WFO 2021 Nov Issue #1 by WFOMag

PREMIERE ISSUE 1

WOMEN’S FINANCIAL OUTCOMES

Brittany Spears Capacity & You Making the most of your super Tips for First Home Buyers

Tips For Borrowers Choosing A Buyers Advocate

Planning Your Retirement

women’s

financial 2

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outcomes

welcome Hello and welcome to our first issue of WFO, a financial magazine for women. This year has well and truly been a Year of The Women. We began the year with an all women line up for the Australia Day Awards, we have seen many women appointed to board positions, and just this month we have seen the Dr Jeanette Young sworn in as 27th Governor of Queensland. We have seen some very public humiliations. We saw the admonishment and dismissal of Christine Holgate former CEO of Australia Post and the resignation of Gladys Berejiklian.

various financial, property, legal, and FinTech professions. A magazine that will provide women with the knowledge to create the financial future that she desires. 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 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, in each issue we will feature two to three charities that support women and women’s issues.

Yet more humiliating is the overwhelmingly and a saddening plight of Australia’s older women who are now counted as the fastest growing group of homeless people in Australia and the risk of homelessness increases dramatically for those who are single parents. How can we have got to this?

Our subject matter experts share their knowledge to help readers not only improve financial acumen but to also understand the roles that each professional may play in your financial decision making process.

More surprising is the fact that wealthy millennials are inclined to defer their financial decisions making to their partners. These young women are more likely to relinquish their financial decision making than any age bracket before. It is concerning that UBS Global Wealth Management research found that the pandemic has reinforced traditional gender stereotypes between men and women amongst partnered women. There is nothing wrong with this as we all lead busy lives and sharing responsibility helps the family’s wellbeing. But lack of financial literacy is worrying.

Creating WFO is not a solo journey. It was achieved only through the efforts of an amazing team. I personally want to thank each member for their contribution to making a beautiful financial magazine for women. Thank you to our in-house team Ashleigh Kent, Isabella Stephan, and Georgie Arnaud. And thank you to the women who have contributed to this issue. You’ll find more details about these women as you read the magazine. So, as we hit the button to publish this issue I encourage you enjoy your financial journey and create the financial future you desire.

It was with these trends in mind that I decided to start WFO, a monthly financial magazine written for women by women from across the www.wfomag.co

Jacqueline Hodges

WFOMag

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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 they 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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women’s

finacial opinions

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OUR CONTRIBUTORS

our contributors

ANITA MARSHALL

CHRIS HERRALD

GABY ROSENBERG

Mortgage Broker Advanced Finance Solutions Bio pg.15

Lawyer Partner of Mullins Lawyers Bio pg.32

Co Founder Blossom App Bio pg.61

JOANNA BOYD

SHARON MURPHY

SUSAN BRYANT

Buyers Advocate Joanna Boyd Buyers Advocate Bio pg.20

Finance Broker Artemis Finance Bio pg.39

Financial Planner Seeds of Advice Bio pg.25

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CONTENTS

contents 10

First Home Buyer Tips

Buying Property - Don’t Go It Alone

Retire with Purpose

Conservatorship Capacity Brittany Spears And You

How the New Lending Changes Affect You?

CBA's New Investment Technology

Review - Five Loyalty Cards

Start a Super Saving Plan

Are we closing the gender wage gap?

Blossom App Interview

How to Choose a Charity

Focus on Giving

Goals & Plans

pg 10 First Home Buyer Tips

pg 34 Changes to Bank Loans

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CONTENTS

pg 22 Plan Your Retirement

pg 26 Brittany Spears & You

pg 62 How to Choose a Charity

pg 16 Should You Use A Buyers Adovcate

pg 46 Downsizing

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PERSONAL FINANCE | First Home Buyer Tips

FIRST HOME BUYER tips Words Anita Marshall

et me guess - you dream about owning your own home one day but at the moment it seems completely out of reach. If that sounds like you then let me first say that you are not alone. In fact, in this day and age, more people than ever before are looking at the housing market and wondering how on earth they will ever manage to get their foot in the door (their own door!).

properties available for sale as well as a rental shortage for permanent rentals. The sudden influx of buyers has made the market problematic. The good news is though that it is still possible, and we encourage you NOT to give up hope. Property has been good to me. I have bought and sold quite a number of properties and every single one has contributed to my wealth creation.

Over the past few years, I have come across some alarming statistics that reveal the number of people renting who have given up on their dreams of ever owning their own home. This is an appalling situation that has become worse since Covid -19. The supply and demand issue has hit our shores with some expats returning to Australia to live (and more to come), requiring housing, plus investors turning their investment properties into holiday rentals for maximum gains. There is currently a serious lack of

There are a lot of different investments available to us but what I love about property is: it’s easy to understand, and you can easily research it yourself. You can jump online and access any of the real estate sites and work out average house prices, see what has sold, and what is for sale before you start looking. Before long you will be able to recognise a good buy.

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First Home Buyer Tips | PERSONAL FINANCE

BORROW A HIGHER PERCENTAGE You can borrow a higher percentage on property than most other investments. A lot of the mortgage providers will lend 95% (or more with a few lenders) on a residential property which means you can get into the property market with a relatively low deposit. In saying that we recommend you have some extra in reserve after you buy. You certainly don’t want to buy a home and have no money left.

LIVE AT THE PROPERTY You can live in your property while it is growing in value. Why not pay off your own home instead of someone else’s? You may as well be contributing to your own wealth creation rather than that of your landlord!

STABLE INVESTMENT Most properties grow in value even in difficult financial climates. People will always need somewhere to live so housing is always going to be an asset that people will need. In my opinion, property is a reasonably predictable and stable investment.

“GREAT AUSTRALIAN DREAM” It feels great to own a part of our amazing country and to own something you can call “home”. The more Aussies doing this the better. You would be surprised the number of people that say to me that home ownership made them feel better about themselves and their financial situation. Despite how impossible it may seem to you at the moment, I assure you your dream is achievable. Success in home ownership doesn’t come by accident though. What you need is the right attitude, some good ideas, a positive approach, some discipline, and a better understanding of how it all works.

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PERSONAL FINANCE | First Home Buyer Tips

TOP 10 FIRST

HOME BUYING tips 4

Start saving. Unless you have a guarantor, you are going to need a deposit. Depending on which grants and schemes you qualify for most first home buyers will need between 6% and 13% of the purchase price in savings to cover the 5% deposit, legal fees, stamp duty (if applicable), Lenders mortgage insurance etc.

Get rid of any of “instant pay” style facilities you have and don’t use any of them. They affect your borrowing capacity and will also bring down your overall credit score especially if you have a few of these types of facilities

Get rid of any credit cards you have and don’t use any of those either. Cancel the limit on the card. The limit of the credit card is what the banks work off when they are assessing your borrowing capacity. Even if you pay out the credit cards in full, they must still work off the limit because you could draw on those cards and owe the full amount.

Do a budget and work out how much you can save each time you are paid and then STICK TO IT!

Set up a completely separate account for the home deposit saving. This needs to be separate from your everyday spending account and you need to add to this account each time you’re paid. This proves you can save without touching the savings. NEVER touch this account until you are ready to buy. The separate bank accounts make it easier for the lending assessor to see what savings you have and how much you are contributing on a regular basis. It makes it easier for them to see how much you can afford.

Pay everything on time. People worry about their credit score and credit report. The best way to ensure you have a good credit score is by paying everything on time and don’t apply for too many loans. Each time you apply for an instant pay facility, credit card, car loan, personal loan and home loan you will have a listing on your credit report. If you end up with too many you will end up with a low credit score.

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First Home Buyer Tips | PERSONAL FINANCE

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PERSONAL FINANCE | First Home Buyer Tips

It’s important to create a plan. This plan means you have a goal to work towards and a “road-map” to help you get there. I am a believer in goal setting to achieve your dreams. Getting an effective plan together is a lot easier if you have the right help and support. Speak to a mortgage broker who can help you work out which grants/schemes you qualify for, advise you how much deposit you will need and check your borrowing capacity. That way you will know exactly what you can do now or if its not possible for you just, yet they can advise you on where you need to get to in order to buy your own home one day. I wouldn’t service my car because I am not a mechanic. Similarly, it makes sense for anyone who doesn’t work in finance to approach an expert while making one of the biggest decisions of their lives. So, find yourself a good mortgage broker or financial planner to help develop the right plan for you.

Spend as if you are already in your new home. This is NOT the time for luxury spending. The banks will analyse your spending patterns over the past few months so if you are spending big because you are not paying off a mortgage stop that and start spending /saving as if you had a home of your own. Even if you are renting, they will still want to see you are saving something because once you have your own home you will have rates, water rates, insurance and property maintenance to cover.

Your first home doesn’t have to be your “forever home”. There is nothing wrong with getting into the market in a modest small home and then looking at upsizing down the track.

Speak to family to see if they would be happy to help you. If you have a family member with equity in their own home, they might be willing to go guarantor for a portion of your loan. This is the most common way that family members help and the other one is a gift of money towards a deposit.

MAKE SURE YOUR PLAN COVERS THESE FOUR IMPORTANT POINTS:

1 Work out how much deposit you need to save

2 Work out how long it will take you to save this amount

3 Put together a budget

4 Set up your 3 savings accounts to get started

Remember – every cent counts and you need to start somewhere. It won’t always happen quickly but there is a good old saying about slow and steady wins the race. Even if it takes a few years, it will still be worth it! Review your budget/plan every 6 months to see if you are on track, and whether there are any improvements you can make to fast track your plan. Once the plan is in place don’t be surprised if you achieve your goals faster than you expect! Please help spread the word that home ownership for Australians in Australia is possible.

