WFO 2021 Dec Issue #2 by WFOMag

ISSUE 2 DEC 2021

WOMEN’S FINANCIAL OUTCOMES

how successful

WOMEN invest their MONEY

WHY YOU NEED an estate plan

your life horizons Life Insurance explained ISSN 2653 - 3707

10 TIPS TO SAVE

THIS CHRISTMAS

women’s

financial 2

wfo

outcomes

welcome Hello and welcome to the second issue of WFO. WFO, is a financial magazine written with women in mind. It is created by a wonderful network of contributors and our own in-house editorial team who seek to educate, inform and inspire women to increase their financial literacy and create our financial future they desire.

technology from FinTech experts and app developers. Our in-house journalists will keep you informed with financial tips, news, and regulatory updates. And in keeping with our philosophy of caring and giving, we at WFO seek to encourage a spirit of giving in all our readers and will continue to support those smaller charities that support women and their families. In each digital issue we will introduce you to three charities and then six charities in each print edition. In this issue we feature and celebrate the work done by Global Women’s Project, Australian Women’s Health network, and Aus Education Scholarship Fund. We encourage you to read about the support these charities offer, and offer your financial support so that they may continue to thrive and provide.

We have also been inspired and delighted by the number of women who have supported WFO and encouraged us to only move from a bi-monthly to a monthly digital publication. Added to this encouragement was the requests for a print edition. We listened to you, and will combine the digital into a bimonthly print edition. So, from next year our readers will be able to subscribe to WFO as a bi-monthly print edition and download the digital as well. So stay tuned while our website is updated to allow for subscriptions.

So, as we hit the button to publish this issue I wish you a happy and safe Christmas and I look forward to speaking with you in the New Year.

Each month our readers will enjoy informative articles from women in the finance, financial planning, real property, and legal professions. We will bring articles about the latest financial

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Jacqueline Hodges

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WFO is Australia’s only financial magazine created by women and written by women from across the financial services industry for women so that our readers can learn, prosper, and enjoy a healthy and balanced financial future. At WFO, we believe that every woman should have the knowledge to create the financial future she desires, whether she journey’s through life alone, partnered, or with her family. Our readers are women who strive to improve their financial knowledge and financial well-being. WFO shares practical financial wisdom, engaging activities, inspiring ideas, and entertaining stories, that provide the shining light for every Woman’s Financial Outcome.

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©WFO Magazine 2021

WFO TEAM

wfo team

JACQUELINE HODGES

ASHLEIGH KENT

Editor-in-Chief

Graphic Designer

ISABELLA STEPHAN

GEORGIE ARNAUD

Journalist

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CONTENTS

contents 09

Our Contributors

How Successful Women Invest Their Money

Planning Your Life

Why You Need An Estate Plan

Overcoming Stress This Christmas

Life Insurance & Personal Financial Risk

SMSF Quarterly Statistics

Scams To Watch Out For This Christmas

Raiz - Micro Investing App

Store All Your Loyalty Cards In One Place

10 Tips To Save This Christmas

Volt Bank

Focus on Giving

Goals & Planners

pg 14 Planning Your Life

pg 54 10 Tips To Save This Christmas

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CONTENTS

pg 10 How Successful Women Invest Their Money

pg 50 Store Your Loyalty Cards

pg 22 Why You Need An Estate Plan

pg 32 Life Insurance & Personal Financial Risk

pg 64 Focus On Giving

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women’s

financial opinions 8

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OUR CONTRIBUTORS

our contributors

ADELE ANTHONY

NATALLIA SMITH

Principal Solicitor Your Legacy Lawyer Bio pg.27

Director & Principal Financial Adviser at TruWealth Advice Bio pg.13

SUSHMITA SHARMA Integrated Communications Strategist

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PERSONAL FINANCE | How Successful Women Invest Their Money

how successful

WOMEN invest their MONEY Words Natallia Smith

uccessful investing doesn't happen overnight, it is never too late or too early to start investing and anyone can do it! You don’t need to have a degree in Finance or be an investment adviser to make smart decisions with your money. But there are a few key rules when it comes to successful investing, such as education, understanding, and experience. Successful investing involves setting your financial goals, your investment time frame, understanding your attitude to risk, creating an investment plan, and finding the right investments. You will need to set aside some of your savings to start. As they say you need money to make money. Your investment portfolio is there so you can achieve your dreams, but remember to understand your goals.

“Dreams without goals are just dreams” - Denzel Washington So just how do successful women invest their money? They; • Identify their goals • Understand knowledge is power & • Learn from experience

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How Successful Women Invest Their Money | PERSONAL FINANCE

IDENTIFY YOUR LIFE GOALS Write down what you would like to do and have now (short term) and in the future (long term). Think about the following: • How much money will you need to achieve your goals? • Do your current finances support your goals? Women are so often juggling work and family, goal setting for our loved ones that we forget to goal set (financially) for ourselves. Whether you do this yourself, or with a help of a partner, spend time and energy working out your financial goals, and then putting them into action. Figure out what you want and how to achieve it.

KNOWLEDGE IS POWER Successful women never stop learning. They ask questions, they learn about their financial situation, and they reflect on events in their lives. They listen to podcasts, they read books, and they speak to people who have invested so they can understand how they too can achieve. Women often assume that they know less than men when it comes to financial matters or they are not as good. Some end up spending too much time researching before making a decision (and may even suffer analysis paralysis) or outsourcing it to someone else (husbands). If it is all a bit too much, seek professional financial advice. Do your research and engage an independent goalsbased adviser who will recommend the strategy first, then the product. Should women take on more risk? There is no such thing as risk free life / investment. Investment risk is the likelihood that you’ll lose some or all the money you’ve invested. As a general rule, the higher the expected return on an investment, the higher the risk of the investment. But until you understand what is involved, you can start with a very small amount of money to invest. Moneysmart a government initiative has a useful investor toolkit that will help you get across the investing essentials and develop your knowledge.

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PERSONAL FINANCE | How Successful Women Invest Their Money

EXPERIENCE Investing is not a set and forget exercise, it requires maintenance like when you take care of your garden, as it needs your attention: pruning, watering, weeding, fertilising and mulching et cetera. Be prepared to make a few mistakes as you gain experience. Afterall as they say practice makes it perfect. When faced with a variety of options, gather as much information as possible, consider their risks, alternatives, costs, read Product Disclosure Statements (most financial product should have one). As you gain experience you will realise the best course of action is to take your time and sleep on your decisions. What if that doesn’t come naturally to you? Think of the reasons why you decided to do it in the first place. Focus on your goals. How committed are you to living your best life? Or are you going to leave your life to chance? Finally, be aware of your biases. Research shows, that when men make money in the stock market, they credit their own cleverness. When they lose money, they blame the incompetence of their advisors or bad luck. When women make money in the market, they credit the cleverness of their advisors, good luck or even the stars. When they lose money, they blame themselves. With the right attitude, knowledge and awareness, nothing will stop you from achieving your financial goals! You so deserve it! General Advice Warning: The information in this article is provided for information purposes and is of a general nature only. It is not intended to be and does not constitute financial advice or any other advice. Further, the information is not based on your personal objectives, financial situation or needs. You are encouraged to consult a financial planner before making any decision as to how appropriate this information is to your objectives, financial situation and needs. Also, before making a decision, you should consider the relevant Product Disclosure Statement available from your financial planner.

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How Successful Women Invest Their Money | PERSONAL FINANCE

Natallia SMITH

Hi, I’m Natallia Smith, Director and Principal Financial Adviser of TruWealth Advice. As a business owner, I specialize in educating pre-retiree single women of all circumstances to manage their financial affairs to achieve independence and security by providing the highest quality financial advice, individually tailored to a client’s best interests and stage of life. My wish is for women to have the financial security, independence and confidence that they deserve. Combining my previous education in psychology with my training and knowledge from 17 years in the financial industry, I work closely with my financial advice clients to develop strategies to build resilience, motivate, educate and provide security from a young age through to retirement. Natallia Smith Director & Principal Financial Adviser TruWealth Advice www.truwealthadvice.com.au (03) 8648 6534

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Your Horizons | YOUR RETIREMENT

YOUR

HORIZONS Words Jacqueline Hodges

ave you ever looked out to the distance as you stood at the beach or on hill and wondered how far it was to the horizon? It seems so far away. And just like the horizon, planning for your retirement and into old age seems so far away. But time goes by so quickly, so your planning should begin earlier rather than later. Yet, it can be overwhelming conceptually to plan for today, tomorrow and some other relatively unknown date far into the future. So, in this article I will provide you with some guidance to begin your financial journey.

