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Teaching children the value of money early in life is a great way to start your child off on the right foot and on track to have bright financial future. Children are not born with finance skills, in fact, many young children think that money comes out of a magic hole in the wall and they have little understanding of the value of money.

Below we share five tips to get your child off to a good financial start;

Teach them young
Children are never too young to start learning about money. By introducing them to financial concepts early it will give them a better understanding as they grow up about money. A good place to start is explaining where money comes from; not the automatic teller machine, but from working hard.

Needs v Wants
It is important to teach children from an early age the difference between needs and wants and encourage them to think about this before spending.

Give them an allowance
Giving your child an allowance in exchange for completing chores around the house is a great way to help them better understand the value of money.

Teach them to budget
Budgeting is one of the best skills a child can learn which they can continue to use throughout their lives. Help them to develop a simple visual budget that shows them what they are saving for and how long it will take them to reach their goal.

Set a good example
Children are like sponges, they learn from our behaviour so it is important to set a good example. By demonstrating good financial choices to our children, such as saving and budgeting and by getting them involved in financial decisions the more they will learn.

However you decide to teach your children about the fundamentals of finance remember that they will learn through experience, so it is important to give them the experiences for them to learn from.

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Are you a school or educational institution? If so, you can be part of the program.

At Rise High Financial Solutions, we believe that financial literacy is an essential life skill and that children need to learn how to manage money from an early age. Through our voluntary commitment to increase financial literacy of young Australians we aim to provide practical learning through interactive and engaging sessions focusing on teaching children and teenagers essential life and money lessons.

We make decisions every day that involve money or have financial consequences, yet research has shown that many Australians lack essential knowledge and skills in this area.

Through the Rise High Rookies program, we aim to provide students with the financial knowledge they need to make wise decisions from the outset rather than learning by trial and error later when mistakes could leave a lasting mark on their credit rating or their lives.

Positive financial decision making can feed back into the emotional and mental wellbeing of a person, and with the increased number of choices available to each of us today, it is more important than ever that young people can evaluate their options and make the best financial decisions available to them.

About the Program
Learning the basics about money can position young people to make smart decisions, helping them to begin practicing good financial habits that will last a lifetime. In an ever-changing and complex world, it is important for individuals to be financially literate. That is, the ability to understand the value of money, how to make and manage it, and how to create more wealth. This program is tailored to deliver this important information in a fun and interactive way and offers 3 levels of complexity:

• Level 1 - Years 5-7 - How we make money - The importance of saving and setting saving goals - How we determine good value - The difference between needs and wants.
• Level 2 - Years 8-9 Will also cover the basics above, plus: - Borrowing money and credit - Mobile Phones - Part-time jobs, including how tax and super would affect them.
• Level 3 – Years 10-11 Will give a brief overview of the above, plus: - Credit Ratings and how this could affect their ability to borrow money - Investing Money – Shares and Property.

The timeframes for presentations are 45 minutes for levels 1 & 2 and 1 hour for level 3. These times are indicative only and can be customised to suit your schools timetabling upon request. These presentations are designed to give an overview of important financial knowledge, however a follow up, in-depth presentation on a single area of student interest can also be arranged.

What does the School get out of it?
The school will…
• Be provided with quality interactive presentations completely free of charge. All costs involved have been covered by the Mortgage & Finance Association of Australia (MFAA) and Rise High Financial Solutions.
• See that the program has been developed in consultation with qualified teachers to ensure we deliver a quality educational product aligned with the Australian Curriculum.
• Have students who will be better prepared with the financial knowledge they need to be successful throughout their lives.

What do the Students get out of it?
Students will…
• Get to learn fundamental lessons about money and financial decision making through participating in a fun, interactive presentation.
• Get to set their own savings goals and be inspired to get creative about how they can make money to achieve these goals.
• Feel empowered to take control of their money and make smart financial decisions.

What do the Parents get out of it?
Parents will…
• See a change in their child’s attitude towards money. They will better appreciate the value of money and that it must be worked hard for and managed wisely.
• Be able to discuss what their child is learning with them. Providing the perfect opportunity talk to their children about money.
• Potentially learn something new themselves, either through discussions with their child or by attending one of Rise High’s seminars for adults.

What does the school need to do to participate?
If your school would like to book a presentation, or would simply like to know more, please get in contact with us by phone or email.