LET’S KEEP THE DREAM

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First Home Buyer Tips | PERSONAL FINANCE

Anita

MARSHALL

Words Anita Marshall is Managing Director of Advanced Finance Solutions, leading a team of professional mortgage planners. A mortgage broker herself, Anita holds a Diploma in Mortgage Broking, Certificate IV in Mortgage Broking, Certificate IV in Financial Services, Diploma in Financial Planning and an Advanced Diploma in Business Management. With offices based at the Gold Coast and Port Stephens, she helps clients find mortgage solutions to suit their needs using the latest broker technology. Anita is also proud to be one of the published authors in the best-selling books “Ignite Your Investment Property Mojo and “Sprout The Life You Love”. Anita Marshall Managing Director Advanced Finance Solutions www.advancedfinance.com.au Gold Coast (02) 4919 0478 Port Stephens (07) 5613 1888 LinkedIn

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PERSONAL FINANCE | Buying Property - Don’t Go It Alone

BUYING PROPERTY - Don’t Go It Alone

Words Joanna Boyd

“Let your

As we near the end of another year, we can often find ourselves itching for a change. This could be a change in career, a new hobby, new home or investment property. Many of us can hit this crossroad without a clear roadmap of which path to take.

imagination

run wild”

I am often speaking with buyers curious about moving home, this could be upsized, downsized, first home purchase or an investment acquisition. My advice to these buyers is to understand their motivators for this change, understanding their why and then allowing themselves to envision a new life with these changes, don’t hold back, dream big. Getting a clear picture of what your new life and home could look like is the very first step to getting there.

When it comes to helping my own clients through the house-buying process, I’m there from the initial chat – where we cover everything from their current situation to their dream outcome – then right through the viewing, finance, negotiating and buying stages of the process. With years of industry experience in the Brisbane property market, I use my expertise to make house-buying an easy, stress-free process.

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First of all, let’s explain exactly what we mean by a buyer’s advocate. Put simply, a buyer’s advocate is a licensed real estate agent who supports and represents the buyer at every stage of a property purchase – always making sure they get the best possible deal. Buyer’s advocates are experts who know both the local property market and what’s currently for sale. They make it their business to attend inspections and keep an eye on local sales – all of which leaves them perfectly placed to hunt down your dream home. Once you’re found where you want to be, they walk you through the process – from negotiating on your behalf to helping you with finance and nailing down the contract, they take the pain out of buying property. Buying a property has many moving parts to get a deal pulled together ensuring that all parties within the transaction (buyer & seller) are adhering to legislative requirements. Working with a buyer’s advocate will empower you with all the knowledge and support across numerous contributing platforms.

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PERSONAL FINANCE | Buying Property - Don’t Go It Alone

NEGOTIATION One of the scariest parts of buying a house is the negotiating – how do you do it? How can you know if a house is overpriced and how can you negotiate the seller down? Your agent has the industry know-how to do all this and more – getting you the very best price in the process.

FINANCES Buyer’s advocates aren’t financial advisors, but they have enough know-how and industry connections to put you in touch with experts who can help you.

ADMIN VIEWINGS

Terrified of the complex and seemingly neverending stream of paperwork associated with moving house? Let your buyer’s advocate keep everything moving and take care of all the forms and contracts – leaving you free to do the fun bit.

The list of properties you want to view can seem out of control and unmanageable – your agent can make sure you see every house you should and none of the ones you shouldn’t.

EMOTIONAL SUPPORT

NETWORK Buyer’s advocates have long-term experience in the property market and know the people you’ll need to speak to on the way. From mortgage brokers to building and pest companies, conveyancers and so on, your agent can connect you to the right people, every time.

We all know buying property can be a rollercoaster of emotion – your agent, as an emotionally detached bystander, can soak all that up and help you avoid making rash, emotiondriven decisions.

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Buying Property - Don’t Go It Alone | PERSONAL FINANCE

So, finding the right home is not an easy process, with people sometimes spending months trying to find the right home particularly in these current market conditions.

to ensure there is an adequate deposit and pre-approval in place on a bank loan. This will help minimise the risk of potential hurdles and ensure that when entering a contract of sale there will be limited conditions.

Will working with a buyer’s advocate speed up the buying process??

The property market is often quick moving and, in most scenarios, buyers need to react quickly to secure the property. A buyer’s advocate can help guide their client to paying the best price with limited conditions, making it a favourable offer for the seller.

My answer is simply Absolutely

A definitive YES

Because a buyer’s advocate is constantly working within the property market and being actively involved in transactions, they are subsequently aware of market conditions, stock that is coming online and have access to off market properties. These are elusive properties that are not listed on the main real estate portals and are generally kept secrets with real estate agents – we love these opportunities.

For a typical home buyer, the process of buying the right property can be a very lengthy and drawn-out out process. It can be overwhelming with all the factors that need to be considered when making such a hefty investment. If you are seeking to have someone that can guide you, be your emotional filter and challenge the status quo, then it might be worth engaging the services of an exclusive buyer’s advocate to help you navigate through this process of property ownership.

A buyer’s advocate will encourage their client to get all personal affairs into order

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PERSONAL FINANCE | Buying Property - Don’t Go It Alone

Joanna BOYD

Passionate Buyers Advocate Joanna Boyd has 20+ years’ experience in the property industry, having worked in real estate business development, franchise management, recruitment, insurance and training and facilitating. Joanna was driven to start her business after suddenly losing her husband, Tony, in 2017. At the time, she was barely in her 40s and the couple had three young children. Dealing with the difficult decisions that need to be made after a loved one’s death gave Joanna a unique insight into why Buyers Advocates are so important. Now Joanna is committed to building relationships with those in a similar position or navigating through a property journey. Knowing that clients have enough to deal with, she steps in to shoulder the burden of property shortlisting, negotiations, auctions and settlement logistics. Joanna Boyd Buyers Advocate services are for anyone who wants to purchase property stress-free. With her knowledge of off-book properties, extensive list of contacts and fluency in the secret language of real estate, Joanna Boyd is equipped to deliver your perfect home minus the emotional burden of the house-hunting process. Joanna Boyd Buyers Advocate www.joannaboyd.com.au 0415 364 783 LinkedIn

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FINANCIAL PLANNING | Retire With Purpose

purpose

RETIRE with Words Susan Bryant

he most critical part of retirement planning requires management and investing – but it’s not the money. Retirement can be a chance to reflect on and cement your life’s work. Particularly if you own a business or are handing on to family, this may be a chance to reflect on what your legacy may be.

retirement not only meant living a stylish life but also working on living a life with purpose. Typically the money is about as far as most get when evaluating if they’re ready to retire and they’re not entirely wrong. Retiring without enough money could be very stressful and so it is critical to examine your financial position, things like your projected growth, your future living expenses and other anticipated expenses and your likely outcomes. But, how do you truly retire in style?

Don’t assume it’s all about the money – sure that’s going to be important but only if you understand Why? I understand you feel that getting the money stuff right will keep you safe and maybe even happy. I’ve worked with hundreds of female business owners thinking about retirement and they have nearly all told me in one way or another how disoriented and rudderless they felt. Traditional financial planning has always focused on the numbers, how much is enough, how should we be investing, what return will be sufficient. I know most of them had even sought financial advice but something was still missing, until they shifted focus and found that living a truly stylish

Too many people especially women, are underfunded, confused and fearful when it comes to retiring. They fall short of the lifestyle they imagined for themselves and worked so hard for. They start planning too late only to have to do twice as much or take big risks just to achieve the same result. They end up having to keep working or becoming a burden to the ones they love most and the sense of failure and deep shame that cones along with that can be crippling.

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Retire With Retire Purpose in Style | FINANCIAL | YOUR RETIREMENT PLANNING

Part of creating certainty around your retirement planning is knowing what you are aiming for. It seems obvious but I have asked many people who have told me they just want more! That’s a pretty hard target to hit. What measure do you have to know when you have got there? Do some research on the lifestyle you are working towards and write down those outcomes you are hoping for. Keep working on that over time as the picture becomes clearer and more focussed. Outcomes are never a number. Ever. Outcomes are tangible scenarios that are personal to you. They may include a certain place or specific sorts of lifestyle choices. Often, they might include family like weddings or help for the kids. Eventually an outcome will be retirement and the sort of income you will need to support that lifestyle. Later it may be an aged care choice. Ultimately a financial legacy may be an outcome that’s important to you.

The consequences are dire and I’ve heard the fear that there won’t be enough. I’ve seen the panic that you will have to just keep on working, and listened to the anxiety that you won’t have the life you choose or that you or your family won’t be looked after. The net result of those feelings is panic. The good news is that if you get this right, the payoff can be huge. Many of the women I have worked with have told me that retirement means shopping at the end of the day to grab marked down food and never being able to do the fun things they love. Who would want that? By shifting focus I’ve seen lives changed. Fulfilment, improved relationships, better physical health, a stronger sense of contribution to your community. The sense of contentment and your place in the world is perhaps the best consequence . If you want to get certainty and create an abundant life around your retirement in a strategic approach once and for all - stop thinking about it and start taking action. My experience shows that pre retirees can improve their retirement lifestyles, their peace of mind and their sense of well being by stepping through a few things.

Once you are clear about the outcomes you are after then you can start to quantify them. In other words, every outcome will have a date / time for achievement and every outcome will have a cost associated with it. In essence you need to inform your portfolio of investments when and how much money will be needed to make sure those things happen. The one predictable thing about outcomes is that their achievement is nearly always accompanied by some compromise. In other words, to make one thing happen you may have to give up another. That’s generally how life works!

Start with your values. In the grand scheme of things money is only important in that it allows you to enjoy what’s important to you. Not worrying about your finances is critical to having a life that excites you, nurtures those you love, and fulfils your highest aspirations. If you want to make smart choices about money, based on what is important to youthen you may need to work on discovering what your core values are. By defining and understanding what really drives you, what you really value and what are the key non negotiable beliefs you have you can start to build a plan for life that not only makes good financial sense but motivates you to ensure all your choices are in alignment with what’s important to you.

How you balance that and make sure all those parts are working together – values and outcomes is the ensure you have a method to get on track financially. That means seeing a clear and connected path between your outcomes and your investment strategy and portfolio. You may want to think about working out how much volatility you need in your portfolio (risk) because that will determine how much reward (return) you can expect.

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A financial planner with a sound stochastic modelling tool can help you. It is not a generic box such as Balanced or Conservative. These are too fixed and of little value to you.