Let’s start by thinking about your life stages as different horizons. Life stages are the significant milestones in your life. To align your plan to your life stages, think about your short-term, mediumterm and long-term needs and wants. Once you understand your short, medium, and long term needs and wants you can begin to plan how you will achieve those needs and wants and when you want to achieve them. You needs and wants are quantifiable goals and targets.

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YOUR RETIREMENT | Your Horizons

Time Horizons Short Term < 5 years Medium Term 3 to 10 years Long Term 10 to 20 years For example, if you want to buy a new Tesla in the next two years, then you have a short-term goal. You know that a new Tesla will cost around $70,000. So your plan will include how you are going to achieve this goal. Can you pay for the new car with savings you already have, or will you need to borrow to finance the purchase? Thinking further along the horizon, if you want to an adventurous driving trip around Australia in the next five years, you have a medium-term goal. A trip around Australia requires quite a lot of planning but it is quantifiable. You can estimate the costs and the time frames. Your long term horizon, that is more than 10 years into the future, may include stocking up on big ticket items prior to retiring, renovating your house, retiring to the beach, or making a tree change. Again you can prepare and plan how you will meet these goals.

Time is more valuable than money. You can get more money, but you cannot get more time. - Jim Robin

Life Stages There are several theories on life stages, and how the stages are interpreted. Lifespan psychologists consider these as periods of development, moving from infancy through to adulthood, categorising the milestones of life into eight or nine stages such as Erik Erikson and Joan Erikson‘s Eight and later Nine Stages of Life, or even 12 stages such as Dr Armstrong’s The 12 Stages of the Human Life Cycle. Others base the life stages on broader conceptual grouping or simplify the development into three or four stages. There is no rule is how you identify with your life stage, and in some cases you may slip back to an earlier stage. For example, you have a baby in later life, you may slip from an empty nester back to motherhood, or you may retire but then return to work or business. Choose the life stage that you identify with or that resonates with you and then begin your financial journey.

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Your Horizons | YOUR RETIREMENT

Stage

Age (Approximate)

Events

Early Adulthood

20 - 40 years

Work, romantic relationships

Middle Adulthood

40 - 60 years

Work, parenthood

Late Adulthood

60+

Retirement, reflection

(Excerpt: Erik Erikson Stages of Psychosocial Development)

Stage

Age (Approximate)

Events

Early Adulthood

20 - 35 years

Find a home, establish circle of friends and family. Get a good job.

Middle Adulthood

35 - 50 years

Reflection and Betterment of their life.

Mature Adulthood

50 - 80 years

Benevolence, Volunteerism, Mentorships

(Excerpt: The Twelve Stages of the Human Life Cycle by Dr Armstrong)

Stage

Age (Approximate)

Events

Self Discovery

20 - 30 years

Find a home, establish circle of friends and family. Get a good job.

Commitment

30 - Retirement

Reflection and Betterment of their life.

Legacy

Post Retirement

Benevolence, Volunteerism, Mentorships

(Excerpt: The Four Stages of Life by Mark Manson)

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YOUR RETIREMENT | Your Horizons

Begin Your Financial Journey You will no doubt have ambitions and goals to life your life the way you dream and desire. It may be to create a relaxed lifestyle, it may be forging ahead with new plans, or it may be to continue just as you are. Whatever your plan, it is yours. It may be yours alone or you may prepare a financial plan jointly with your partner. You may have longer term plans. You may have envisioned your retirement. It may be a sea change with a life at the beach, a tree change to a regional lifestyle block, or a caravan trip around Australia. By beginning your financial journey you can make the plan and prepare to live the life your dream or if necessary revise that dream into a realistic goal.

Make A Date Whether alone or with your partner, fix a date in your calendar to schedule some ‘financial me time.’ Be prepared on your date, have a clear a space, have a notepad ready to record your thoughts and ideas. You might like to write on paper with a pencil and have an eraser ready to change things as you go. You can use a variety of tools, such as a mindmap, post-it notes, an excel spreadsheet, an electronic notepad or a whiteboard. Whichever tools you are going to use, have them ready and close by when you start your date.

Give Yourself A Gift Your date doesn’t just have to be financially rewarding, you’ve earned yourself a treat for doing a good job. So, whether it’s buying a bunch of flowers, burning a tranquil incense, splurging of something luxurious, or just a smile in the mirror give yourself a gift. Positive reinforcement is powerful.

Improve Your Financial Literacy Make time to learn about financial matters. You can read blogs and books, listen to podcasts about personal finance and investments or speak with your financial adviser. Financial literacy is something you can learn.

Speak With Your Financial Adviser How you fund your lifestyle choices requires planning and the earlier you start you will be able to control saving and preparing. Once you have your goals established you need to consider how much you will need to fund those goals. Ask yourself. Are your goals feasible? Do your plans make financial sense? Are they viable? Can you save enough to fund those goals? Your plan may be a multi-pronged approach. You may be waiting to downsize from the family home into a smaller property and use the excess equity for your retirement funds. You may already have a sizable superannuation fund and investment portfolio and feel confident that your retirement is secure. If you haven’t got a plan yet, that’s ok. Now is the time to focus on your future, consider what options you have and set your plan in motion.

"The best time to start was yesterday. The next best time is now." - Unknown

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Disclaimer: The information contained in this article is general in nature and may not be relevant to your personal circumstance and needs. Taxation, legal and other matters referred to in this article are of a general nature only and are based on laws existing at the time and should not be relied upon in place of appropriate professional advice. We recommend that you assess whether the information is appropriate to your needs and if appropriate speak with a financial adviser to discuss your needs, financial situation and investment objectives. HQ Wealth Pty Ltd as trustee for HQ Wealth (CAR 1238791) and Jacqueline Hodges (AR 1238790) are Authorised Representatives of Wealth Today Pty Ltd (ABN 62 133 393 263), AFSL 340289.

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YOUR RETIREMENT | Your Horizons

Jacqueline

HODGES

Jacqueline Hodges is a Chartered Accountant, Registered Tax Agent and SMSF Auditor. She is a Financial Adviser and an authorised representative of Wealth Today. She has a wealth of experience having worked in the financial services sector for most of her career. Jacqueline is a firm believer in continuing education and holds a Bachelor of Commerce (UQ), a Master of Taxation (UM), and a Financial Planning Certificate. She established her own accounting firm servicing individuals and small businesses in 2005 and complemented the business in 2015 with the opening of the financial advice division. We strongly believes in supporting women’s financial growth and created WFO, Hepburn, and Embrace magazines to fulfil this objective. Jacqueline Hodges Managing Director HQ Tax HQWealth www.hqfinancialgroup.com.au 1300 474 829 LinkedIn

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financial outlooks wfo

LEGAL COMMENTARY | Every Women Needs An Estate Plan

every women needs an estate plan WHY IT'S SO IMPORTANT FOR EVERY WOMEN TO HAVE AN ESTATE PLAN IN PLACE Words Adele Anthony

powerful quote from a woman who knows her stuff. Estate planning is a wonderful gift to give our families and, properly prepared, is a gift that will keep on giving. It’s important that everyone over eighteen has a sound and strategic estate plan, particularly women, because studies show women ‘live on average 4.1 years longer than men”. This means we are more likely to live longer than our spouses, and coupled with a 14% gender pay gap in Australia, we face unique challenges in terms of protecting our money, which will need to last longer for ourselves, and for our loved ones after we die. Increasingly more women are working full time in paid employment, in our own businesses, and are often the family’s main breadwinner. We are increasingly becoming wealthy in our own right, and should be concerned about protecting our assets not only for ourselves during our lifetime, but also for our loved ones when we die.

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Every Women Needs An Estate Plan | LEGAL COMMENTARY

“Estate planning is an important and everlasting gift you can give your family”. - Suze Orman WHAT IS ESTATE PLANNING? Estate planning provides answers to these questions: 1. Who will look after me if I can’t look after myself? 2. How can I make sure my family are looked after financially when I die? 3. Who will look after my young children if something happens to me? 4. What will happen to my business if I am not able to run it? By putting an estate plan into action early, we are giving ourselves the best possible chance of safeguarding our assets, receiving the right entitlements from our spouses when they pass, and ensuring our wealth is distributed in line with our wishes after death. It’s all about having the appropriate documents in place to ensure we (in the event of incapacity) and our loved ones (in the event of our death) are taken care of. An estate plan is always best prepared with the help of professionals and involves more than simply having a Will prepared. It formalises how we wish to be cared for financially, personally, and medically if we are ever unable to make decisions for ourselves (temporarily or permanently). An estate plan sets out our wishes for: • The protection of our assets during our lifetime; and • The distribution of our assets after we die. This can prevent members of our family disputing the division of our assets after we die and assist

them in making difficult decisions on our behalf. Another benefit of estate planning with the guidance of professionals, is that we can eliminate or minimise the tax obligations of our estate and/ or that of our beneficiaries which arise when our assets are distributed upon our death. So, what, at minimum, do we need to have in place? • A Will • An Enduring Power of Attorney (for financial and personal (including health) matters) • A Testamentary Trust (in certain circumstances) • An up-to-date Binding Death Benefit Nomination for our superannuation A WILL Without a Will, we have no say as to the distribution of our estate on death nor who takes control of managing our affairs. Dying without a Will means the distribution of our estate will be made using a legal formula to our relatives, which may not be what we want. AN ENDURING POWER OF ATTORNEY We also need an Enduring Power of Attorney to appoint a trusted person(s) to manage our affairs if we cannot do so ourselves because of decisionmaking incapacity. We can choose someone now to make financial/legal decisions on our behalf such as banking, paying bills or even selling if our home if required, and to also make decisions about where we live, who visits us, what doctor we see and what medical treatment we receive.

