There has been increasing focus on the notion of early inheritance, wherein adult offspring approach their parents or grandparents for an advance on their future inheritance. This trend is becoming more prevalent due to factors such as extended lifespans and the escalating cost of housing. Many parents are open to assisting their children in advancing … Continued
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Fostering generational wealth and imparting valuable money lessons, seniors can transfer funds to their kids and grandkids for their financial well-being. As the generation gap widens and financial circumstances evolve, seniors often find themselves contemplating how to best pass down their wealth to the younger generation. With increasing financial pressures on young individuals, providing support … Continued
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Why parents must set limits for gifting their kids, even in significant financial endeavours. As parents, it’s only natural to want the best for our children and provide them with financial support when they need it. However, there comes a point where generosity can become excessive, especially when it comes to gifting large sums of … Continued
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Parents usually consider whether they should lend money to their adult kids, and in most cases, the appropriate advice is… don’t. This sounds harsh, but it’s actually a precaution. How many times have you heard family or close friends lose their savings or have their own finances suffer when they acted as a bank. Not … Continued
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Ideally, a lifetime income should last the rest of your retirement years, in spite of how much you’re bringing in. So where does it go? In relation to budgeting, it’s easier to target the obvious, such as your bought lunches or takeaway coffees. However, it can be tough to maintain if you feel deprived on … Continued
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Managing your money when you’re 50 and over is about enjoying what you’ve worked for while planning for the future. In your 50s you will experience significant changes in your lifestyle, goals, and values. While your career is important, as your life shifts, you might be thinking about what’s next. You might experience some realisation … Continued
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The biggest increase in household spending is in education with a 44% jump in six years, this is according to the ABS Household Expenditure Survey in Australia. As the costs of education continue to increase, education-funding options are also rising in popularity. One of which is seeing grandparents helping out by funding their grandkids’ education. … Continued
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Borrowing cash can be necessary for your daily retirement expenses. Here are various ways you can use a reverse mortgage line of credit in your retirement. Paying off all your debt before ultimately retiring is a good goal, but there is borrowing that still makes sense even if you are already retired. A reverse mortgage … Continued
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Every parent wants to see their children do well in life, find success in their chosen field, have a family of their own, and become homeowners themselves. It’s no rocket science that the Bank of Mum and Dad is one of Australia’s largest equity release lenders. Parents will do whatever they can to bring those … Continued
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