you want to invest yourself, or with the help of a broker or adviser.

2. Not knowing your risk tolerance

As a general rule, investments that carry more risk are better suited to long-term timeframes, as investment performance can change rapidly and unpredictably. However, being too conservative with your investments may make it harder for you to reach your financial goals. Low-risk (or conservative) investment options tend to have lower returns over the long term but can be less likely to lose you money if markets perform badly. Medium-risk (or balanced) investment options tend to contain a mix of both low and high-risk assets. These options could be suitable for someone who wants to see their investments grow over time but is still wary of risk. High-growth (or aggressive) investment options tend to provide higher returns over the long term but can experience significant losses during market downturns. These types of investments are generally better suited to investors with longer term horizons who can wait out volatile economic cycles.

3. Thinking investment returns are always guaranteed

The idea of guaranteed returns sounds wonderful, but the truth when it comes to investing is returns are generally not guaranteed. There are risks attached to investing, which means while you could make money, you might break even, or lose money should your investments decrease in value. On top of that, liquidity, which refers to how quickly your assets can be converted into cash, may be an issue. Depending on what type of investment you hold or what may happen in markets at any point in time, you mightn’t be able to cash in certain investments when you need to.

4. Putting all your eggs in one basket

Investment diversification can be achieved by investing in a mix of:

asset classes (cash, fixed interest, bonds, property and shares)
industries (e.g. finance, mining, health care)
markets (e.g. Australia, Asia, the United States).

The reason diversifying may be a good thing is it could help you to level out volatility and risk, as you may be less exposed to a single financial event.

5. Believing the opinions of every Tom, Dick and Harry

Changing your strategy on the basis of market news may or may not be a good idea. After all, people have made all sorts of market predictions over the years, all of which haven’t necessarily come true. On top of that, we all have that one friend that likes to pretend they’re a property, share or general investment guru, who while may come across as persuasive in their market commentary, does not have the qualifications to be giving people advice. With that in mind, if you’re looking for guidance, you’re probably better off consulting your financial adviser who may be able to give you a more well-rounded picture of the current climate and the potential advantages and disadvantages you should be across.

6. Making rash decisions based on fear or excitement

Many investors get caught up in media hype and or fear and buy or sell investments at the top and bottom of the market. Like with anything in life, it is easy to get stressed and concerned about the future and act impulsively but like with other things this may not be a smart thing to do. While there may be times when active and emotional investing could be profitable, generally a solid strategy and staying on course through market peaks and troughs will result in more positive returns. We can help you make investment choices that are right for you. Get in touch today.

Need help with starting in investing?

We can help you decide what is the best strategy according to your goals. Make a booking or call us on 02 9328 0876 to arrange a meeting.