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LEGAL COMMENTARY | Every Women Needs An Estate Plan

A TESTAMENTARY TRUST Estate planning lawyers often get asked: • What happens if I die and my husband remarries: how can I ensure my children are looked after and all my hard-earned wealth doesn’t go to my husband’s new wife or partner, especially after he dies? • How can I ensure my children won’t be disinherited if my husband remarries after I die? • What if I want my children to benefit from my hard-earned wealth but also want my spouse to reside in our family home after my death until he remarries or dies? The thought of our spouse remarrying or becoming romantically involved, if we die first, during the years following our death is daunting to say the least. Similarly, the thought of our spouse dating or finding someone new to raise our children with is probably something we don’t even want to think about.

Then having a Testamentary Trust in our Will is a great way to ensure asset protection as well as providing a flexible and tax advantageous estate plan. It’s important we start having these conversations now, discussions about our hopes and dreams and wishes for our children and our spouse if we die first. As Benjamin Franklin once said: “By failing to prepare, you are preparing to fail”.

However, a study has found:

SUPERANNUATION

• Within 25 months after a spouses’ death, 61% of men (19% of women) have either remarried or re-partnered. • The younger the surviving spouse is, the more likely they will re-marry or re-partner. • Mentally and physically fit surviving spouses are more likely to re-marry or re-partner within 25 months of their spouses’ death.

Superannuation is often one of our largest assets, but it does not automatically form part of our estate. This includes any life insurance cover held within the fund. When we die, our superannuation is paid as a death benefit to our eligible dependents which include our spouse (including a de facto partner and a same sex partner), our children (including step and adopted children); a person financially dependent upon us at the time of our death, someone we were in an interdependent relationship with at the date of our death or our legal personal representative (executor).

If we want to: • Protect our assets for our children but still provide for our surviving spouse (which we are morally obligated to do by law). • Protect our assets being claimed by our children’s partners should they ever become involved in a relationship breakdown. • Reduce potential conflict between our spouse and our children after we die. • Reduce the likelihood of our spouses’ new wife/partner and their children clawing at our assets.

By putting in place a Binding Death Benefit Nomination, we give a binding direction to our superannuation fund trustee as to who we want our benefits to be paid when we die. For that reason, it’s important we devote some thought as to who we want our superannuation to be distributed to when we pass away.

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Every Women Needs An Estate Plan | LEGAL COMMENTARY

SEPARATED OR DIVORCING? For those of us who have recently separated from our spouses, it’s so important we make an appropriate estate plan or update our current one. I'M DIVORCED: HOW DOES THAT AFFECT MY WILL? In Queensland if we have a Will and get divorced, any of that Wills’ provisions appointing our exspouse as an executor and/or guardian of our minor children are revoked. Any gifts made in favour of our ex-spouse are also revoked. Any other provisions generally remain valid, but we should certainly not wait to update our Will particularly if any provisions are made in favour of say an ex-in-law. It's important to note that only divorce revokes provisions in favour of an exspouse. Separation does not. I'M SEPARATED BUT NOT DIVORCED YET; DOES THAT AFFECT MY WILL? Separation doesn’t revoke any provisions in our Will made in favour of our ex. If we have a current Will gifting everything to our ex, they’re entitled to everything if we die: they’re still legally our spouse. We have to wait 12 months from the date of separation until we can divorce, but we shouldn’t wait until then to change our Will or make one.

I'M SEPARATED BUT DON'T HAVE A WILL This is just as bad. If we’re still legally married when we die, Queensland’s intestacy rules provide that our ex will get our entire estate (where there’s no children) or a huge chunk of it (where there’s children). I'M IN A DE FACTO RELATIONSHIP: WHAT HAPPENS IF I SEPARATE? It was only very recently that Queensland’s succession legislation stated that provisions in a Will appointing an ex de facto spouse as executor and/or guardian, and any gifts made in favour of them, are revoked at the end of a de facto relationship.

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LEGAL COMMENTARY | Every Women Needs An Estate Plan

THE DIVORCE PROCESS & ESTATE PLANNING Women are often affected more than men when it comes time to sort out their joint finances when divorcing. A recent study showed 56% of married women leave decision-making for major financial planning and investments to their husbands. This leads to women often finding themselves in financial overwhelm when they get divorced. It comes as no surprise that women’s emotions are often significantly heightened during a divorce, and there are so many things to cross off their to-do-list, but it’s vital they focus on their changing financial situation, particularly where children are involved, and plan ahead. Some mistakes women make at this challenging time include: • Not reviewing their Will • Not reviewing their estate plan for their minor children • Not planning for all their assets (i.e. superannuation) • Not including trusts in their estate plan • Not formalising their financial settlement • Not planning at all • Not seeking help from professionals

Are you a sole trader or a company? Do you run your business via a family trust…does it have individual trustees or a corporate trustee? These are extremely important questions. If something were to happen to us, who can legally take over and run our businesses? If you own a company, it will depend on the constitution provisions. If your business operates via a trust, it will depend on the trust deed’s provisions. Sometimes what is provided for in these documents is not what we might want so it is important we find out if we can vary the documents to ensure the appropriate succession of our business and/or make the necessary provisions in our Will and Enduring Power of Attorney. Again, this requires the assistance of professionals. It’s very important that women have strategic and sound estate plans in place guided by professionals and that it’s done early: if we don’t and something happens to us, it will be too late.

Without professional help, many of us overlook these important aspects of planning during the divorce process.

I HAVE A BUSINESS, WHO WILL RUN IT IF SOMETHING HAPPENS TO ME?

“There’s nothing fun about stuff like estate planning, getting mammograms, or talking to a guy about long term disability insurance, but do it anyway. Trust me, the stress of not having done the above is prematurely aging.” – Jen Lancaster

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Every Women Needs An Estate Plan | LEGAL COMMENTARY

Adele

ANTHONY Your Legacy Lawyer is Adele Anthony. Adele began her work in the law over 30 years ago as a legal assistant and returned to study to qualify as a solicitor, graduating with a Bachelor of Laws with first class honours from Griffith University along with a Bachelor of Business. During her time at Griffith University, Adele proudly co-founded the Griffith Journal of Law & Human Dignity and was also an editor and Chair of the Journal. Adele has a true appreciation for business not only from her studies, but also from 10 years running the very successful and multiaward-winning Fernwood Women’s Health Club in Toowoomba as well as Healthy Habits in Tweed City Shopping Centre. Adele has incredibly valuable experience in various jurisdictions including Queensland and Victoria giving her a well-rounded appreciation for the modern world of people, wealth and estate law. Adele Anthony Principal Solicitor at Your Legacy Lawyer www.yourlegacylawyer.com.au 0417 012 991 LinkedIn

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PERSONAL FINANCE | Overcoming Stress This Christmas

Overcoming Stress This Words Sushmita Sharma

Christmas

‘Tis the Season!

After all this havoc, we are now one-year deep in the pandemic and can only hope for some good news regarding the vaccine. As we approach Christmas during this pandemic, it is essential to take care of our mental health and finances to overcome the Christmas anxiety.

It is the time of the year that is awaited by many. Christmas, the time when we finally use our annual leave from work to relax and refresh, meet up with friends and family again, indulge in a delicious feast, and give and receive gifts. Lovely! But for many, Christmas can result in increased anxiety levels and be extremely stressful, especially financially and mentally.

There can be multiple reasons that can cause anxiety or stress around Christmas. Meeting up with your family (it’s not always fun), overspending on gifts, making a meal, gaining extra weight, finding a date if you’re single, decorating your house, fulfilling your kids’ demands, and the list goes on! So, here are some easy tips that you can use to save your budget and protect your mental health this Christmas.

This year has already taken a big hit on our finances and mental health, and we are not in for any more surprises. With industries shut and people locked in their homes, our lifestyles and economy were greatly challenged. Thousands of women lost their jobs and healthcare professionals reported a dramatic surge in mental health issues.