To simplify, there essentially are only five things you can do to get back on track. These five levers an either be pulled one at a time or in concert. Simply you can save more money, spend less money, retire later, take less in retirement or add or reduce the risk in your portfolio. Which lever you pull will come down to those compromises I talked about earlier and your values.

One thing you can rely on is that things will change. So you need a method to check if you are still on track when Life intervenes in the form of legislation changes, economic changes, market returns, family member’s lives, illness and a myriad of other events that you cannot plan for. If you can identify that you are no longer on track what is your plan then?

Having a plan for retirement is going to put you ahead of 74% of the population, but unless you’ve applied these processes you may also find yourself feeling retirement is not so stylish when the day comes.

It took us a couple of years to connect the dots, but we ultimately arrived at the realization that most affluent individuals don’t have a comprehensive lifetime financial strategy in place.

Ironically the fear of addressing what the big “R” word is means the very things most people are afraid of are then more likely to happen. Time and again I have seen the certainty, clarity and confidence that results from starting on this path to freedom and choice. Some of my most successful clients at the retirement game have actually found when they reach their day and are actually in a position to retire that the rich life they have built themselves, and the confidence that they have a plan that is flexible and gives them choice, means they want to continue doing what they do long past the date written in the sand.

If for no other reason, an effective and comprehensive financial strategy allows you to quickly know when your finances are off-track. Having a strategy means having an early warning system in place that provides protection by highlighting any necessary course-corrections whenever the strategy is off-track.

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Retire With Purpose | FINANCIAL PLANNING

Susan BRYANT

Susan Bryant is an experienced and insightful financial planner. She specialises in working with women in Family Business leaders and Primary Producers to help them grow intergenerational wealth and leave a legacy that ultimately leads to family harmony. Susan has over 30 years’ in the Financial Planning profession, most of that time spent in Toowoomba and more than a decade in private wealth management with industry leading Private Banks looking after wealthy dynastic families. She has a Diploma in Financial Service ( Financial Planning) and is a Member of the Financial Planners Association (FPA). Ultimately Susan’s goal is to change the way families think about having a plan for their future that is going to stand the test of time. Not just for them but for all the generations that will follow. It makes the hard work and the discomfort of ‘those’ conversations worth all the effort. Susan is an engaging and entertaining speaker, who regularly speaks at leading women’s’ industry conferences. Susan is currently on the Board of The Qld Chamber Orchestra and a past Board Director of the Qld Rural, Regional and Remote Womens Network Inc. Susan Bryant Finance Broker Artemis Finance www.seedsofadvise.com 0459 691 428 LinkedIn

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LEGAL COMMENTARY | Conservatorship Capacity Brittany Spears & You

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Conservatorship Capacity Brittany Spears & You | LEGAL COMMENTARY

Words Chris Herrald Britney Spears is free! The end of September saw a Judge finally suspend her father as her conservator, 13 years after he was appointed to manage all aspects of her life. There will be so much about this complex legal matter that we will never know, so we are all left wondering: How does a talented, world-famous musician end up being totally unable to manage her life? And can the same thing happen here, in Australia?

What is a Conservatorship?

Do we have Conservatorship in Australia?

Under Division 4 of the California Probate Code, a conservator can be appointed for a person who is: “unable to provide properly for his or her personal needs for physical health, food, clothing, or shelter…”; or “substantially unable to manage his or her own financial resources or resist fraud or undue influence…”

In a word, yes, but it is not called a conservatorship. Throughout Australia, all States and Territories have laws that enable a person or organisation to be appointed to manage the affairs of people who do not have capacity to make decisions for themselves.

In California, a Court is only allowed to appoint a conservator if there is “clear and convincing evidence” that the person is unable to do the things noted above for themselves.

The powers given to the people or organisations who are appointed to manage someone’s affairs are very broad and, in some cases, will give almost total control over a person’s life to someone else. This can include matters such as managing finances, but can also include decisions about where someone lives, what they eat, what they wear and with whom they socialise.

We may never know what “clear and convincing” proof the Court had 13 years ago when Britney’s father was appointed as her conservator. We know from media reports that in 2008, Britney was hospitalised and evaluated in a psychiatric facility before the conservatorship was permanently made 8 months later.

The person or organisation appointed for property and financial matters is usually called an administrator and a person or organisation appointed for personal and/or health matters is usually called a guardian. However, the technical language can differ between the States and Territories of Australia.

We also know that as her conservator, Britney’s father exerted a tremendous amount of power over Britney’s personal liberties and freedoms, as well as her finances (and reportedly being paid to do it!).

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LEGAL COMMENTARY | Conservatorship Capacity Brittany Spears & You

The point at time that someone has lost capacity can be tricky to work out. Broadly speaking, capacity is defined as understanding the nature and effect of decisions, freely and voluntarily making decisions, and communicating the decision in some way. Capacity is also timespecific, decision-specific, and domain-specific. This means that a person can have capacity, for example, to get married but not have capacity to make a Will! Before an Australian Court or Tribunal will appoint someone to manage the affairs of a person, it must first be satisfied that the person does not have capacity. A declaration by a Court of Tribunal that a person does not have capacity is serious. Can you imagine how devastating it must be to have that declaration made about you? Appearing before a Court or Tribunal, when they are deciding whether you have capacity, is very confronting. The Court or Tribunal will get evidence from many different sources, and hearing your doctor, family members or friends speak about you can be a very difficult experience, especially if you believe that you have not lost capacity to make decisions for yourself.

Who gets appointed as a substitued decision maker? In short, any adult can be appointed as someone’s substituted decision maker. Also, there are organisations such as trustee companies that can be appointed. And often a State or Territory’s Public Institutions (such as Public Guardian, Public Trustee, etc) can be appointed as well.

Do substitued decision makers get paid (like Brittany’s father)? So here comes the standard lawyer answer that everyone hates, “It depends.”

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CAPACITY IS ALSO

TIME-SPECIFIC, DECISION-SPECIFIC

AND DOMAIN-SPECIFIC

Conservatorship Capacity Brittany Spears & You | LEGAL COMMENTARY

In the author’s experience, it is rare that an individual will be paid for acting as someone’s guardian or administrator. Whether a person can be paid differs throughout Australia depending on which State or Territory you live in. Trustee companies and the Public Institutions are almost always paid for acting as a substituted decision maker. Any payments that are made are made from the assets of the incapacitated person.

Are there rules that attorneys, guardians and administrators have to follow? Absolutely! At a fundamental level, the substituted decision maker is not supposed to impose their will on the person they are looking after. They are supposed to be making decisions for the person they are looking after as if they were that person (when that person had capacity). This is a critical distinction that many substituted decision makers seem to miss. Substituted decision makers must act in the best interests of the person they are caring for, and comply with the laws, duties, and responsibilities inherent in the role.

If someone is appointed as your guardian or administrator against your will, can you “fight it”?? Yes, it is possible to have a substituted decision maker removed, either because they are breaching their duties or because you have regained capacity to make the decisions for yourself. Like Britney, you would need to prove to the Court or Tribunal that the substituted decision maker is not acting in your best interests or that you have regained capacity. Again, appearing in a Court or Tribunal to have it decide whether you have capacity can be extremely stressful!

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LEGAL COMMENTARY | Conservatorship Capacity Brittany Spears & You

What can I do to prevent someone I don’t want to ever make decisions for me from being appointed as my guardian or administrator? This is the easy bit! All States and Territories of Australia have laws that allow you to choose who you want to make these types of decisions for you if you lose the ability to make decisions for yourself. The way that the types of decisions are described, and the names of the forms all differ between the States and Territories (see below table), so if you have ever made one of these documents before, you should not assume that you are covered throughout Australia. While mutual recognition laws between some States and Territories exist, the best thing to do is ensure that you have a current document made in the State or Territory in which you live. If you have assets and property in other parts of Australia, then it might be necessary to make enduring documents in separate jurisdictions. The best way to make sure that you get to choose who would make decisions for you is to ensure that you have validly made enduring documents prepared by a lawyer who is qualified in this area of law. The great thing about being proactive and doing these documents yourself before you lose capacity to make decisions for yourself is that you get to place limits around the power you give, make very clear expressions of your wishes, and choose the people or organisation that you want to make decisions for you. Do you insure your house? Your car? Your belongings? Your life? Consider the cost of seeing a lawyer to prepare these documents an insurance premium on the most valuable asset you will ever own – control over your personal freedoms and liberties – your life!

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Conservatorship Capacity Brittany Spears & You | LEGAL COMMENTARY

Jurisdiction Queensland New South Wales

Western Australia

South Australia

Type of Decision Personal/Health Financial Health/Lifestyle Financial Personal, Lifestyle & Healthcare decisions

Tasmania

Australian Capital Territory

Northern Territory

Enduring Power of Attorney Enduring Guardianship Enduring Power of Attorney Enduring Power of Guardianship

Financial/Property

Enduring Power of Attorney

Health care/Residential & Accommodation arrangements/Personal affairs

Advance Care Directive

Financial

Enduring Power of Attorney

Personal Victoria

Name of Document

Financial

(Note: the appointment of the substituted decision maker is done within this document)

Enduring Power of Attorney

Medical Treatment

Appointment of Medical Treatment Decision Maker

Personal/Medical

Enduring Guardianship

Property/Financial

Enduring Power of Attorney

Personal care/Health care/Medical research

Enduring Power of Attorney

Property (including Financial) Personal/Health Financial

Advance Care Plan

This article is intended for educational purposes only and is not to be relied upon as legal advice. If you have a legal problem or matter for which you require advice, please do not hesitate to contact the author.

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LEGAL COMMENTARY | Conservatorship Capacity Brittany Spears & You

Chris

HERRALD Chris is a Partner of Mullins Lawyers in their Private Client Group. Chris provides clients with practical advice based on knowledge gained from her years practising as a wills & estates lawyer. She advises in relation to a broad range of estate matters including estate planning, estate administration, contentious and non-contentious estate litigation, as well as guardianship and administration matters (including enduring powers of attorney, proceedings in the Queensland Civil and Administrative Tribunal and advice to attorneys, guardians and administrators in relation to the exercise of their powers). Chris is an active member of the legal community being the current Chair of STEP Qld, a member of the STEP Australia Board and a former Deputy Chair of the Queensland Law Society Succession Law Committee. Chris Herrald Partner at Mullins Lawyers www.mullinslawyers.com.au (07) 3224 0256 LinkedIn

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PERSONAL FINANCE | How the New Lending Changes Affect You?

