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Tag: Life Balance

Volunteering Abroad

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People of all ages do just that by volunteering abroad. In places like Mongolia, Thailand, Romania, Mexico or Fiji, volunteers are needed every day. You could use your skills and experience on projects from archaeology, journalism, environment, to human rights, teaching, sports and healthcare. Whatever your specialisation, if you have the desire to enrich a community, there is a project for you.

Some people volunteer as a ‘gap year’ before they get on with career or study, and more people are viewing the opportunity as a way to broaden their career experience or as a personal test for themselves while they do something worthwhile.

And the good news is that many groups place great value on older volunteers. They recognise that with age, comes experience, skills and patience that younger volunteers can’t offer. Recent years have witnessed a massive growth in the amount of retired volunteers, with teaching and care being very popular areasi.

Volunteering is an exciting way to experience a place differently – building a bridge so a community can safely cross a river during high tide is something you won’t forget in a hurry!

Getting started

Numerous groups organise volunteer opportunities overseas. Some, like Projects Abroad, actively seek professionals who can make a difference in some of the world’s poorest communities.

Your professional association might also organise volunteering trips, including law societies, medical or engineering associations. Use your professional association as a starting point or try some internet research. Check the volunteer group you choose with the Australian government to make sure they’re legitimate.

Things to consider

Before deciding to volunteer abroad:

  • Be clear on your reasons. Know why you want to do it as you’ll be putting your life on hold in an unfamiliar place with a complete change in lifestyle and living conditions. Be clear with your organisers why you’re doing it – you’ll get more from the experience and so will the community you work with. If you’re volunteering with another person, be sure your ambitions are well aligned.
  • Research. Don’t leave it up to others to decide where you’ll go. Investigate your preferred places, including the political and cultural environment. Will you easily adapt to the culture and living conditions?What are the social norms?
  • Choose carefully. Look into the group you want to go with. Are they reputable and acknowledged by Australia?Register your travel plans with the Australian government in case you need support. The organisation you choose will have a big impact on your experience so ask for references from past volunteers like you.
  • Organise things at home. Organise your life at home before leaving. Do you have a power of attorney? Consider how your financial affairs will be dealt with while you’re gone. If you’ve got investments, who will make decisions in your absence? Don’t hijack your financial future by ignoring your responsibilities while away, and don’t forget to organise your estate plan, including a current and legal will.
  • Safety. Ultimately your personal safety is your utmost concern. Ask as many questions as you need to be satisfied that the project is safe for you.
  • Follow the advice provided. Your volunteer group will provide preparation advice and what to do while away. Follow this advice. It could make the difference between enjoying your time and being too ill to perform.
  • Know the costs. Be clear on your budget. Consider reserving cash for emergencies. And some projects can drain your health so set money and time aside to recover.

Lastly, have fun! Volunteering abroad is one of the most amazing experiences you’re ever likely to have so make the most of it. You could really make a difference to a community by being part of their life for a short time. Be open to the experience, give generously of your time and knowledge, and reap the rewards for a lifetime.

 

Been thinking of taking yourself on a volunteering experience?

And want to make sure your finances are in place? it could be helpful to speak with your SFP advisor on 02 9328 0876.

i http://www.projects-abroad.com.au/why-projects-abroad/older-volunteers/

Article by – AMP Life Limited.

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.

 

Is Downsizing right for you?

Is downsizing right for you?

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Is Downsizing right for you?

At first glance, it would seem that downsizing is a popular choice amongst older Australians. However recent research (Downsizers and Other Movers – The Housing Options Choices and Dilemmas of Older Australiansi) highlights that only 9% of 50+ year olds moved to a smaller home in the period 2006-2011. We explore some of the issues to consider when reviewing your housing needs. 

So why do we downsize?

Of those surveyed for research, ‘Lifestyle preference’ was the number one reason for downsizing, with ‘Retirement’ and ‘Financial gain’ coming in fourth and sixth place respectively. However, with the recent announcements during the Federal Budget, we now see another major reason to downsize. An opportunity has been presented to those aged 65 or more to downsize their home in return for super incentives and tax breaks.  “The measure reduces a barrier to downsizing for older people. Encouraging downsizing may enable more effective use of the housing stock by freeing up larger homes for younger, growing families,” Treasurer Scott Morrison said.

Making the most of your space

Another belief explored in the research findings, is that older people are under-utilising family homes, so downsizing would seem like a sensible step. However – when questioned – 91% regarded their (mostly three or more bedroom) dwellings as suitable for the needs of their household. While 86% had one or more ‘spare’ bedrooms, close to 75% of those had temporary residents requiring the use of that bedroom – that being an adult child, grandchild or other relative. 

And it seems that after retirement, we could actually need more room, not less. As we spend more time at home, an office or hobby room is a common requirement. For couples, each having their own personal space was considered important. Even if your grown-up children have long flown the nest, many come back for weekend visits, so a spare bedroom can be a necessity. 

Time to move on

But what if you feel that downsizing is right for you? A big driver for those that do opt for a smaller home is the inability to maintain the current family house and/or garden. This can also be compounded by the loss of a partner, relationship breakdown or ill health, all of which would make it harder to continue with the up keep of a larger property. 33% of those who downsized said reducing living costs was the main reason for moving. 