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PERSONAL FINANCE | Overcoming Stress This Christmas

Plan, Plan, and Plan

Balance, Balance and Balance

Plan Your Expenses

Balance Your Diet

Buying gifts, going out for fine dining, partying with friends, traveling to see your family, everything comes from money! In the festive flow, we tend to freely spend on so many little things that can add up to a big amount in the end. This Christmas, set a budget based on your expenses and try to stick to it. But first, set some money aside for your usual expenses like rent or mortgage etc. Nobody likes to pay huge bills in the beginning of a new year. Based on your budget, take out cash or use your debit card to make any payments. Set a reminder on your phone for every morning and once during the daytime that will remind you of your budget. This will keep you on track, but you must be personally dedicated to maintaining your budget as well.

Cakes, candies, cookies, cocktails, Christmas puddings, yum! But they are all packed with calories that contribute to your ‘holiday weight’. Moreover, high calorie foods and drinks are exactly what you crave in stressful times. This Christmas, replace your sugary snacks with healthier options that are equally delicious. Try not to overindulge in the festivity by eating uncontrollably. Keep a count of your calories and balance your diet with some workout sessions.

Balance Your Work We are all workaholics, and we are proud of it! But this is Christmas and you need a break. You have worked hard throughout the year and now you deserve some time to sit back and relax. Stop worrying about work and your upcoming projects. When you go for your leave, try to decrease your screen time. Give yourself a break, you deserve it!

Plan Your Schedule

Time management is the key to a comfortable and stress-free Christmas. You do not want to use up all days of your annual leave and then go back to work all tired. Plan your schedule so that you have some time to unwind, relax, and be refreshed for the next year. There are many obligations and responsibilities around Christmas. You must decide and plan a week ahead on which tasks are worth your time. Once you know your high-priority tasks, make a calendar. Creating a calendar will give you a quick snapshot of how busy your Christmas looks. This will help you organise your time better and have a calmer and more relaxed Christmas.

Balance Your Social Life Laughter is the best medicine! You will be meeting with your friends and family after a long time. It can be stressful. Remember to balance your social life and meet only the people you really care about. Respect yourself enough to distance yourself from people who do not make you happy! You do not have to feel guilty for not meeting the cousins that you do not like.

Plan Your Future

Christmas may not be the best time to worry about your future. However, it is always wise to think about how you want to welcome the New Year. When you organise your budget and schedule for Christmas, use some time to think about your plan for the first month of the next year too. This will make your transition to the New Year smoother.

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Overcoming Stress This Christmas | PERSONAL FINANCE

Love, Love and Love

Give, Give and Give

Love Your Family

Give Gifts

Big or small, families always have that one person you cannot stand for more than an hour, but they are still your family! Keep your differences aside for one day. Treat each member with love, respect, and kindness.

Buying gifts is probably the first thing that comes to mind when we sit to calculate the budget for Christmas. This may sound unconventional, but gifts do not have to be expensive, material purchases to be extraordinary. Gifts can be experiential too. You can gift a luxurious spa appointment to the important ladies in your life. For men, you can buy tickets to a sports game. Such gifts are more thoughtful and are worth every cent! Whatever you decide, remember to stay in your planned budget.

Love Your Kids

For most kids, Christmas is their favourite time of the year. Kids can increase your stress levels with their demands during holidays. Remain calm and do not let your stress set a bad example for the kids around you. Pour your love and attention on your kids, niece, and nephews. These times of childhood become some memorable moments in a persons’ life. Make sure that you play a happy role in their memories.

Give Peace

It is the season of giving. It is the season of spreading joy. This year has been stressful for everyone around us. Some people lost their loved ones while some have not seen their loved ones in months. Not everyone will be busy meeting people. Christmas can be a lonely time, especially for those who carry the memories of the lost ones. This Christmas especially demands for more peace and kindness from us. Don’t let your stress take away someone’s joy. Be more empathetic towards others’ feelings. Whenever you get a chance, make someone smile with your positivity and kindness.

Love Yourself

Before you love someone else, love yourself. If you feel happy and positive, you will make others feel happy and positive. Buy yourself a gift too. Go to that restaurant that you have been wanting to go. Spend some time with yourself and introspect on life. Use the zest of festivities to explore and follow your deepest desires. Love others but love yourself first!

Give A Future

You have worked hard to be where you are. However, there are people who are still struggling and striving to achieve success. This Christmas, contribute to someone’s success by donating to charities that support young aspirants. Give someone the gift of a successful future! Christmas or any other day of the year is as beautiful as you make it. Remember to breathe in and embrace the beauty in every day. Kill the stress with your beautiful smile and have a fantastic Christmas!

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FINANCIAL PLANNING | Life Insurance & Personal Financial Risk

Words Jacqueline Hodges

any people ignore their personal financial risk and the insurance they need to protect their lifestyle. Many say “I’m too busy to worry about this”, “I’m fit and healthy”, “I’m only young” or “I don’t need life insurance, I don’t have anyone to leave it to”. But the trust is, we all need to think about our life insurances. It’s a process of personal financial risk management, like carrying an umbrella is its cloudy outside.

through the life stages. Some of the important factors to consider when choosing your life insurance include: • The type of life insurance and the level of cover • Your health and lifestyle and whether any special conditions apply • The sum insured or amount of benefit your insurer will have to pay out • The price of your premiums, can you afford the monthly or annual premiums • Your occupation, a dangerous occupation may increase the premium • Your age, older people face much higher premiums, the younger you are when you commence generally reduces the premium

What I find is many of my clients, don’t actually understand life insurance is actually an umbrella term. Life Insurance is a general term for a range of personal insurances, including: • Life insurance, • Total and Permanent Disability Insurance, • Recovery Insurance, and • Income Protection Insurance.

Life insurances are there to provide you and your family with financial security if you passed away or something unexpected happens to your body or mind. They are used to protect your quality of life and the future you’ve planned for yourself and for your loved ones.

Getting the right life insurance is an important decision. But choosing the right life insurance is difficult as each insurer offers different features and your circumstances change

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Life Insurance & Personal Financial Risk | FINANCIAL PLANNING

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FINANCIAL PLANNING | Life Insurance & Personal Financial Risk

Which Insurance Do You Need Each type of life insurance protects you in a different way. The first thing to consider is, which types of insurance you need to help you live the life you’ve planned. The following summaries give a brief explanation of each type of life insurance.

Life Insurance

Total & Permanent Disability Insurance

Life insurance is also known as ‘life cover’, ‘term life insurance’ and ‘death cover’. Life Insurance provides for your family and loved ones if you pass away, or if you are diagnosed with a terminal illness. It provides your loved ones with a lump sum payment that can help ensure their financial security. You can choose to be covered for accidents, illness and even adventure sports.

Total and Permanent Disability Insurance (TPD) provides a lump sum payment if you become totally and permanently disabled because of an accident or illness and are no longer able to work.

A life insurance payment may allow your family to retain the family home, provide for your children's education, and allow your partner to continue living the life you had planned together.

Recovery Insurance Recovery insurance is also known as ‘trauma insurance and ‘critical illness cover. Each insurer is different but generally recovery insurance covers critical injury, critical illness and cancer. It provides a lump sum payment if you become critically ill, or injured and require extensive medical treatment to recover. The lump sum payment provides you with the financial freedom to reduce your work hours, access medical treatment, and pay for your rehabilitation you need.

OWN WANTS Each insurer has a different definition of what it means to be totally and permanently disabled. It can cover you for either your own occupation or any occupation. When deciding if you need TPD insurance, and how much you need, work out the expenses you will need to cover if you were permanently disabled and unable to work. These might include: • living expenses for you and your family • renovations to your home or car • repaying debts such as a mortgage or credit card • medical and rehabilitation costs • savings you want for retirement

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Life Insurance & Personal Financial Risk | FINANCIAL PLANNING

Your Own Occupation

You are unable to work again in the job you were working in before your disability. This cover is more expensive and is usually only available outside super.

Any Occupation

You are unable to ever work again in any job suited to your education, training or experience. This cover is cheaper but has a higher threshold to claim, so it's less likely to pay out.

Income Protection Insurance Income protection insurance provides an alternative source of income and is usually paid monthly. It is to help replace a portion of your income if you are unable to work due to serious illness or injury that has left you totally or partially disabled. It covers accident, illness and sports injuries. The monthly payment will continue for a nominated time and will help you keep your household up and running, and provide for your loved ones while you recover.

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FINANCIAL PLANNING | Life Insurance & Personal Financial Risk

When To Review Your Life Insurance You should review your insurances regularly and if a major change or life event happens in your life, such as getting married or having a baby. Some future life events are: • You get married or divorced • You or your spouse become a parent through birth or adoption • You take out or increase a mortgage on your home • Your child starts secondary school • Your children leave home • You are preparing to retire Your financial adviser can help you work out if the insurance you have is appropriate and sufficient for your needs.