How The NEW Lending Changes Affect You? Words Sharon Murphy

ou will have heard by now that the Australian Prudential Regulation Authority (APRA) have notified Australian banks that they must increase the minimum interest rate buffer when assessing the serviceability of home loan applications. Currently the lenders generally use an interest rate 2.50% p.a. higher than the loan product rate however this will now increase to at least 3.00% p.a. For example, if the home loan you are applying for has a variable interest rate of 2.50% p.a, the bank previously calculated your capacity to repay the loan at a rate of 5.00% p.a. Now this will increase to 5.50% p.a. This affects all authorised deposit-taking institutions (ADIs) and the banks have started releasing changes what are to be in effect from Monday 1 November 2021 at the latest.

Why have these changes been made? APRA has made this decision to address concerns they have with the current residential mortgage lending environment of historically low interest rates and rapidly increasing housing prices. They have also highlighted their concern about household debt levels which, relative to income, are high. APRA’s decision was supported by other members of the Council of Financial Regulators (CFR), comprising the Reserve Bank of Australia, the Treasury and the Australian Securities and Investments Commission (ASIC) and in consultation with the Australian Competition and Consumer Commission (ACCC).

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APRA Chair Wayne Byres stated that this was a targeted action designed to reinforce the stability of the financial system. “In taking action, APRA is focused on ensuring the financial system remains safe, and that banks are lending to borrowers who can afford the level of debt they are taking on – both today and into the future. “While the banking system is well capitalised and lending standards overall have held up, increases in the share of heavily indebted borrowers, and leverage in the household sector more broadly, mean that medium-term risks to financial stability are building. “More than one in five new loans approved in the June

quarter were at more than six times the borrowers’ income, and at an aggregate level the expectation is that housing credit growth will run ahead of household income growth in the period ahead. With the economy expected to bounce back as lockdowns begin to be lifted around the country, the balance of risks is such that stronger serviceability standards are warranted,” Mr Byres said.

What’s happening with interest rates? Interestingly our neighbours in New Zealand have just increased their rates with the Reserve Bank of New Zealand raising rates from 0.25% to 0.5%. They have also seen a housing boom with prices increasing around 30 per cent over the past year.

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It remains to be seen whether the Australian Reserve Bank will also follow suit in raising interest rates however the banks have already started to increase their 1-5 year fixed rates. ANZ made one of the highest increases to their 3 year fixed rates in late October, increasing from 2.19% by 0.35% to 2.54%. As Australian borrowers continue to borrow more than 6 times their income, lenders have also put restrictions in place. Known as the Debt To Income Ratio (DTI), they will not lend to borrowers who will be borrowing more than 7-8 times their income as this places too heavy a burden on the borrower.

PERSONAL FINANCE | How the New Lending Changes Affect You?

What’s happening with property prices?

Why have property prices increased so fast?

Whilst property prices have continued to increase in 2021, the average income has not increased by the same margin. Australia’s median property price jumped 20.3% in the year to September which was the strongest annual growth rate in 32 years. Westpac has predicted Australia’s median property price will jump 22% this year with an expected 8% increase for 2022 with most of the growth coming in the first half of 2022. Westpac then expects prices to go backwards in 2023, by 5%.

It was only 2 years ago in 2019 that APRA proposed amending the assessment rate to increase housing affordability. At that time the banks used 7.00% to 7.25% to assess all home loans. This meant that although home loan rates had dropped dramatically the affordability was still being assessed against a rate of 7.00% so there was a huge gap between actual interest rates and the assessed interest rate.

Westpac gave five reasons why it expects price growth to start slowing next year: • Affordability pressures will build • Lending restrictions will tighten • Expectations will grow for the Reserve Bank to start lifting official interest rates in early 2023 • Slow population growth will affect demand in some markets • Increased homebuilding will affect supply in some markets

Going back even further to 2014, banks used a single variable rate as the basis for all mortgage loans. Since then, the banks have introduced different pricing for different loans depending on whether the loan was owner occupied or investment, interest only repayments or principal & interest repayments. Therefore a single floor rate for both owner occupiers with principal and interest loans and investors with interest only loans didn’t make sense hence why APRA proposed these changes.

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APRA proposed that ADIs increase the serviceability buffer from at least 2% to 2.5% (most banks currently use 2.25% above your home loan rate) instead of the previous 7.0%. This immediately increased a borrower’s borrowing capacity. In 2019 a single borrower with an income of $100,000 p.a. with no dependents and standard living expenses while being assessed at 7.25% could borrow a maximum of $626,670 for a 30 year mortgage. (based on the CBA calculator) However once the changes were enacted, the same borrower was now assessed at 6% which meant his maximum borrowing power increased to $713,034, an increase of $86,000 approximately. That’s roughly an increase of 14 per cent in borrowing power. A couple earning a combined income of $100,000 with two dependents could borrow up to $551,470 in 2019. The couple’s maximum borrowing capacity increased to $627,470 when assessed at 6% – an increase of $76,000.

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PERSONAL FINANCE | How the New Lending Changes Affect You?

How has my borrowing capacity been affected by these changes?

How can we help?

As a general estimate, the borrowing capacity will reduce by around 5% compared to current levels. According to analysts at RateCity.com.au, the average family’s maximum borrowing capacity could drop by $35,025 under the new rules (as an estimate). That figure of $35,025 assumes one adult working full time and the other working part time with two dependent children and based on Commonwealth Bank’s serviceability calculator on a fixed rate. A single person on the average income will be able to borrow roughly $28,515 less under the new rules.

We have over 40 lenders on our panel and they each have their own serviceability calculators. Some of the lenders we use are not ADIs so do not need to adjust their servicing calculators to the APRA changes. We can work out your borrowing power before submitting your home loan application. As mortgage brokers we also have a legal requirement to act in your best interests whereas the bank branch staff don’t need to operate under this obligation. Talk to us to see how we can help you and tailor a solution for your unique situation.

What if I am already preapproved with a bank? Most of the banks will apply the updated serviceability assessment from 1 November or even earlier. Unfortunately if your loan has not been formally approved by this time, your loan application could be assessed under the stricter lending criteria. Each of the banks will apply their own rules so it’s best to speak with them or discuss with us the other options available.

Borrower Type

Annual Wage

Old Borrowing Capacity

New Borrowing Capacity

Difference

SINGLE No Dependants

$90,329

$570,300

$541,785

$28,515

FAMILY OF 4

$135,494

$700,500

$665,475

$35,025

Calculations are based on CBA’s serviceability calculator for a borrower taking out a CBA fixed rate. Income is based on the ABS average weekly wage, full time adult ordinary time earnings, a family is considered to have 1.5 full time incomes. The bank’s household expenditure measure is estimated to be $4,500 per month for a family and $2,000 per month for a single person with assumption that there are no other existing debts.

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How the New Lending Changes Affect You? | PERSONAL FINANCE

Sharon MURPHY

Sharon Murphy leads a team of female finance brokers who are passionate about helping their clients all around Australia increase their financial wealth through property. They focus developing an ongoing long term relationship to benefit their clients. Their specialty is on small business owners and first home buyers / first time property investors. Sharon Murphy Director / Finance Broker www.artemisfinance.com.au 0422 088 013 or (02) 7203 0203 LinkedIn

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PERSONAL FINANCE | CBA'S New Investment Technology

CBA'S NEW

INVESTMENT

TECHNOLOGY

rather than investing in separate shares as ETFs allow you to invest in a range of different companies and assets all at once. ETFs are considered as a basket complete with companies and assets you can invest in that are subdivided by their qualities and features hence why there are seven different investments. They’re divided by belonging to the same market, i.e., ASX and US exchange or through industries or themes such as healthcare, sustainability, and larger companies. With any investing, the amount you put in will fluctuate daily due to markets rising and falling. However, Commsec believe by investing with CommSec Pocket your risk is reduced as you’ll be investing with several companies. There is a small $2 fee each time you invest

Words Isabella Stephan

What is CommSec Pocket Known as one of the big four, Commonwealth Bank has helped millions of Australians bank, save and now invest. We know investing is a big decision that involves hours of research, consideration, and a large sum of money however, with CommSec Pocket the process has never been simpler. You can invest as little as $50 as a one-off investment, or you can set up your account to invest fortnightly or monthly to build your portfolio. This makes it easy for those who want to begin investing from a young age or for those who don’t want to spend a few hundred dollars all at once.

Trade Fees or sell units in an ETF of trades up to $1,000. Whereas any trades over that price are charged 0.20% of the trade value. CommSec Pocket doesn’t charge ongoing account keeping fees.

When starting with CommSec Pocket you can choose from up to seven different investments that are Exchange Traded Funds known as an ETF. ETFs may be a lower risk

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CBA'S New Investment Technology | PERSONAL FINANCE

SEVEN TYPES OF INVESTMENTS The Commsec Pocket only offers seven types of investments

Tech Savvy

Global 100

Tech Savvy is part of the evolving tech revolution tracking the performance of 100 of today’s leading tech companies on the US NASDAQ exchange. This includes the likes of Facebook, Amazon, Apple, Netflix, and Google.

Global 100 is involved with 100 blue chip companies around the globe. These include Microsoft Corp, Apple Inc, Amazon.com Inc, Johnson & Johnson, Nestle SA, Samsung Electronics Co, and more.

Sustainability Leaders

Emerging Markets

Sustainability Leaders is an excellent opportunity for those who want to start investing with CommSec Pocket and partner with companies who share their sustainable values. It offers exposure to 200 ethical companies including Home Depot Inc, Toyota Motor Corp, PayPal Holdings Inc, Apple Inc, and more.