Downsizing certainly can mean a lesser financial burden for some, but it’s important to take into consideration other costs such as removalists and stamp duty – which 11% of downsizers included as a ‘difficulty’ of the moving process. There may also be implications on the age pension, so it’s important to make sure you are fully informed. Another important factor is that with many Australian suburbs dominated by large family homes, finding a suitable place may mean moving to a different area. It could mean moving further away from friends, family and your support network. Something we tend to rely on more heavily as we get older. 

Seeking professional financial advice is something currently only 14% of downsizers do. But it could make a significant difference. Deciding whether to stay put or sell up is complicated. Talk to us today before you make the big decision. Using contemporary financial modelling tools, we can model a range of “what if” scenarios to equip you with the information you need to make the right decision for your circumstances. 

 

Not sure if you should downsize?

If you want to discuss your options and retirement plans one of our advisors to make sure – call us to arrange an appointment on 02 9328 0876.

i Judd, B., Liu, E., Easthope, H. & Bridge, C. 2014, ‘Downsizers and Other Movers: The Housing Options, Choices and Dilemmas of Older Australians’, Three Days of Creativity and Diversity, vol. 35, pp. 129-38. 

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.

Albert Einstein

Do you really want success?

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Albert Einstein

By far the better question is: “what will make my life more valuable?”

This is the question we ask clients to consider as financial planners. It won’t necessarily be in these words. It may not even be in this one succinct question. But it will involve genuine conversations which, at their core, uncover the real motivators each of us have in our lives. And motivators are what get us out of bed each morning. 

Caution: there is no universal answer!

Our clients will have different measures of what will add value to their lives; spending more time with their families, doing volunteer work, getting into shape…again the list is endless.

The important thing to remember is that before you can truly move in a direction which helps you to become more complete – more “happy” – you have to articulate what makes your life more valuable, and whether you have enough of it. But what next?

After articulating what is valuable, we can assess where we are today, where we want to be tomorrow and finally, how we can get there. And guess what? It relates back to what we do every day – how we allocate our time, our money and our focus.

It seems contrived to say the financial planning process achieves this, but only after opening up and having these honest conversations with a neutral third party is there hope of finding the clarity needed to identify what truly matters. A financial planner isn’t the only professional who can do this, but they’re the only professionals qualified to give holistic advice to help you achieve what you want to achieve.

This is what a financial planner is:

An accountable professional who can add real value to your life…not just your bank account.

So, ask yourself:

  • Have I spoken to anyone about what I like about my life?
  • Have I had an honest discussion about what I want more of in my life?
  • Have I reviewed how I allocate my time, money and energy?
  • Do I maintain a plan for my life which helps me to achieve happiness?
  • Or am I hoping for the best, and achieving short term satisfaction from things that don’t add value to my life?

Most of us would answer yes to this final question without realising the first, small step to independence and happiness could be as simple as a candid discussion with a neutral third party.

 

Need some help getting started?

No matter your dreams, sometimes getting professional advice and a plan of action in place can be life changing. Why not call us for advice on how to achieve your goals 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.

 

10 ways to enjoy summer without spending a fortune

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If you’ve been saving for something big or are just cringing at the thought of how you’ll keep your budget intact over summer, don’t freak out yet. There are plenty of ways you can still have fun without spending all your savings or racking up serious debt on your credit card.

How to take on summer without spending a fortune

1

Diarise your upcoming events

Knowing what’s happening and how much you’re likely to fork out will help you to manage your cash and allocate what you need for each occasion.

2

Take turns entertaining at home

This can significantly reduce the money you and your mates spend on eating out, particularly if everyone is happy to bring their favourite signature dish, juice of choice or fruit sorbet when temperatures are running high.

3

Make the most of the warm weather

Hit the beach, head to the local playground, or pack a picnic basket and enjoy a barbecue at a nearby park. It won’t involve entry fees and depending where you go, you could load up the fishing rods or even a footy for a friendly game.

4

Look out for meal and beverage specials

There are plenty of places where you can find two-for-one offers and other great deals. Websites like TheHappiestHour can give you some ideas and you may even find some new alfresco venues you haven’t been to along the way.

5

Travel smart

Carpool, get a lift, catch public transport, or ride a bike. Too many Taxis and Ubers can drain funds, particularly if you’re not keeping a record of how often you use them.

6

Cut accommodation costs

Bunk with mates, house-sit, swap accommodation, volunteer your skills for a place to stay, or have a staycation where you check out attractions close to home.

7

Search for holiday deals online

Look at comparison websites for flights, accommodation and transport. Doing your homework can often mean more spending money in your pocket.

8

Stick to using cash as much as possible

When you pay in cash, there’s no risk of you having to pay added interest charges. Plus, leaving your cards at home means you’re less likely to go over your budget as you can’t say—I’ll just take out another $100.

9

Trade with friends

If you’ve got more outings than outfits lined up, rather than hit the shops, borrow something from a mate. It doesn’t have to stop with clothes either. You could exchange homes for the week, swap movies, or trade sporting gear like bikes and fishing rods.

10

Research free events

Look up what’s on in your local area. There are often a variety of things happening over summer, such as food and wine festivals, street fairs and markets.

Whatever your agenda over summer, it’s important to have a realistic plan when it comes to your money. Give yourself some room for movement and still aim to avoid that financial hangover.

 

Is it time to get some extra help with your money mangement?

Why not book an appointment to discuss your situation with one of our advisors, contact us on 02 9328 0876.

 

Article by – © AMP Life Limited.