How Life Insurances Work Life insurance can be bought separately or bundled into one policy. You may require one or more of these types of cover, depending on your circumstances. Life insurance can also be purchased inside your superannuation or outside your superannuation.

How Much Insurance Do You Need How long is a piece of string? Determining how much insurance you need is difficult to measure and will depend upon your personal circumstances. Your financial adviser will consider many factors including, your age, your living expenses, your relationship status, your lifestyle and your likely future needs. To begin understanding how much you need your adviser will ask you to work out the cost of your lifestyle. If you have children your advisers will work out how much is needed to cover their future education and living costs. Here are some examples for Fixed, Flexible and Monthly/Quarterly/Annual expenses: • Fixed expenses, include rent, mortgage repayments, car loans and phone/internet plans • Flexible expenses: food, clothing, entertainment, medical and additional mortgage payments • Monthly expenses: mortgage repayments, phone, electricity & private health insurance • Quarterly expenses: rates and water charges • Annual expenses: insurance and car registration Depending on your life stage, some insurances are best owned by you outside of your superannuation. The cost of maintaining your life insurance outside of superannuation may add to your personal expenses and seem costly but in the end its about managing your personal risk and having an umbrella to protect you and your loved ones financially.

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FINANCIAL PLANNING | SMSF Quarterly Statistics

SMSF

QUARTERLY STATISTICS JUNE 2021

HIGHLIGHTS OF THE OVERVIEW TOTAL NUMBER OF SMSF'S 2018-19

593,000

MEMBERS GENDER

2019-20

597,500

MALE

52.8%

NUMBER OF FUNDS PER STATE FEMALE

47.2%

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SMSF Quarterly Statistics | FINANCIAL PLANNING

47%

$822m

SMSF WITH ASSETS $200K- $1M

TOTAL $ VALUE ASSETS IN SMSF'S

$1.3m

AVERAGE $ VALUE ASSETS PER FUND

SMSF INVESTED IN JUNE 2021

28.41% Unlisted Trusts 12.36% Other Maganged Investments 41.9% Cash & Term Deposits 3.05% Debt Securities 14.20% Listed Trusts 0.03% Insurance Policy wfo

FINANCIAL TECHNOLOGY | Scams To Watch Out For This Christmas

SCAMS TO WATCH OUT FOR THISChristmas

Words 10 Ellen Media

here are unfortunately numerous scams to keep a careful eye on this season. Christmas is a time for joy and celebration, no one deserves to get caught in a situation where they’re taken advantage of. Scammers tend to weave their way into our lives when we least expect it. So, to reduce your worries, we have compiled a list of the current deceptive scams you should know. Even the most aware people can get caught in these manipulative scams so stay alert and protect yourselves and families this festive season.

With this knowledge, scammers will be on the lookout to con money from frantic and rushed shoppers who most likely won’t consider this as a possibility while they continue to quickly add items to their cart. So how do I avoid being scammed while I shop online? Great question. Keep in mind that Christmas brings about the likes of scammers who are crafty in creating fake online stores with too good to be true discounts that never arrive on your doorstep. When searching for potential gifts on the Internet, remember to research the website thoroughly by searching the company name with ‘scam’ beside it to see what results may pop up. If you haven’t found any issues yet, remember to make sure the payment method is legitimate once you reach the last step of your shop. For example, if PayPal is your desired payment method, check that it’s using the real platform on the website. Unless you know what you are doing we suggest you, avoid websites that ask you to pay by cryptocurrency, bitcoin, bank transfers, or gift cards. It’s important to pay through the likes of PayPal and credit card transactions.

SHOPPING SCAMS

With Australians likely to spend over $11 billion on presents this year, it comes as no surprise that Christmas is the busiest shopping time of the year. Due to the pandemic, many people have turned to online shopping as it’s an easier and more convenient way to check off their lists. In fact, Roy Morgan Market Research Company states that 48% of presents are predicted to be bought online this year, meaning that plenty of Australians will be trusting their card details with numerous online websites.

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Scams To Watch Out For This Christmas | FINANCIAL TECHNOLOGY

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FINANCIAL TECHNOLOGY | Scams To Watch Out For This Christmas

DELIVERY SCAMS As online shopping during the Christmas season increases, so do the amount of delivery scams. These are usually sent to you via text message. The most common delivery scam messages disguise themselves as the DHL shipping company or Amazon. The messages are sent with the aim to retrieve your personal or financial information or with a link the scammers want you to open. It’s important to remember that Australia Post and every legitimate courier company will not ask you to enter these details. So instead of clicking on the link sent from scammers, make sure you check your inbox or download the delivery company’s app to track your parcel. Any links with spelling mistakes or five to nine letters and numbers at the end and placed randomly should be deleted.

PHONE & TEXT MESSAGE SCAMS Scammers tend to imitate reliable organisations like the ATO (Australian Taxation Office) to appear trustworthy. A common way they will do this is through scam phone calls or text messages. They initiate the scam by either calling or SMS messaging you asking for private and sensitive information about you, this includes your address, date of birth, any financial details. A common scam at present is that scammers will pretend to be from a legitimate law enforcement organisation and threaten you with immediate arrest. This is merely to cause you to panic, so that you stop thinking clearly and appear vulnerable. They will usually demand that you pay or if you hang up you will be arrested, however do not fall for this one, as any trusted organisation would never demand payment immediately.

Scammers will also leave you voicemails asking you to call them back. Legitimate organisations will leave a voice message or text but will never leave a pre-recorded messages, so don’t be fooled. They will also target your tax file number saying that your TFN has been cancelled due to money laundering. They will ask you to transfer money to them or face criminal charges. Scammers will commonly ask you to make payments via iTunes, Google Play or other vouchers due to them being an untraceable form of money transferal. Reliable organisations will never request payment via these forms. Offshore wire transfer is also another payment avenue scammers use to trick their victims; debts will never be asked to be paid this way by real organisations.

EMAILS & SOCIAL MEDIA SCAMS Emails and social media circulated scams are some of the most common currently due to the increasing access and consumption of technology. A frequent scam via email is that they will pretend to be a certain retail company or product provider and ask for your financial details for you to receive a refund for a product. These transactions should never be done over email. Although legitimate organisations will have their own social media accounts, they will never reach out via social media for payments or personal information from you. If you receive an email or

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Scams To Watch Out For This Christmas | FINANCIAL TECHNOLOGY

HOLIDAY SCAMS HAPPENING NOW

social media message asking you to log in to the ATO or another important platform, don’t trust it as sometimes scammers will do this as a way to gain access to your login. The ATO and other reliable organisations will never ask you to log in this way, always navigate to their website to log in. A very prevalent scam in our digital age is that scammers will create a fake social media account impersonating someone you follow on social media, for example a small business or business person, and then ask you to participate in a giveaway or challenge in which you can win a prize. They do this to get your financial and personal details, so it’s important to double check that it’s a real account and that the giveaway or challenge is in fact legitimate. Scammers will usually do this via Facebook, Instagram or Twitter.

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Superannuation scam - Scammers have recently been calling or texting people asking them to invest in a highly performing self-managed super fund. Sometimes they will go by the name ‘Australian Financial Service Licence’ to trick people into thinking they are a reliable service. This is completely fake and is in no way associated with the ATO or ASIC. They are being very persistent, calling people multiple times, but don’t give in to this scam. Fake tax debt scam - Scammers have recently been calling people imitating the ATO and asking them to pay immediate tax debts over the phone. Signs that you’re falling victim to this scam is they will leave a pre-recorded message, use No Caller ID and threaten you with immediate arrest. As scammers are cunning, they can be very convincing, especially at this busy time of the year when we’re in a rush to wrap up work and get prepared for the break. But by following these helpful tips, you should have a better understanding of how you can avoid becoming scammed. For more information and to protect yourself from scammers this holiday season check the ACMA, ATO, and Scamwatch websites for more.

Merry Christmas

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FINANCIAL TECHNOLOGY | Raiz App

raiz

APP

Words Isabella Stephan

What is Raiz App We understand that it can be overwhelming just thinking about investing especially if you haven’t dived into it before. It’s a misconception to believe that investing is only for those who have large sums of money and thanks to the rather popular Raiz app and its micro-investment platform, investing is only getting easier for those beginning their journey.

Funds that invest in a variety of shares at a time. However, if you’re thinking this seems like every other investment app think again. Raiz was constructed to suit the everyday person taking into account everyday concerns and issues such as needing each dollar to spend on the likes of mortgage, rent, and shopping. With Raiz you can invest differently. You can do so by just heading into your local village for your daily cup of coffee as it will round up your purchases to the nearest dollar and take what’s left over for investment. For example, if your coffee is $5.20 it will invest the 80 cents into your Raiz account.