Emerging Markets fund gives access to more than 800 companies in China, Taiwan, India, and Korea. These consist of companies from finance, consumer goods, and technology. More specifically they include Taiwan Semiconductor Manufacturing Company (that create chips for Apple), Tencent Holdings (including WeChat), Alibaba Group Holding Ltd Ordinary Shares (marketplaces similar to Amazon), Samsung Electronics Co, and more.

Aussie Dividends

Aussie Dividends offers exposure to around 40 Australian companies such as Macquarie Group, Medibank Private, Coles, and Wesfarmers which includes Bunnings, Kmart, Office Works, and more.

Health Wise

Health Wise is involved with 100 healthcare companies that develop and produce treatments and vaccines. These include UnitedHealth Group Inc, Johnson & Johnson, Pfizer Inc, Abbot laboratories, and more.

Aussie Top 200

Aussie top 200 gives investors exposure to 200 of the largest companies on the Australian Securities Exchange. These companies are known for driving the Australian economy. This ETF basket includes Commonwealth Bank of Australia, BHP Group (a mining company), CSL (a global company that creates medical treatments and vaccines), National Australia Bank, Westpac Banking Corp, Australia and New Zealand banking group, Wesfarmers, Woolworths Group, and Telstra Corp.

You can find articles, videos and tips on the app or the Commbank website to learn more about investing and the share market.

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PERSONAL FINANCE | Review - 5 Loyalty Cards

LOYALTY CARDS Words Isabella Stephan

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Review - 5 Loyalty Cards | PERSONAL FINANCE

Save Money and Earn Points this Holiday Season using Loyalty Cards Are you leaving points on the table? As Christmas and the season for spending is just around the corner, now is the smart time to sign up for those loyalty cards you’ve been kindly denying retail assistants of in the past.

Say Hello Rewards!

We know the festive season is a time for spending, so we’ve rounded up seven of the best reward systems in the country that will help you get discounts and save away.

Multiple Stores with Flybuys If you haven’t signed already up, we highly suggest one of Australia’s most loved loyalty programs, Flybuys. If you frequent Coles, Shell Coles Express, Liquorland, Kmart, First Choice Liquor Market, Target, My Car, First Choice Liquor and Optus (who doesn’t?), then Flybuys is going to help you save your money this Christmas.

Buy your loved ones presents this Christmas without having to dive deep into your savings, as these reward systems will help you every step of the way by giving back.

The usual conversion is every $1 spent in those selected stores (and more found on the website) will grant you 1 point. This means with every 2,000 points earnt you will receive $10 to redeem on your flybuys app to spend either in-store or online at the participating stores. But wait, it gets better. Flybuys members can also add more than one person to their card, making spending and earning more points easier. If you don’t want to redeem your points at the selected stores, easily turn them into velocity points (known as Virgin Airlines) for hotels, escapes, and flights! Or, shop away on Flybuys rewards store with over 1,000 products to choose from, where you can combine your income and points to purchase a product.

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PERSONAL FINANCE | Review - 5 Loyalty Cards

Myer with Myer One

Woolworths with Everyday Rewards

Calling all Myer shoppers. This is your ticket to saving and receiving credit rewards within one of Australia’s most beloved department stores. Each time you spend $1 in Myer, you will receive 2 credit points, so if you spend $1,000 in return, you’ll earn 2,000 points and receive a $20 reward to spend online or in-store.

For every dollar spent at Woolworths and its partners BWS, Big W, Bupa, Ampol, Caltex, Super Pharmacy, Origin and more, you will earn 1 point every time you scan. For every 2,000 everyday reward points collected, you’ll receive a $10 reward to spend on a future shop, or you can choose to convert these to Qantas frequent flyer points instead.

In other words, on each purchase, you’ll get 2% back. Climb your way up the ranks of silver, gold and platinum and be rewarded with birthday gift cards and free shipping on deliveries. But, be mindful that points expire 2 years from the date they were issued.

You can do this by linking your frequent flyer number with your everyday rewards account. Enjoy Woolworths everyday rewards at 200 selected Caltex fuel sites, where you’ll pocket a 4c per litre fuel discount once you’ve spent $30 in one transaction at Woolworths supermarkets.

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Review - 5 Loyalty Cards | PERSONAL FINANCE

Telstra with Telstra Plus Save on your electronic devices this Christmas season by joining Telstra Plus, starting off on their member status. You’ll receive discounted tickets and points from each transaction by joining, earning 10 Telstra Plus points per $1 spent.

If you’re with NAB, now is the right time of the year to apply for the NAB Rewards credit card. Once applied, you will become automatically enrolled into the program and able to earn points on purchases. You can use the card in partner stores such as Myer, David Jones, Kmart, Big W, Bunnings Warehouse and Mitre 10, where each $1 spent will earn your reward card 1 point. For Myer, for example, once you’ve reached 4,810 points, you’ll get a $25 gift card to spend at the department store!

Redeem your well-deserved points on the Telstra Plus Rewards store and choose from phones, watches, plans, gaming and more. Get pre-sale access to concert tickets and discounted movie tickets starting from $12.50 with this reward system.

Selected banks with CommBank Rewards & NAB Rewards Have you thought of using your bank’s reward system? For those with Commonwealth, log into your account and select CommBank Rewards underneath the For You section to activate your rewards. Within the app, participating stores with their minimum required spend are shown on a list, and if you oblige by using your debit card at the specific store, you’ll receive cashback into your account. It’s a win-win. CommBank Rewards will also tailor it for you by sending shopping rewards based on your previous card spending’s. However, Afterpay, Zip Pay, and PayPal aren’t eligible for this reward system. Bank members can also track how much they’ve saved using the CommBank Rewards system to see their big and overall savings.

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However, you can always redeem your points on travel through Webjet on flights, hotels, and packages or in multiples of 3,000, which can be converted into flying points with their selected four airlines. Points can also be redeemed with NAB’s homewares and electronics!

Put all of your loyalty cards on Stocard So now you might be thinking, great, I’ll sign up and earn more savings, but now I’m going to have to carry all of these different cards around. Well, lucky for you, you don’t have to, thanks to Stocard. Stocard is a loyalty cards wallet that can store all of your cards on one app, saving you from a heavy wallet. Download it from the Apple app store or Google Play store, and you’ll never want to handle a physical card again.

FINANCIAL PLANNING | Saving More In Your Super

SAVING

MORE IN

YOUR

SUPER 46

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Saving More In Your Super | FINANCIAL PLANNING

Words Jacqueline Hodges

very woman needs a savings plan, whether it’s for a weekend retreat, new pair of shoes, or your regular beauty maintenance. This is relatively easy for most women. We can plan the salon treatments and know just how much it will cost and when we have scheduled that appointment. Or for those of us with a young family, setting a kitty aside to realistically save for children’s school excursions, tuckshop, and those unexpected’ sporting accidents. We know they are going to happen but truly wish they wouldn't! It is easy to live in the now and save for those short term events that we can think of in the present moment. It’s also easy to sit back and let our employer take responsibility for our super. Letting them be responsible for putting that super in each quarter or more often if you’re lucky. After all, we are not involved in that process. For many women the only time they’ll think about their super is when she receives the annual statements showing how well or how poorly her superannuation account performed that year. But just as we save for that appointment, or event, we also need to be saving for our future, by creating a golden nest egg for our retirement. We grow that golden nest egg through our superannuation.

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FINANCIAL PLANNING | Saving More In Your Super

CONTRIBUTING TO SUPER

The overarching superannuation contribution types are concessional, non-concessional, and downsizer. Concessional contributions at taxed at the concessional rate of 15%. Nonconcessional and downsizer contributions at generally not taxed.

Concessional

• Employer super guarantee • Salary sacrifice

Voluntary Concessional

• First Home saver scheme • Personal contributions for which you claimed a tax deduction

Non Concessional

• Some employer contributions • Spouse contributions • Personal contributions for which you did not claim a tax deduction

Downsizer Contributions

• Up to $300,000 from the proceeds of selling your home for people over 65 years of age*

CONTRIBUTIONS CAPS There are limits that cap the total contributions for which you can treat as concessional contributions or non-concessional contributions. This means you need to take into account these caps when planning to put more money into super.

Concessional $27,500

Non Conessional $110,000

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Saving More In Your Super | FINANCIAL PLANNING

HOW TO START A SUPER SAVINGS PLAN If you would like to contribute more to super and build that golden nest egg, there are a number of ways to do so. But the essential place to start is what can you afford to do? Can you afford to reduce your income and put more into super? The best way to answer these questions is to look at your disposable income. That is the money you have left each month.

Total monthly income - your total monthly expenses = Your Disposable Income Then think about how you use that disposable income now. Do you usually save the excess, do you spend the excess carefully, or does it just vanish? Either way, if you do have disposable income, then you need to evaluate, if this money can be locked away in your super fund until you retire. Remember you may decide to only put aside a part of your disposable income into super and put some into savings outside of super for that raining day.

Let's look at some of your options: • • • •

Salary Sacrifice First Home Owner's Super Saver (FHSS) Voluntary contributions Downsizer contributions

SALARY SACRIFICE

You can arrange for your employer to pay all or part of your before-tax salary into your super account for you. These contributions are treated as employer contributions and count toward your concessional contributions cap. Not only will you be creating wealth within your super fund, you may reduce the income tax you pay outside of super. Salary sacrifice contributions are reportable employer super contributions, and will be added back in your tax return for certain calculations such as the private health fund rebate.

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FINANCIAL PLANNING | Saving More In Your Super

FIRST HOME OWNERS SAVING SCHEME The First Home Owners Super Saving Scheme is available at any age, as long as you are over 18 years of age. This is a great option for young people trying to get into their first home or for older women who may not have held assets in their own name.

Voluntary contributions are personal after tax contributions you make to your superannuation fund. You may choose to claim a deduction for your personal contributions. If you do, you can only top up your employer SGC up to the maximum of $25,000. If you choose not to claim a deduction, then you may be able to contribution up to $100,000 as a non-concessional contribution each year.

The main eligibility criteria is that you have never:

DOWNSIZER CONTRIBUTIONS

• Owned any type of real property in Australia • Owned a private company that invested in real property; and • You have not previously asked for a release of funds under the FHSS.