 (08) 7131 1149
@ This email address is being protected from spambots. You need JavaScript enabled to view it.
 www.risehigh.com.au

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Today marks the first day of the new school year. For some parent’s, it’s their child’s first day of school and for others it’s the start of just another year. It can come as a relief for some parents and an emotional, stressful time for others.

One thing is for sure, with schooling comes added costs which can seem never-ending; school fees, uniforms, stationery, excursions, the list goes on and on. Budgeting for your child’s education can take the stress out of the start of the new school year, even if you child is already well and truly into their schooling it is never too late to start a savings plan.

Yearly fees for public schools can be up to $1000 per student and up to $25,000 per student for our state's top private schools. This adds up to be a lot of money over the course of the child’s schooling and that doesn’t even consider all the other costs associated with sending them to school.

So how do you get in front? Create a budget. By setting aside money each week or when you get paid to allow for the cost of your child’s schooling you can ensure you have the funds available when you need it. Make sure you allow for school fees, uniforms, excursions and stationery requirements.

You may even be able to save money by paying fees up-front each term or year, which can attract a discount and you can earn interest on the money while it sits in the account too. If you have an offset account on your home loan you could put the money into that account and offset the interest on your mortgage while saving for your child’s education.

If your child has not started school yet, now is the time to make a budget and start saving. You may even be able to invest the money so that when your child is due to start school you are ahead financially which will really help to take some stress out of the situation.

If you would like to chat to someone about your finances, contact the team at Rise High Financial Solutions and we will make sure we put you in touch with the right people to get you the advice you need.

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Have you had the same home loan for years that you keep just paying without a second thought? The New Year is a great time to give your Home Loan a health check and make sure you are getting the best deal for your current situation. It could potentially save you a lot of money and take years off your home loan.

The best place to start is to have a look at your existing home loan. Does it meet your current circumstances? What is your interest rate? What are the fees? Are you using the features of your loan? These are important questions to ask when reviewing your home loan.

Below we take a look at how you can give your home loan a new year health check;

Home loan features
Does your home loan offer features that you don’t use? If you are paying for features you don’t use it might be worthwhile asking your Rise High Mortgage Broker if you can swap for a basic loan with a lower interest rate. Better still, can you utilise features of your existing home loan? For example, does your home loan have an offset account that you can use to reduce the amount of interest you pay?

Refinancing
Is your current interest rate higher than the standard rate being offered in the market today? You can start by asking the bank for a better deal on your existing loan. The other option is to refinance your existing loan. Interest rates are at an all-time low and the competition between banks is fierce. This is good for you, the consumer as it means you could potentially save a lot of money by refinancing and getting a better deal with another bank. Be aware though, refinancing is not free and you need to weigh up the cost versus the savings before refinancing your loan.

Extra Repayments
If you can afford it paying extra money towards your mortgage can save you substantial amount of money in interest over the long term. Even something as simple as changing to fortnightly repayments instead of monthly can save you money and wipe years off the term of your loan.

Reviewing your home loan every 12 months is a great way to ensure you are always getting the best deal that suits your circumstances. If you would like help with your home loan health check contact the team at Rise High Financial Solutions today and we assist in evaluating your current situation and work out what’s best for you.

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Was your New Year’s resolution a financial one? Did you decide it’s time to save more money, pay off your credit card or start investing? Whether it was your resolution or not, reviewing your finances at the start of each year is a great way to kick off good financial habits and focus on making better financial decisions for the year ahead.

A great place to start is by reviewing all your current expenses and seeing whether there are any savings to be made. These expenses may include;

• Home loan

• Home, car and health insurance

• Credit cards or any other personal loans

• Phone accounts

You may be surprised how much you can save when you start shopping around and comparing different products. If you are planning on paying off your credit card, you may be able to switch to a card with a lower interest rate which will help you pay it off sooner.

Another great way to save money is to review your Superannuation. Find any lost Super and roll multiple accounts into one to save on fees. It may not be directly costing you money but not taking control of your Super now could end up costing you a lot when you come to retirement age.

If investing is your financial goal this year, start now. Seek advice from a professional so you know how long it is likely to take and how much money you need to save. You may be surprised to learn you already have enough money or you may have the equity in your existing home to fund an investment. By speaking to a Mortgage Broker who specialises in investment loans you can ensure you get the advice you need to start investing sooner.