Raiz was designed with young investors in mind who have limited incomes and savings but want to begin investing early. With the mission to make saving easier and accessible to every possible investor this has put Raiz on the radar as its had more than 500,000 downloads on the Google Play store alone. It launched in early 2016 aiming at Australians between 18 and 35 years as this age group has had difficulty in growing financially due to their income decline.

Over time your round-ups will eventually equal out to $5 where Raiz will invest this money into an investment portfolio. When choosing from the six different smart portfolios of conservative, moderately conservative, moderate, moderately aggressive, aggressive, and emerald you will need to think about your financial goals.

But you’re probably asking how does Raiz work and why should I invest in it? Well, one of its best features includes allowing customers to invest a minimum of $5. This connects them with Exchange Traded

Depending on whether your goal is three years, five years, or longer you’ll need to consider which one is right for you and your

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Raiz App | FINANCIAL TECHNOLOGY

money. The conservative portfolio is ideal for those who have a short-term saving goal of three years as their money won’t be as affected by equity market fluctuations. This portfolio will allow you to reach your goal without stock market declines having an impact. Whereas, if your savings goal is for a considerate amount of time perhaps you may like to choose an aggressive or emerald portfolio. These will be affected by fluctuations however, if you’re willing to let your money sit for a longer period of time you may earn positive returns as markets usually go up over long durations.

Fees

You are free to move your money in and out of your account as there are no deposit or withdrawal fees with Raiz. However, you will be charged $3.50 per month if your balance is under $15,000 and 0.275% per year if your balance is above $15,000. If circumstances change and you decide to switch investment portfolios you won’t be charged.

However, if you want to invest more money into your account rather than leave it to round-up your spending’s than you can do so. Other ways to invest into your account include investing any amount of spare money you may have or setting up a recurring deposit similar to the automatic round-ups. This is a fixed amount of money deposited on a daily, weekly, or monthly basis.

As one of the many Chinese proverbs saying states, “the best time to plant a tree was 20 years ago. The second-best time is now”. You can download the app through the App Store, Google Play or you can get started on the web.

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PERSONAL FINANCE | Store All Your Loyalty Cards In One Place

store all your loyalty cards in one place one.

Words Isabella Stephan

APPLE WALLET AND WALLET PASSES

If you’re an apple user, then you probably know of the Apple Wallet app that permanently lives on your device. If you haven’t already then perhaps it’s time to get using the already installed and free app—after all it’ll benefit you and your savings. You can personalise the app by displaying the different loyalty cards in either chronological order or with the cards you use most at the top. Save smarter by putting on the push notifications for updates on coupons and sales in nearby stores so you don’t miss out on any bargains! If you’re one to leave the house without your phone and only your Apple Watch on your wrist, don’t fret. You can also store your cards on your watch making your life just that little bit easier. However, if you have an Android phone, the alternative is Wallet Passes. You can add all your loyalty cards onto the app as well as your upcoming events. The ideal part of Wallet Passes is the fact that it respects your privacy leaving you with full control of the data and it doesn’t drain your phone’s battery life.

hat better time of the year is there to use loyalty cards and receive store discounts than during the season of giving? It’s one of the smartest ways to spend money when you don’t have a choice (yes, we’re talking about Christmas presents). Loyalty cards are seen as our friends, who help us to save at our favourite stores in times of need. But, if you’re a loyalty card member for dozens of stores (like the most of us) you’ll understand how they can also become a nuisance to carry around. Pulling a flimsy one out of your hefty wallet while dropping a few others has become a common checkout occurrence. But thanks to the variety of loyalty card apps, we can store them all electronically in the one place. While there are plenty of mobile app storage options, here are my picks for you.

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two.

three.

MOBILE-POCKET

SCARDY

Whether you’re an Apple or Android user, you can download the free app mobile-pocket. Like most you can access all your favourite store cards on the app after scanning their barcodes in. In previous upgrades regarding its features, the mobile-pocket team integrated new ideas to make the app easier to navigate and run more efficiently for its users. These updates now allow for users to add one card or more as a widget onto their phone’s home screen. This is beneficial for cards used daily as they can be accessed as quickly as possible. They also took into consideration the different age groups enlarging card images for older generations. Mobile-pocket also allows its users to join new loyalty programs from within the app, gain exclusive mobile-pocket deals from specific brands, and lock your loyalty cards with a code or fingerprint.

Scardy is all about customisation and is free for all Apple and Android users. It’s ideal for shoppers who want to convert their loyalty cards seamlessly into an app on their phone but who also want to make it organised. Each user can select a different display mode ranging from the waterfall, grid, list, or carousel features. There is also the option to change the images, colours, and logo positions to suit the eye and your specific wants. Users can also add notes to each individual card for any expiration dates or information that may be needed when using the card in the future. If you’re fussy about where each card sits within the app, you don’t need to worry with this one as you can group cards together into different categories. Scardy is simple to set up, as all you’ll need to do is scan your loyalty barcodes into the app for an easy transition, or you can manually type in the card number after searching for the brand. There is no limit to how many cards Scardy can hold.

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PERSONAL FINANCE | Store All Your Loyalty Cards In One Place

four. REWARDS CARDS: THE CARD WALLET If you’re looking to save as well as lessen your wallets load of loyalty cards, then Rewards Cards: The Card Wallet might be what you’re looking for. Free to Apple and Android users and known as the innovative and smart way to carry loyalty cards, this app will also earn you money and gift cards. On the ‘Earn Reward Coins’ section of the app, you will find a range of differing activities that are worth a number of coins. If you shop online, watch the entertainment videos, or answer survey questions through the app you will earn your own Reward Coins. Varying on how many you achieve; you can redeem these for gift cards at your favourite retail outlets and stores or get cash in to your Paypal account. Not a bad deal if we’re concerned. But it doesn’t stop there. With over 2,500 different loyalty cards available on the system, you shouldn’t have any trouble finding all your stores. Although, if you do come across a brand that’s not in the app you can add your own custom card by manually typing in the card number. Add your own logo or image to the custom-made card so it fits right in with your other loyalty programs! As well as storing your cards, the Rewards Cards app also allows users to create digital shopping lists, so you won’t get caught up in forgetting the essentials. Remember to make your own login from the get-go to back up your cards on the server. This is especially important as it makes for an easy transition if you change phones.

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PERSONAL FINANCE | 10 Tips to Save This Christmas

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10 Tips to Save This Christmas | PERSONAL FINANCE

10 TIPS TO SAVE THIS Words Jacqueline Hodges

Christmas

Christmas is only a few short weeks away and many of us are still to make our Christmas purchases. While you’re decking the halls with boughs of gum leaves this Christmas, it’s time to tighten the buckle on Christmas overspend. So, rein in your Christmas spending, trim your Christmas list, and don your Christmas savings plan.

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PERSONAL FINANCE | 10 Tips to Save This Christmas

SECRET SANTA

As our families grow and friendships circles extend that cost of Christmas gifts begins to surge. Rather than buying a gift for everyone, try Secret Santa instead. Set a fixed limit. You might decide that everyone has to buy a gift for $100.00.

BAKING & MAKING

When you take into account your time spent baking or making you really aren’t saving anything, but you won’t be spending the cash. A good batch of homemade biscuits might cost you from $30 to $100 depending on how many are in the batch.

So, if you are currently spending $20.00 on 20 gifts, you are currently spending $400.00. With the new limit of $100 you saving $300.00 already.

With $50.00 of ingredients you could make several batches of homemade biscuits for your loved ones. So get cracking, don your apron and set the oven tonight!

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10 Tips to Save This Christmas | PERSONAL FINANCE

MAKE MORE MONEY

Why sit around thinking of ways to save more money when you could be making more money. It might be a little too late to find that second income as a Christmas casual but it’s that party and celebratory time of the year and many good folk are out and about. If you own a car or even a bike, you could be earning as a Shebah driver! Shebah rewards you with a guaranteed 85% of each ride fee!

DECLUTTER FOR CASH

Clear out those cupboards and stop that hoarding. I know I’m guilty of wishful thinking and keeping clothes that I no longer fit. But by the time that happens, those clothes could have been worn by someone else while they are still fashionable. Don’t stop are clothing, its time to list anything you haven’t used in the last six months. And by listing we mean find a buy/sell Facebook group to sell your wares!

LOVING THE LIST

Make a list for everything, the people you need to buy a gift for, the presents you are going to buy, and the groceries you are going to need. When you make a list, you know exactly what you are purchasing and won’t overspend on unnecessary items. Not only will remember to buy everything you need and everything you must, you’ll save by not overspending. So, Mrs Santa, its time to make a list and check it twice!