From 1 July 2018, if you are 65 years old or older and meet the eligibility requirements, you may be able to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home. There is proposed legislation currently before Parliament to increase the downsizer to $600,000 and reduce the age limit to 60 years and older.

If you are looking to buy your first home you can make the following existing types of contributions towards the FHSS scheme:

So rather than sit back in blissful ignorance knowing that your fund is growing, why not take an active approach, become interested in your financial wellbeing, and think about how to grow a bigger nest egg, be more involved, and enjoy a better retirement. By simply adding a little more to your fund each pay, you will find your retirement nest egg growing bigger.

Voluntary Concessional

• Salary sacrifice amounts • Contributions for which a tax deduction has been claimed • Usually taxed at 15% in your fund

Off course, how much of a difference that little bit extra increases your nest egg will depend on your age when you start your super savings plan. That little extra, won’t make much difference if you are about to retire but it will make a significant difference the earlier you start. If you need help with your super savings plan speak with a financial adviser.

Voluntary Non Concessional

• After tax contributions • Contributions for which tax duduction has not been claimed • Usually not taxed in your fund

VOLUNTARY CONTRIBUTIONS

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Saving More In Your Super | FINANCIAL PLANNING

DOWNSIZER REQUIREMENTS YES NO You are 65 years or older when you make the downsizer contribution This is the first time you are making a downsizer contribution Your home is in Australia and is not a caravan, houseboat or other mobile home You or your spouse owned your home for at least 10 years prior to the sale Your home is your main residence and the proceeds from the sale are either exempt or partially exempt from capital gains tax The amount you are contributing it from the proceeds of selling your home You have provided your super fund with the Downsizer contribution into Super form either before or at the same time of making the downsizer contribution You made your downsizer contribution within 90 days of receiving the proceeds of sale, which is usually at the date of settlement

Download this checklist at www.wfomag.co/downsizer_checklist 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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FINANCIAL PLANNING | Saving More In Your Super

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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PERSONAL FINANCE | Gender Wage Gap

ARE WE CLOSING

THE GENDER WAGE GAP? Words 10 Ellen Media

Why can't a woman be more like a man? Men are so honest, so thoroughly square; Eternally noble, historically fair. Who, when you win, will always give your back a pat. Why can't a women be like that? - Alan Jay Lerner

It you want to be paid well, more like a man, you might just like to head off to Luxembourg, Costa Rica or even Colombia. According to the OECD data, on average women were paid on par with men in Costa Rica in 2019. While in Colombia women were paid slightly above par with men, the Colombian wage date showing women’s wages were on average .1% more than men in 2020. The position is even better in Luxembourg with women’s wages 3.1% above the average wages for men in 2018.

Rex Harrison famously co-starred with Audrey Hepburn in the 1964 movie My Fair Lady, acting as Dr Henry Higgins a professor of phonetics who transforms and passes the Cockney flower girl Eliza Doolittle off in society as a duchess. In fact the movie, is a retelling of the George Bernard Shaw’s 1914 Pygmalion. Shaw wanted to write a play advocating for women’s suffrage and the end of Britain’s class system. It was written in a time when women still did not have the right to vote.

Israel, Japan, and Latvia may be countries you wish to visit but if you are planning a working holiday, based on the OECD’s 2020 data expect to receive at least 20% less than your male colleagues. Korea you will fair even worse at close to 30% disparency in 2020.

Women’s place in society has advanced significantly since 1914 and even since 1964 but gender equality is still something that we strive for. Among the several areas of gender equality that the OECD advocates for is the desire to bridge the gender wage gap.

While this data may appear dated, it is unlikely to have changed much over the last couple of years due to the economic conditions experienced during COVID-19 lockdowns. The following table represent the OECD’s latest data for each of the 38 member nations and depicts the percentage disparency in the gender wage gap.

According to the latest results on research done by the OECD the gender gap wage is closing slowly in most of the 38 member countries but is still extremely disproportionate in some.

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Gender Wage Gap | PERSONAL FINANCE

Pay Gap Across Australia

According, the Australia’s Workplace Gender Equality Agency, the gender pay gap is influenced by:

In Australia, the wage gap appears to be improving. The OECD recorded the 2020 wage gap at around the 9.9%, being at the lowest in the 45 years of data collection. The data shows that over the 20 year period between 2000 and 2019 the wage gap in Australia has fluctuated between 11.54% and 18.0%. We may have a way to go yet, but the data shows a trending towards bridging the gap. So women of Australia can truly be proud as we sing Advance Australia Fair.

• Discrimination and bias in hiring and pay decisions • Women and men working in different industries and different jobs, with femaledominated industries and jobs attracting lower wages • Women’s disproportionate share of unpaid caring and domestic work • Lack of work place flexibility to accommodate caring and other responsibilities, especially in senior roles • Women’s greater time out of the workforce impacting career progression and opportunities.

Yet, our female neighbours living in the Land of the Long White Cloud fair a lot better than we “Aussies”. New Zealand’s gender wage gap sits at a low 4.58%. This analysis of the OECD data has only considered wages for employees and not the self-employed. Some member countries including New Zealand, capture and report separate data for the self-employed. This is not something that Australia reports to the OECD. There is a much greater disparency in the gender wage gap for those nations that do provide separate self-employed data. And while mostly female employees on average sit under the 20% wage gap, those member countries that reported on self-employed, showed significant gaps.

The WGEA reports the gender gap is lowest in South Australia at just 7% and highest in Western Australia hovering around 22%. It might be safe to say that South Australia is doing the best as reducing the pay gap but this chart only highlights the average gap across the States and Territories and does not look at the gap at a jobs performed level.

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FINANICAL TECHNOLOGY | Blossom App - Interview

Blossom APP

Words Gaby Roseberg

What is Blossom App and how is it difference from other investment apps? Blossom is a new savings app targeting a 3% p.a. return to help you reach your savings goals faster. We don’t think you should have to choose between targeting higher returns, and quick and easy access to your savings, so we’re bringing it all to you in an easy-to-use app!

Blossom seeks to level the playing field by giving Australians access to a high quality savings opportunity that was typically reserved for institutions and high net worth individuals only. Expert Managers The Blossom Fund’s investment assets are actively managed by Fortlake Asset Management. The Founder and CIO of Fortlake is Christian Baylis, who has over 18 years of experience across global fixed income and derivative strategies. He has a PhD in Econometrics and previously worked at UBS Asset Management and the Reserve Bank of Australia (RBA). Our ESG expert, Dr Kylie-Anne Richards, the Chairwoman of Fortlake helps to ensure Blossom makes ethical and purposeful investment decisions. Together, Christian and Dr-Kylie work with a world-class team and we’re thrilled to benefit from their expertise.

Blossom launched in June 2021 and has thousands of Aussies already saving through the app. Blossom customers are mostly saving for their first home followed by building up their emergency funds. Blossom currently has $13M of funds under management from a predominantly female cohort - 65% of Blossom customers are women. Accessibility Blossom is free to get started and we do not charge transfer or withdrawal fees. We have removed minimums, meaning you can start by funding your account with as little as $1.

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Blossom App - Interview | FINANICAL TECHNOLOGY

ESG Focus We have an environment and horticultural focus, where we plant trees in Australian bushfire affected regions when customers fund their accounts for the first time. We prioritise ESG in investment decision-making and have integrated savings goal functionality to help customers visualise a savings goal and watch it grow while their funds blossom. We are here to help Australians reach their financial goals. Risk Profile Many of the other micro investing apps focus on investments into stock market and/or ETFs, generally seen as higher risk investments. The Blossom Fund underlying investments will be selected for being investment grade fixed income products.The risk profile is different because fixed income investing is exactly what it sounds like, investments that pay a 'fixed rate': corporate bonds, government bonds, cash, mortgage backed securities & more.

Blossom is an amazing achievement. As CoFounder of Blossom, how did you transform this investment app idea into a reality? I studied commerce but chose a career in tech over finance. I’ve worked in tech start-ups for my whole career. When COVID hit I found myself with some time on my hands and I used the time to get on top of my personal finances. I come from a long lineage of finance professionals who always bring the most innovative ideas & opportunities to the dinner table. One week it was fixed income. I am inherently risk averse so it was a very attractive opportunity to me. My research found I was immediately priced out of the market: long lock ups - I needed quicker access to my cash, and high minimums - between 20-200k, and high fees. I knew that this was something that was not only attractive to me but would be for my friends and colleagues as well. So I wanted to figure out a way to open up access, and 1 year down the track here we are. Why should our subscribers choose Blossom App for their investments? Blossom is the smarter way to save. Subscribers would be joining thousands of Australians who are already enjoying 3% p.a. targeted returns with Blossom. Through an easy-to-use app, with savings goals functionality and automatic transfers, Blossom makes the “task” of saving much more convenient and rewarding.

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FINANICAL TECHNOLOGY | Blossom App- Interview

Revolutionary Ideas

How do our subscribers get started navigating the Blossom App?

This app is special. It’s not like any other savings app because it’s focused on increasing your wealth through sophisticated, yet simple, investments, whilst providing you with the tools to maximise your savings in the process. If you are stuck trying to find the most optimal app to grow your savings in a safe and secure way, then look no further than the Blossom app - I HIGHLY recommend it!!!

Getting started with the Blossom app is a quick and easy process. The app has been designed to ensure customers can onboard in under 2 mins. Customers will just need to provide us with some basic personal information and proof of identification. Blossom accounts can be funded using BPAY or direct debit and as soon as the funds land, we will plant a tree. Blossom launched on 07 June 2021.

Blossom is female-founded and majority female run. Not only are we looking to support women with making better savings decisions and reach their goals faster, but we’re on a journey to build an educated and empowered community. We also have a major environmental, social and governance focus.

How does the app work? How long has the App been live? The Blossom app has savings goals functionality where you can set a savings goal and watch it grow through the app as your savings Blossom. When you set your savings goal, you’ll receive a personalised flower that will grow as you reach different stages of your goal.