A great way to stay on track with your financial goals is to record your progress. There are many Apps available now that help you keep track of your finances or you can simply write a list and tick it off as you go. Telling family and friends about your goal or putting on social media is also a great way to keep you motivated and heading in the right direction.

By being disciplined in the first couple of months it makes it easier to stick to your resolution throughout the whole year. If would like to chat to someone about your finances, contact the team at Rise High Financial Solutions and we can help you get the advice you need to help you make your goals reality in 2017.

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It’s silly season and that usually means not only eating and drinking too much but also spending more money than you can really afford.

Wouldn’t it be nice to start 2017 without the money hangover that Christmas usually brings?

We have put together some tips to stop you damaging your finances this Christmas.

First, the most important step is to create a budget. Without a budget, it is easy to overspend. Your budget should include all the regular items like your mortgage and bills and then with the funds left you can allocate to the festivities including;

Gifts
Write a list of who you will be buying gifts for and allocate an amount of money you can afford to spend on each gift. Going shopping without a list and a budget is a sure-fire way to overspend.
A good way to save money on gifts is to arrange a Kris Kringle with extended family, colleagues or friends to reduce the number of gifts you need to buy and the amount of money you spend. Better still, you could talk to your friends or family about not exchanging gifts at all. Christmas should be about spending time with loved ones not necessarily about spending loads of money on exchanging gifts.


Social Functions
Work out what functions you plan on attending and how much money you can afford to spend at each. By planning in advance what social functions you will be attending it makes it a lot easier to turn down last minute invitations, don’t be afraid to say no occasionally. We all need a little time out around Christmas so that we can get through to the big day without burning out.
A great way to save money at social events is to drive, this means you not only save on the cab fares but you will also spend less on alcohol, which your body and wallet will thank you for once Christmas is done and dusted.


Entertaining
If you are hosting Christmas day celebrations make a list of what you need and look out for items on sale ahead of time. Ask your guests to bring along a plate of food or drinks to share. This takes the stress out of having to cater everything yourself and reduces the amount of money you have to spend.


Shop Around and buy online
With the internet at our fingertips, it is easy to compare prices at different shops before we even leave the house. Better still, shop online. That way there is no temptation to buy things not on your list and you can avoid the queues and headaches that come with Christmas trading. You can buy everything from groceries to gifts from the comfort of your couch.


Finally, make sure you track your spending to keep your budget in check. There are tonnes of apps available that can do this for you or just keep a notebook handy to write down what you spend.


A little bit of planning at the outset can really help you to avoid overspending this Christmas so you can enjoy the silly season and start the New Year in good financial shape. If you would like to chat to someone about your finances, contact the team at Rise High Financial Solutions and we will make sure we put you in touch with the right people to get you the advice you need.

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When you’re trying to secure finance for an investment property, it’s important to keep a few simple rules in mind to make sure you get the best deal possible and will be able to afford the repayments, come what may.

If you’re thinking about purchasing an investment property, it’s important to manage the risks adequately. For example, you shouldn’t rely on rental returns as a guaranteed income to meet loan repayments, as there are times when a property may be vacant or hard to fill immediately and some months the rental return on a property may be diminished by maintenance costs.

A finance broker can help you find the right loan product to suit your needs so that you are able to afford the repayments.

Most investors will already have put some thought into where they would like to invest and will have an approximate price-range in mind. While a loan calculator is a great resource to start out with, a finance broker can use their expert knowledge to sense-check and flesh out your plans.

With access to property data and trend analyses like RP Data’s, a finance broker can pull property reports for you, detailing how the area has performed in the past as an investment, the average median house price or rate of return and how much the property values have increased over the past five or six years. These are details that investors generally can’t access.

To discuss purchasing an investment property contact the team at Rise High Financial Solutions and speak to one of our MFAA accredited brokers today.

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If you’re thinking of giving your home a total makeover using your SMSF, think again. Unfortunately, while you and your fellow trustees have some control over your fund, it doesn’t mean you can spend your money however you like.

The ability to renovate a residential property that you own through an SMSF comes down to how you purchased it. Those who borrowed through their fund to buy the property are restricted in what they can do. Slight improvements and repairs can be made, but a full-blown renovation is saved for those who used the cash in their fund to buy the property.

