Times are tough and getting rougher....
So times are tough. All up, some 6,000 redundancies have been announced by large Australian companies in the past month, and most economic analysts are forecasting there will be more job losses to come.
There are many reasons behind this, but it is just part of the economic cycle as businesses re-adjust their workforce in response to various trading environments and changing consumer demand.
So I have outlined four simple steps everyone who has been made redundant or believes they will be made redundant should embrace and implement. As bad as things may seem, they will get better.
As most people know, the age pension is subject to quarterly reviews that index a number of key numbers used by Services Australia to calculate age pension and other income entitlements.
As these changes come into effect today, I have outlined what these changes are and suggest to anyone who may have been knocked back for a pension in recent years because you have too much income, that it may well be worthwhile applying again.
Finally, there aren’t many financial services businesses that have got on my goat in recent years the way La Trobe Financials has, and I see ASIC has finally turned their attention on this company.
Not that I believe there is anything intrinsically wrong with La Trobe Financial. If you have money invested with them, I don’t think you have anything to be concerned about, they are a well-managed company that has been around a long time.
As far as I know, no one has lost any funds as a result of investing with them. My long-standing concern is that while they don’t mislead investors exactly, they come very close to it.
Before placing any investment, ask as many questions as you need to ensure you truly understand exactly what you are investing in, what the risks are and what will happen if the investment goes bust. These simple steps will protect you from losing money.
Importantly, if you know of anyone who is unsure how to arrange their finances as they move into retirement, please encourage them to contact me. It could be a lifesaving, if not retirement saving, moment for them.
Patricia Howard
0427 429 817