We make ethical investments only; we plant trees for every new funded account as well as allow customers to use their referral incentives to plant more trees or donate to pancreatic cancer research (a cause very close to our hearts).

Why would our subscribers enjoy using the Blossom App? We’ve created an app by women, mostly for women (but we won’t exclude anyone!). It’s not like other fintech apps, it’s easy on the eye, extremely simple and incredibly user-friendly. Beyond the look and feel and ease of using our app, we provide the flexibility our customers are used to. You’ll see your earnings posted daily, you can set your savings goals, and track your progress through the app.

The Blossom App provides access to the Blossom Fund. The Blossom Fund is managed by an expert team with more than 18 years of Fixed income experience. The underlying investments of the Fund have and will be selected for being investment grade. Earnings generated from Blossom accrue daily, meaning you can see your earnings blossom each day within the app. We have also removed minimum investment amounts to fully democratise this market.

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Blossom App - Interview | FINANICAL TECHNOLOGY

Will the app be secure for our subscribers' savings?

I see you are a co-founder. Who else is involved in the Blossom App project?

Blossom takes safety seriously and, as AFSL (Australian Financial Services Licence) holders, we are required to adhere to the NIST cyber security framework. This is the global standard in cyber security to protect you from criminal activity.

Our expert Fund manager is Dr Christian Baylis, our not-so secret weapon. As the Chief Investment Officer of Blossom’s appointed investment manager, his mission is to help ensure Aussie’s savings grow with Blossom. Dr Kylie-Anne Richards is our Environmental, Social & Governance (ESG) powerhouse. Dr. Kylie advises Blossom in making ethical and purposeful investments. Her job helps ensure that we leave your savings and the environment better than we found them.

We have strict account protection policies, for example, ID verification, forced log-outs and multi-factor authentication to help ensure only you can access your account. Your data is encrypted and stored offsite to protect you from criminal activity. We will never share, sell or rent your personal information. As for the investments themselves, these are held by the Fund’s licensed Custodian, JP Morgan Securities LLC. JP Morgan is a multinational investment bank, financial services holding company. JP Morgan is a global leading custodian, who holds Blossom’s bond portfolio.

What fees will our subscribers pay when investing with Blossom? Blossom is free to join and we don't charge transfer or withdrawal fees. We strive to put our customers first, so how it works is our fees are paid out in a waterfall-like structure. The first 3% p.a. available is always paid to the Blossom customer, and anything above this is used to pay our fees so: the next 0.5% is paid to the liquidity manager (Fortlake Asset Management), the next 0.5% is paid to the Responsible Entity (Gleneagle Securities) and the rest goes to Blossom. For more info on our fees, check out our PDS and FAQs for more info here: www.blossomapp.com.

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FINANICAL TECHNOLOGY | Blossom App

How does Blossom mitigate risk for the users?

How does the App compare to cryptocurrency or the share market? Is Blossom safer?

The Blossom Fund, like any fixed income fund, carries risk. We mitigate the level of risk to target our 3% p.a. returns through four key strategies:

Blossom removes as many barriers as possible. You can get started with less than $1, there are no sign up, transfer or withdrawal fees and we post earnings daily through the app.

1. Experienced team Blossom has partnered with an expert team, Fortlake Asset Management, with 18 years past experience in fixed income at UBS and Reserve Bank of Australia.

The risk profile is different because fixed income investing is exactly what it sounds like, investments that pay a 'fixed rate': corporate bonds, government bonds, cash, mortgagebacked securities & more.

2. Fixed income investing The underlying investments of the Fund are fixed income investments. This allows for a more predictable and reliable return than many other asset classes.

You can download the app through the App or Play Store or you can get started on the web. App Store: https://apps.apple.com/au/ app/blossomapp/id1546446105 Play Store: https://play.google.com/store/ apps/details?id=com.blossomapp.app.android Web: blossomapp.com

3. We’re building a buffer When the Fund makes interim excess returns above 3% p.a., the excess will be reserved by Blossom to help us pay external fees and to fund potential interim returns less than 3% p.a. 4. Diversified strategy The underlying investments of the Fund will be selected for being investment grade, to maintain over time, an average portfolio rating of A.

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Blossom App | FINANICAL TECHNOLOGY

Gaby

ROSENBERG

Gaby Rosenberg is a co-founder of Blossom App. She holds a Bachelor of Commerce majoring in International Business from the University of New South Wales and completed an Erasmus Exchange in Economics at the Utrecht University in the Netherlands. Prior to Blossom App, Gaby worked in tech start-ups including Let's Do This - a global marketplace for endurance athletes and endurance events, and DingGo an automotive industry car repairs solution. Gaby Roseberg Co Founder Blossom App www.blossomapp.com LinkedIn

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PERSONAL GIFTING | How To Choose A Charity

how to choose a charity one.

Words Georgie Arnaud As the festive season approaches most of us start asking the same question - Which charity should I support? If you are feeling generous or just want to make a difference in someone’s life, it can be difficult to pin point which cause or causes you would like to contribute to. Charitable giving can be an extremely rewarding experience, so to make it easy for you, I’ve highlighted the most important considerations to make when choosing a charity.

WHAT DIFFERENCE DO YOU WANT TO MAKE? There are several different avenues in which you can make a difference to an organisation, the important thing to consider is how big of an impact you want to make? Donating can mean being an anonymous donor, completing challenges such as charity runs or walkathons, donating personal belongings and essentials or even simply completing quick quizzes online that donate to charities. You can also have a more involved approach in charity work by adding your name to the annual benefactor list or organizing events for the organisation. Once you have identified the impact you wish to have, you can look to the internet for assistance in what kind of services each charity provides, and whether those programs will allow you to make the impact you desire. The kind of impact you want to have can help you come to a conclusion about what charity can assist you in best achieving it. This step is essential in deciding what charity is right for you.

A vital component of narrowing down a charity is first and foremost considering your personal values. The most valuable advice I can give you when choosing where your donation goes, is to ponder four key criteria: What difference do you want to make? What cause aligns with your values the most? What charity is the most effective for you? Is the charity transparent and reliable?

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How To Choose A Charity | PERSONAL GIFTING

two.

three.

WHAT CAUSE ALIGNS WITH YOUR VALUES THE MOST?

WHAT CHARITY IS THE MOST EFFECTIVE FOR YOU?

This is a slightly easier step in the process of choosing your charity. Take time to prioritise what you care about. When you take a step back and look at the world from an outside lens, what issues and events happening at present resonate with you the most? Unfortunately, there are an abundance of issues to choose from whether its homelessness, domestic violence, education assistance, people who just need that little bit of assistance through life, the list goes on. Sometimes even narrowing your choice down to the charity’s local presence can make it that much easier for you to identify where to donate. Do they make a difference in your community? Sadly, we can’t help everyone at the same time, however if you can find out what cause appeals to you personally, you can still make an imperative difference coming into the New Year.

Another essential factor to consider is whether your donation or assistance will contribute to the overall impact of the charity. Will you be able to make a real contribution that helps the cause you believe in to the extent that you would expect? Do some research into what your favourite charities do with the funds provided, do donations go straight to the cause? What kind of success has the charity had in terms of reaching their goals? Look into whether the organisation is achieving sustainable change, is the charity providing skills or assistance that will help the cause long term and provide direct support? Or alternatively, are charities that primarily offer financial aid of interest to you? If so, then you have already narrowed down your list of options substantially. Either alternative will allow you to make a difference to a cause you are passionate about.

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PERSONAL GIFTING | How To Choose A Charity

four.

HAVING A GOOD LOOK AT THE CHARITY'S WEBSITE

Last but certainly not least, if you still have any questions, queries or concerns about a certain charity you can always have a good look through the website and clarify any details about its mission. Double check that the process to donate or volunteer is easy for you to navigate. Most charity websites will provide contact information, a clear and concise instruction on how you can contribute, examples of what services they provide and much more, so that you can make the most informed decision. This step in your decision-making process should rule out any charities that don’t align with your values and provide you with the resources to make your final choice of charity for the festive season and the year ahead.

IS THE CHARITY TRANSPARENT AND RELIABLE? Arguably the most important step in choosing a charity is once you have narrowed down your search, make sure the charity is reliable in terms of its donating process as well as being upfront about its agency. Some key steps you can take are:

CHECK THE ABR REGISTER

You can do a quick search on the Australian Business Register (ABR) website to confirm whether the charity has an ABN and if it’s registered with ACNC. If the charity being a deductible gift recipient is an important factor to consider for you, then you can double check that on the register as well. If it doesn’t worry you whether you will receive a tax deduction or not, you should still check on the ABR to ensure that the charity is legitimate and has an ABN.

Studies have shown that the warm and fuzzy feeling you get whenever you do something kind for someone else, is not the only benefit of giving. It has been proven that health benefits of giving to others can include: lower blood pressure, increased self-esteem, less depressive thoughts, lower stress levels, longer life, greater happiness and satisfaction. The joyous feeling of giving to someone else is a sense of fulfilment that can’t fully be encapsulated by words. So, lift up someone’s spirit this season and subsequently your own self-worth.

CHECKING ACNC

If the charity is registered with the Australian Charities and Not-for-profits Commission (ACNC), then you will be able to easily navigate any information about the charity you are interested in. This includes if it has good governance, if the organisation’s reporting obligations are up to date, what charitable programs it runs, any financial information and any other concerns you may have. This is a great source to use if you want to confirm any details about the charity or ensure the organisation is financially healthy and can pursue its mission.

Now that you have read the criteria and some of the personal benefits of giving, I’m sure you will be able to make an informed decision on a charity and not only make a difference in someone’s life but adapt a spirit of generosity that will transfer into your own everyday life and personal wellbeing.

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How To Choose A Charity | PERSONAL GIFTING

checklist for choosing a charity

Ask yourself what difference you want to make?

Ask yourself what cause aligns with your values the most?

Do some research; What charity is the most effective for you?

Do some research; Is the charity transparent and reliable?