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PERSONAL FINANCE | 10 Tips to Save This Christmas

ORDER ONLINE

Buying online can save a lot of time particularly that time spent looking for a parking spot. Online shopping allows to you compare prices and alternatives with ease. Best of all, you won’t be tempted by the marketing upsell to purchase unnecessary items.

CHRISTMAS COLLABORATION We all love a good feast and Christmas is one time of year when families reunite, and the feast with all the trimmings comes to the fore. It’s not that uncommon in Australia for families to share the cooking and bring a plate for the Christmas feast.

If you love the shopping experience, and all it’s dazzle this may a way to curb your spending habits. But remember the Christmas cut-off times for parcel delivery!

If you are the Christmas controller, its time to change your grinchy ways and let everyone have some fun. So embrace the potluck and bring a plate!

REDUCE, RECYCLE & REUSE

REWARD YOURSELF

We all associate green with Christmas and with sustainability, so why not merge the two and learn from our grandparents and great grandparents how they recycled and reused everything from Christmas cards, and wrapping paper to cardboard boxes.

Now that you have saved a pretty penny or two you should have a bonus in your wallet! Make sure you reward yourself for following such good savings ideas. You might give yourself something you’ve desired all year or add it to your savings account.

Christmas decorations and ornaments and paper chains are a beautiful way to decorate your home and tree. And keep your children occupied for a few hours!

Remember the best way to make savings a habit is to find the way to reward yourself. Afterall you’re not the Christmas Grinch so why be mean to yourself!

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10 Tips to Save This Christmas | PERSONAL FINANCE

SOCIALLY CONSCIOUS Christmas is a time for giving and we so often at this time of year become aware of the needs of others who are less fortunate. Charities rely on the donations from the community, so start a Christmas giving plan, one that you can keep year after year. You’ll also be saving if your Charity is registered with the ATO to accept donations. Not only will you be helping someone else, but you will also receive a tax deduction!

BONUS TIP

Start a Christmas savings account in the New Year and save a regular amount each from each pay, so that come the end of year, you will have a healthy bank account and by able to easily afford those gifts and treats and a little luxury for yourself. Creating a regular savings plan will help you reach your financial goals, whatever they may be!

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FINANCIAL TECHNOLOGY | Volt Bank

VOLTBank Words Volt Bank & Georgie Arnaud

ATTRIBUTABLE TO VOLT BANK FOUNDER & CEO STEVE WESTON

In 2017, APRA invited applications for new banking licences and this saw the emergence of the neobanks and a surge of innovation amongst the banking sector. The introduction of ADI Licences was incorporated to increase competition in the banking division and reduce barriers for new innovated banks. Volt Bank is one of these up-and-coming neobanks, offering a new banking business model to customers separate to the traditional banking methods we’re used to. Although Volt Bank isn’t available to customers yet, it’s definitely one to watch out for in coming months.

WHAT IS VOLT BANK AND HOW IS IT DIFFERENT FROM TRADITIONAL BANKS? Volt Bank is a neobank. It is Australia's first, and only remaining independent retail, neobank.  A neobank is a new type of digital bank, built from scratch. Unlike traditional banks, neo banks, like Volt Bank, have no branches or oldschool, problematic IT systems. This allows us to move fast, be responsive and create more efficient ways to manage money. Incumbent banks that attempt to build BaaS (Banking as a Service) on legacy technology will find it very challenging to do.

However, new services like Volt Bank can be difficult to comprehend at first, so I’ve compiled a glossary at the end of banking jargon to assist you in understanding Volt Banks’ processes.

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Volt Bank | FINANCIAL TECHNOLOGY

THIS BANK IS AN AMAZING ACHIEVEMENT; HOW DID YOU AND YOUR TEAM TRANSFORM THIS NEOBANK INTO A RELAITY? Volt Bank was founded in October 2017. In May 2018, it became the first neobank to receive a Restricted Authorised Deposit-Taking Institution (RADI) licence from APRA (the Australian Prudential Regulation Authority). It was granted a full ADI licence in 2019. It is currently the only independently owned retail neobank with an unrestricted ADI licence in Australia.

WHAT SERVICES DOES VOLT BANK OFFER? Volt offers Banking as a Service which is a capability that enables non-bank business partners (e.g. digital currency exchanges, mortgage aggregators and other fintechs) to integrate to Volt's banking platform so that they can offer integrated banking and payments services to their customers.  Businesses are increasingly demanding the ability to offer banking and payments services to their customers to not only broaden their offering, but also deepen their relationships with their customers.

When we were designing Volt in 2017, we looked at two things:  1. What do customers need from banks in the future? 2. What would be the banking business model of the future?

Volt's partners include BTC Markets, AFG, and Parpera via Railsbank. The partnership with BTC Markets is Australia's first partnership between a bank and cryptocurrency exchange.

We have seen other industries move to a platform approach (e.g. PaaS, SaaS, IaaS) and this will also be the future of banking. Customers are after convenience and an integrated experience with their favourite brands. That will require those companies to either become a bank or partner with a bank that offers Banking as a Service (BaaS).

The AFG alliance includes a white-label AFG Home Loans Volt-funded digital mortgage product (AFG Home Loans Sparc) and Australia's first BaaS-powered consumer app (Handl. By AFG). Following the BaaS partnership with Railsbank, Volt will enable Parpera, a money management app for microbusinesses, to offer deposits to its customers.

In Australia, there are only two providers that offer BaaS capability: Westpac and Volt. That's because building a BaaS platform bank requires a lot of time and investment to design and build the infrastructure. The technology build is incredibly complex and needs to be properly architected from the start. We were able to build a bank of the future with a great team and vision, and a lot of persistence.

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FINANCIAL TECHNOLOGY | Volt Bank

HELPING PEOPLE TO BE BETTER OFF

WHAT DOES VOLT BANK HOPE TO ACHIEVE FROM IT'S PARTNERSHIP WITH UK BUSINESS RAILSBANK? The partnership with Railsbank is key to Volt's acquisition strategy. As a small neobank, Volt will benefit from the scale of a global BaaS player like Railsbank to manage the demand from business partners and help Volt with qualifying and onboarding more BaaS business partners than if it solely relied on its own efforts. The partnership will also help global fintechs establish a presence in Australia and vice versa by leveraging Railsbank's global capability to help companies prototype, launch, and scale financial solutions or products within their own ecosystems.

WHEN WILL VOLT BANK BE OUT OF BETA AND READY FOR ALL CUSTOMERS? We have launched mortgages with select distribution partners. As we scale our lending business, we will be looking to grow the deposits side of the balance sheet to fund those mortgages. Deposit funding will be sourced via partners and our direct channel.  We will launch our deposit products to the public and to more partners in the coming months.

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GLOSSARY BaaS - Banking as a Service. Incumbent bank - A leading bank in the industry. Legacy technology - outdated or obsolete hardware. Restricted Authorised Deposit-Taking Institution (RADI) - authorises an ADI subject to specific requirements and limitations on the business it can conduct. ADI - Authorised Deposit-taking Institution. ADI Licence - authorising the ADI to conduct banking business under the Banking Act 1959. Allows new bank applicants to fulfill duties as a bank as well as developing software in an innovated manner. PaaS, SaaS and IaaS - Platform as a Service, Software as a Service and Infrastructure as a Service. These are all models of cloud service used by businesses when they are switching to the cloud. Each one offers a different approach to the banking model. AFG - Australia’s largest mortgage broking groups and leaders in financial solutions.

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PERSONAL GIFTING | Focus On Giving

giving

FOCUS ON Words Georgie Arnaud

It’s that time of the year. Everyone is preparing to give, give and give some more. Soon families will gather together to show how much they appreciate one another through spirited gift giving. In light of this good-hearted nature there are number of ways you can give back to those in need. Each issue we feature three charities that are working to provide people in less fortunate circumstances with the assistance they need to live happier lives and hopefully lift their spirits, because everyone deserves to feel excited during the festive season.

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Focus On Giving | PERSONAL GIFTING

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PERSONAL GIFTING | Focus On Giving

THE GLOBAL

WOMENS PROJECT

We had the pleasure of interviewing Lauren Ryan, Founder and CEO of The Global Women’s Project

HOW DID THE GLOBAL WOMEN'S PROJECT ORIGINATE? The Global Women's Project was created by four passionate young women named Kate, Briony, Lauren and Carmen. After individually traveling and working in community development in numerous countries throughout the world, these four women met online and came together to create an organisation dedicated to assisting women in some of the world's most underserved communities to access the knowledge, skills, and resources they need to build better lives for themselves and their families.

Our burning passion is women’s education, empowerment and entrepreneurship and we believe that every girl and woman have the right to influence, determine and improve her own life. Our current flagship programs include funding 4 Rural Women’s Resource Hubs in 4 districts throughout Nepal to provide geographically isolated women with access to vocational training, microfinance, skills development, and support with respect to legal rights awareness and addressing domestic violence.