If a property is purchased outright using the cash in your fund then you are entitled to do whatever you like to the property, provided your deed allows you to do so.  This may also include subdivision or development.

Those who borrowed through their fund aren’t entirely prohibited on making improvements on their property. Repairs are allowed, but they can’t be significant alterations that change the inherent character of the property.  If you want to make renovations to your property, the best way to do this would be by borrowing outside of your super fund.

Whether you’re renovating to repair with borrowed funds or doing a complete makeover with accessible cash, renovating through an SMSF is only worthwhile if it improves the return on your property exponentially. Not playing by the rules or accessing your SMSF prior to retirement for personal gain can result in hefty penalties with fines up to 40 percent of the fund value.   

To discuss whether it is beneficial to renovate through your SMSF or to find an alternative, contact the team at Rise High Financial Solutions and speak to one of our MFAA accredited brokers today.

Want to know more about Self-Managed Super Funds?

Don’t miss our upcoming seminar. Click here to find out more.

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Self-Managed Super Funds have surged in popularity in recent years since laws changed to allow borrowing through a super fund for property investments. It is easy to see why using a SMSF to purchase property can be a great way to grow your retirement portfolio and take control of your financial future. Check out four main advantages of buying an investment property through a SMSF;

1. Attractive Tax Structure
Self-Managed Super Funds benefit from the same concessional tax rates as any other super fund. Tax on investment income is capped at 15% and once you reach retirement age you pay no tax on your investment income at all. Capital Gains Tax is capped at 10% if you hold the property for more than 12 months or better still if you wait until retirement to sell your investment you don’t pay any Capital Gains Tax. This allows you to maximise the income generated from the investment whilst minimising your tax.

2. You don’t have to part with any of your hard earned cash
Providing you have enough money in your Super to fund the purchase and ongoing costs of the property you can buy an investment property without needing to use any of your personal savings.

3. Maximise your borrowing capacity
When it comes to the banks, superannuation is considered a separate entity. This means you can utilise assets that you have in superannuation as a deposit to buy an investment property and also use the income from super to increase your borrowing capacity. So even if you have reached your maximum borrowing capacity personally, you may still be able to grow your property portfolio using your super.

4. You are in Full Control
A great advantage of having a Self-Managed Superannuation Fund is the ability to control your financial future without having to rely on large corporations to decide how much money you will have in retirement. Your future is in your own hands.

As with any financial decision, it is important to get the right advice before determining if a Self-Managed Super Fund is for you. To discuss whether an SMSF is suitable for your circumstances contact the team at Rise High Financial Solutions and we will make sure we put you in touch with the right team of people to get you the guidance you need.

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We all know them, the uber successful people who always seem to have a bounce in their step and manage to fit so much more into every day than most of us ever could. 

So what can we learn from these people?  I have discovered there are similar habits that are consistent amongst successful people, here I share my top five ways to be like one of the greats. 

  1. 1.They say “No” to almost everything.

As famously quoted by billionaire Warren Buffet, “The difference between successful people and very successful people is that very successful people say ‘no’ to almost everything,” is very true.  How many leaders do you know that say No more often than they say Yes?  Don’t feel obliged to say yes just because someone asks you for something.

  1. 2. They delegate almost everything.

Successful people don’t ask themselves “How can I do this task?” Instead, they ask, “How can this task get done?” They take the I out of it as much as possible.  You don’t have to do everything yourself to be successful. 

  1. 3.They take care of themselves

Most successful people know they need energy to get through each day and the best way to do that is to eat right, exercise and sleep well. They take time each day to eat healthy and work out. Richard Branson gets up at 5am every morning to exercise before work.

If the most successful entrepreneur in the world has time for a daily workout, so do you!

  1. 4. They commit to their goals

A successful person sets a goal and they commit 100% to achieving it.  Successful people do not give up on a goal until they achieve it.

  1. 5. They work hard

Successful people are not lazy!   Success is hard work. If you want to achieve great results, you’ll need to wake up early, stay up late and put in lots of energy. Success doesn’t just come to those who want it.  You have to work hard!

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Marissa
Schulze

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JAMES
SCHULZE

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THUY
NGUYEN

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Katie
Costa

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Nani
Johnston

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KRISTIN
TUNBRIDGE

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RICHARD
O'GRADY

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