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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 four 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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PERSONAL GIFTING | Focus On Giving

OPERATION

SUNSHINE

Operation Sunshine offer a range of support packs for these less fortunate children, including:

SUNSHINE PACKS

peration Sunshine WA is a charity that strives to bring happiness to the lives of children and young people in outof-home and crisis care across Western Australia. Leaving home at a young age can be an extremely stressful and overwhelming situation, so Operation Sunshine WA help to alleviate some of the emotional upheaval that young people have to face going through this. They provide personal support packs to out-of-home youth with comforting toys and essentials such as toothbrushes and other toiletry items, spare clothes, stationary and good quality back packs. Around 54,000 reports of family issues or domestic violence are made to the WA Police, which is about one report every ten minutes.

Sunshine packs, as previously mentioned which are an ongoing initiative run by the charity for young people at the time of entering care. They are designed to enhance the mental and emotional health and wellbeing of the recipient and assist in their journey of healing from trauma. Each item in the pack is selected carefully to meet a different need whether that be comfort, self-worth or preservation of dignity. A typical Sunshine Pack will contain the following items; Underwear, Socks, Top & Pants, Pyjamas, Toothbrush/paste, Hairbrush or comb, Colouring book/pencils, Journal/pen, soft toy, Reading book.

COURAGE KITS Courage Kits are another ongoing initiative specifically delivered to women’s shelters around Western Australia. In a domestic violence situation women tend to flee without having the chance to grab any essentials, therefore the Courage Kits provide all the important seasonally appropriate items for women for women in a destressing domestic violence situation. Items include: Socks, Soap, Underwear, Toothbrush/Toothpaste, Outfit (Top & Pants), Shampoo/Conditioner, Pyjamas, Period Products, Colouring Book/ Pencils, Deodorant, Journal & Pen, Hairbrush.

Operation Sunshine are helping to give young people a sustainable alternative out of these dangerous circumstances. Operation Sunshine is 100% volunteer run, with no government funding. Chairperson at Operation Sunshine Leah Atkinson says, “the charity relies on community donations to fund their vital initiatives with every dollar going directly to support the people in need.” At Operation Sunshine WA they donate right to the cause, therefore everything that is donated goes straight to helping out women and young people.

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Focus On Giving | PERSONAL GIFTING

to provide Christmas gifts to out-of-home youth in WA. After going through the heartbreaking circumstances of leaving home during youth, a gift this Christmas can make all the difference in putting a smile on a young person’s face. If you wish to light up a young person’s eyes with excitement this Christmas, drop your brand new, unwrapped gifts at any of the Operation Sunshine WA donation post to the PO Box 206 Cannington WA 6987.

BOREDOM BUSTER BAGS A limited time initiative, introduced during the COVID-19 Pandemic to offer support to isolated families. Financial instability and lack of social support is common in this stressful time, so these packs help children at high risk of abuse or neglect feel a little safer and more supported. It includes board games, colouring books, craft activities and more. To donate: drop donations off at Add Storage or contact Operation Sunshine via their website for alternative arrangements.

*Over the years Operation Sunshine WA have supported over 10,000 women and children. *They have delivered over $140,000 worth of support/products so far this year * They are in need of corporate sponsorship

RISE PACKS Supporting at risk children, rise packs were introduced to help young people at risk of homelessness and provide essential care items to assist in their transition to adulthood. Each pack includes toiletries and a towel, underwear, socks, an outfit, and some pens and an exercise book to assist in employment and education training.

If you would like to offer corporate sponsorship or support this cause in any other means,head to the Operation Sunshine WA website for any information regarding donations, volunteering and various other programs they offer. Make your dontation to Operation Sunshine www.operationsunshinewa.org.au Operation Sunshine WA operation_sunshine_wa

In spirit of giving during the festive season, Operation Sunshine also organise a Christmas Gift Appeal. Each year they partner with various out-of-home care organisations

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PERSONAL GIFTING | Focus On Giving

ZONTA

Empowering women is the driving force for Zonta around the world and here in Australia where Zonta has thousands of members across the country. In Queensland, there are 44 Zonta clubs with about 1000 members. The Zonta Club of Brisbane is the oldest club in Queensland with 52 members, and celebrates its 50th anniversary on 8 November 2021.

he Zonta Club work to support women’s rights and help with a range of local and international projects that empower women and girls to reach their full potential. The Zonta Club of Brisbane City Heart is just one of the Zonta Clubs that are part of a larger operation- Zonta International, which was formed in 1919 to support women. The organisation spread globally; you will find chapters across Australia. It’s vital that we continue to empower women each day and work towards achieving an equal foundation with men. The Zonta Club of Brisbane City Heart are helping attain this by working with like-minded, community/not-for-profit organisations who provide services to support women and girls facing challenges that disempower them and any disadvantages.

So, what is Zonta? Zonta is thousands of ordinary people around the world who act to make a more equal world for women and girls. Working through more than 1100 clubs across 63 countries, they are advocates, working with international organisations such as the United Nations. They are volunteers, working through hundreds of clubs in dozens of countries, and they fund major international projects as well as projects in our own community. Sandra Mclean, Zonta Club of Brisbane Member and Chair Communications, says Zonta Club works to empower women and offers a variety of services to allow women to feel supported.

Zonta works with organisations such as The Salvation Army, Anglicare, Miraa House, Friends with Dignity, Carinity Education Southside, The Sanctuary Women, Children and Pet Refuge, Zephyr Education and Beyond DV. All organisations are committed to improving circumstances of women and girls in all aspects of life.

“We are Zontians because we know we can achieve so much more together than individually and we enjoy working towards our goals with like-minded people."

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Focus On Giving | PERSONAL GIFTING

“Zonta’s motto is ‘Empowering Women Through Service and Advocacy’. The Zonta Club of Brisbane has a proud history of service and advocacy towards realising Zonta’s vision,” Sandra says. Throughout their 50 years, the Club has supported shelters for women and children escaping from domestic violence as well as lobbying governments for women’s refuges. For more than 20 years, the Club has fund raised to pay for safety cards containing information and resources for women trying to escape domestic violence. It currently advocates and supports activities addressing the risk and reality of homelessness in older women. Zonta fund raise to support their education awards that go to young women in high school so that they can complete their grade 12 education. The Club also support international awards such as the JM Klausman Women in Business Award and the Amelia Earhart Fellowship. The club has an active fund-raising committee that works to deliver events that raise the finances we need to support our projects. They have had successful fundraising events such as movie nights, art shows and just recently a Jazz in the Garden Event which was to raise funds specifically for the education awards we support. These events are about raising funds and so we work to ensure that expenses are minimal. Clubs cannot rely solely on fund raising events and Zonta have been lucky to have club members who have provided substantial gifts to the club.

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Domestic and Family Violence Prevention month breakfast Zonta club of Brisbane members Susan Davies, Kate Rose & Sandra McLean.

If this cause has warmed your heart or inspired you to want to help out, you can donate to Zonta through their website or get more involved and become a member to support women in your community. The Zonta Club is always looking to increase their membership base with people of diverse backgrounds, both men and women who would like to advocate for women and girls reaching their full potential. Club president Emeritus Professor Gwendolen Jull AO comments, “Our advocacy and service to empower women and girls and to attain gender equity in all aspects of life uses the voluntary time and expertise of our club members as well as the vital monies that we raise or receive to support women and girls in the community.” Make your dontation to Zonta Club at www.zontabrisbane.org.au Zonta Club of Brisbane zontaclubbrisbane

PERSONAL GIFTING | Focus On Giving

MOTHERLESS

DAUGHTERS

“I longed for a connection or a friend with someone who knew the pain and impact of mother loss. We met at a Melbourne café not long after connecting online and an incredibly meaningful friendship and understanding was developed instantly. I had explained to her that I tried to find a support network for women whose mums had died, but that it didn't exist. I had tried grief counselling, and although it has its place, it was just missing the mark for me in terms of genuinely understanding my loss. Eloise worked in Pharmacy and I was teaching in a primary school, so the prospect of starting a not-forprofit organisation was very daunting due to our lack of experience and understanding of the sector, but it is amazing what passion and drive can help you achieve. We needed a board of directors and a treasurer in order to get wheels in motion, and we established the founding board in later 2017,” Danielle says.

Motherless Daughters Australia is the leading organisation in Australia for mother loss support, research, and awareness. For people who have suffered losing their mum, this time of the year will be particularly difficult to handle and they’ll need all the support and love they can get. Motherless Daughters’ mission is to help women navigate life’s journey without their mum. Co-Founder and Executive Officer of Motherless Daughters Australia Danielle Snelling says, Motherless Daughters Australia (MDA) was informally founded in 2013 by Eloise Baker Hughes and herself, after she reached out on an online grief support group seeking another Melbourne based woman who had also lost their mum.

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Focus On Giving | PERSONAL GIFTING

MDA is the leading and only organisation specialising in mother loss support. They now have a community of over 6000 women and provide support through a range of initiatives and programs such as:

FRIENDS IN GRIEF A peer to peer matching service based on age, location and circumstance.

ONLINE Online initiatives to assist women and girls process the loss of and honour their mothers; Children's initiatives for both boys and girls (Memories of Mum Journals + Build A Memory Box)

MDA Melbourne Event

FUTURE GOALS Some of MDA's future goals include: Extra efforts on awareness to ensure that we reach more of the 3.7 million women and girls who need out support, secure further corporate partnerships and funding to enable us to raise awareness and build, expand on and deliver more programs and initiatives that best support our community. Another important goal for MDA is: to conduct and facilitate Australian first research on the impact of mother loss. Make your dontation to Motherless Daughters www.motherlessdaughters.com.au Motherless Daughters Australia motherlessdaughtersau

Co-Founder and Executive Officer of MDA Danielle Snelling

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women’s

finacial

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outcomes

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November 2021 M

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Planner

GOALS FOR THE MONTH

TO DO

TO CONTACT

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Notes

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Notes

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WHERE YOUR SAVINGS GO TO GROW

DOWNLOAD THE BLOSSOM APP AND GET STARTED TODAY!

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WFO 2021 Nov Issue #1

Articles inside

Focus on Giving

Blossom App Interview

Review - Five Loyalty Cards

Are we closing the gender wage gap?

Start a Super Saving Plan