WHAT IS YOUR OVERALL AIM AS A CHARITY?

In Cambodia, our key projects have focused on providing English Language Classes and Computer Skills Training to adolescent girls in order to better prepare them for jobs in the growing local tourism economy and providing organic farming skills to rural women. In Burundi we support local victim-survivors of sexual assault to access childcare for their young children and build vocational skills for income generation.

The Global Women’s Project is an entirely volunteer run, grassroots, Melbourne-based organization, that exists to advance the lives and livelihoods of women in some of the world’s most underserved communities. We are determined to create a world where every girl and woman has the right to influence, determine and improve her own life.

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Focus On Giving | PERSONAL GIFTING

DO YOU HAVE AN EXAMPLE OF HOW YOU HAVE SUPPORTED WOMEN?

Rama is a vibrant Nepali woman in her early 30s who owns a successful business in her local community in the Sunsari district of Eastern Nepal. She has a good home life, two healthy children in school and a powerful support network of women. But her life wasn’t always this way. Rama married young to an older man who was physically abusive. With little education she worked long hours unpaid on the family farm, raising two young children. In 2017 she heard about the opening of a new Women’s Resource Hub in her local community and approached its staff, deeply unhappy and desperate for help. At the Hub, she learned about her rights, accessed legal counselling and, with the support of Women’s Hub staff and a powerhouse of 10 other women (also members of the new Hub) she confronted her husband and demanded he change his behaviour - which he did! She later undertook business training through the Hub, received a business loan and was supported to set up a small business. She now controls her income and is investing in her children’s health, education and growing her business. She’s also begun to support other women in her community, particularly those experiencing violence at home.

WHY SHOULD OUR SUBSCRIBERS DONATE TO THE GLOBAL WOMEN'S PROJECT? The Global Women's Project is an entirely volunteer run, remote-based organisation, which means that last year we were able to spend less than 1% (yes you read that right) of all the money we raised on admin expenses. Every other cent went directly into our international programs that are run by local in country partners, only employee local staff and women and source all of their supplies locally in country. If you want to support an organisation that gives powerful and highly capable women that extra bit of assistance that they need to make a real difference in their own lives, and you want to see over 99% of it spent in their local communities, The Global Women's Project is the organisation for you! Make your dontation to The Global Womens Project www.theglobalwomensproject.com.au The Global Women's Project globalwomensproject

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PERSONAL GIFTING | Focus On Giving

AUS

EDUCATION SCHOLARSHIP FUND

e all know how difficult this time of year can be on us financially, gift giving becomes a priority and holiday festivities must be organised. However, there are many people who suffer financially all year round and especially during the festive season. The Aus Education Scholarship Fund organises fundraising activities to assist with providing scholarship funds to people in financial distress or for equitable reasons. They provide assistance to programs such as the Disaster Relief Scholarship Fund, the Strong Free and Educated Fund, Education for Good Scholarship Fund and Transition at 55. The Aus Education Scholarship Fund supports people who need financial assistance through education scholarships for young women, and mature age women, which in turn will help them pursue their academic goals and to escape the poverty cycle. Operated in Queensland, the charity helps people from all backgrounds including youth, the unemployed, families and children get on the feet when unfortunate financial circumstances occur.

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The Department of Jobs and Small Business predicts 90 per cent of jobs created by 2022 will require further education, therefore the Aus Education Scholarship Fund is aiming to boost people less financially fortunate to have the educational opportunities that everyone should be provided. Help people escape the poverty cycle by supporting their education sooner rather than later.

Focus On Giving | PERSONAL GIFTING

“Our goal is to provide financial scholarships to Australians to help them improve their academic and social potential.” These are just a few of the programs the Aus Education Scholarship Fund helps bring to life.

EDUCATION FOR GOOD SCHOLARSHIP FUND: This fund provides support to people working or volunteering in the Not-For-Profit Sector. You can help provide assistance to someone struggling financially to continue their education because we all deserve to receive a quality education; however, some people aren’t given that opportunity. The funding will assist with people’s course fees, educational essentials, and incidental costs. It will ultimately provide someone with a brighter, more sustainable future.

TRANSITION AT 55 FUND Transition at 55 is another initiative run by Aus Education Scholarship Fund, in which direct support goes to Australians aged 55 and over who require financial support in order to avoid circumstances of poverty or the hardship of transitioning into a new career later on in life. Mature age job seekers are finding it increasingly difficult to have the skills to be considered employable, however you can help them acquire these skills and as a result live a sustainable life with consistent income.

STRONG FREE AND EDUCATED SCHOLARSHIP FUND:

This program helps women have access to a quality education by offering support in continuing their education pathway. This allows women in difficult financial circumstances the chance to have employable skills to better prepare them for the working world. Through this program, you can help women escape the poverty cycle by increasing their chances of employment. They provide support to Australian women of up to $2000 for course fees, educational essentials (living expenses, textbooks), and any other incidental costs. Donations of $2 or more are tax deductible.

So, if you’d like to see people achieve the academic and social potential and avoid financial distress at all costs, head to the Aus Education Scholarship Fund website to get involved or donate. If you decide to donate before June 30, you will be eligible for a tax deduction on donations of $2 or more. Make your donation to at www.auseducationscholarshipfund.com Australian Education Scholarship Fund

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PERSONAL GIFTING | Focus On Giving

AUSTRALIAN

WOMEN'S

HEALTH NETWORK

he Australian Women’s Health Network (AWHN) is a charity dedicated to achieving health equity for all women. They provide support to any women experiencing family, domestic, or sexual violence, which unfortunately is occurring all too often. If you want to help save women from situations no female should ever have to endure, donating can go a long way in changing these women’s lives.

AWHN have an emergency phone line for any women experiencing danger or feeling unsafe, and are focused on researching and developing strategies to improve the circumstances of women’s health in Australia. No woman should have to feel disadvantaged or at risk of harm in their everyday lives but the reality is a lot of us do and AWHN are working towards a better future for women. The evidence available today of the differences between men and women has only been made possible due to the 30 years of women’s health advocacy, services, and research.

“When it comes to women’s health, we have a problem. It’s a problem that impacts on the health, wealth, and wellbeing of all Australians.”

SOME STATISTICS RECORDED BY AWHN REGARDING WOMEN'S HEALTH ARE:

AWHN began 35 years ago under a big tree in Adelaide. A bunch of women at a community health conference gathered in a park nearby, discussing the need for a gendered lens on healthcare, and the need for more women in health leadership roles. They decided to meet regularly, and the national network formed. Over the years we have collaborated on a number of conferences, webinars, and peer support spaces, encouraging women's health services and women interested in health and healing to meet, share, and collaborate.

• By the end of 2015 a woman was being murdered every week by a current or expartner in Australia • In 2008, heart disease claimed the lives of 11,221 Australian women • Increasing numbers of women are living in poverty and becoming homeless in their old age

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Focus On Giving | PERSONAL GIFTING

The aspects of change in our society that you may consider small changes have been achieved with the help of AWHN and will lead to larger gradual shifts in attitude towards women’s equality.

Without organisations like the Australian Women’s Health Network, we wouldn’t be progressing towards a healthy society in which women feel equally supported. AWHN strive to be the national voice for women’s health. To speak for women who can’t speak for themselves.

SOME KEY PROGRESSIONS INITIATED BY AWHN INCLUDE: • Advancing from previously no breast or pap screening, to now having a national system of regular screening for women. • Working women in the past were forced to leave their jobs when becoming pregnant and now due to massive leaps in development, it is illegal to force women to leave their jobs when falling pregnant. • Women would rarely pursue professional careers in the past and now 50 per cent of people working in medicine are women and there have been significant increases of women in law, the sciences and mathematics.

THEY DO THIS BY BEING A NATIONAL BODY THAT ADVOCATES FOR: • Australian policies and procedures that affect women’s health to reflect the evidence. • Policies that reflect the social determinants of women’s health. • Policies that are designed to deliver the right to feel safe, respected, and secure to every woman in Australia. • Policies that deliver fair access and fair health outcomes to every woman in Australia. • Policies that deliver informed choice to every woman in Australia; and • Connects people across women’s health to amplify the work they do by ensuring they are supported and their knowledge is heard, shared, and implemented.

AWHN are registered with the ACNC and all donations made to the cause are tax deductible. So, if you want to help amplify the progression towards women’s empowerment and equality in society, consider becoming a member of the AWHN by donating via their website online. Make your donation to AWHN at www.awhn.org.au

By doing all of this the Australian Women’s health Network helps to ensure that the dollars invested in health in Australia get the best results possible.

Australian Women's Health Network australianwomenshealth

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WFO 2021 Dec Issue #2

Articles inside

Overcoming Stress This Christmas

Scams To Watch Out For This Christmas