- May 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Professional Financial Advice in Melbourne, Australia
Hello,
My partner and I (ages 32 and 30) are currently contemplating the idea of engaging a financial advisor to help us navigate our financial journey. We are based in Melbourne, Australia, and would highly value any insights or recommendations you may have to offer. Here is an overview of our current financial standing:
– **Income**: Our combined income stands at $240k before taxes.
– **Mortgage Details**: We currently have a remaining balance of $787k on our mortgage, with $190k stored in an offset account. Our home is estimated to be valued between $1.2m and $1.3m.
– **Home Equity**: Approximately $600k.
– **Monthly Expenses**: Our monthly expenses total $3,000, excluding mortgage repayments.
– **Investments**: We currently have $10k invested in cryptocurrency and $5k in shares.
– **Debts**: Aside from our mortgage, we have no other outstanding debts.
Given the intricacies of our financial situation, we are pondering whether seeking guidance from a financial advisor would be beneficial. Our particular areas of interest include optimizing tax strategies, enhancing investment portfolios, and effectively managing our mortgage. We would greatly appreciate any advice, insights, or personal experiences you may have with financial advisors.
Thank you for your time and assistance.
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You have savings and other retirement savings? By assets alone, I don’t think an advisor would be a good idea. A financial planner can build you a plan, but they’re expensive. Like $1k+ at least.
Also, going for advisors just for optimizing your finances typically isn’t worth it unless you’re pretty well-off. It’s not like they have some magic wand for growing your money. They can help you improve around the edges, but the bulk of what they recommend is usually stuff you could Google.
They can be valuable if you don’t have time to manage your finances or don’t feel comfortable with it, but that doesn’t sound like what you’re asking for.
I’m a Yank married to a Melbourne girl so I am familiar with Aussie investments. Like many, you are house rich and cash poor.
No, I don’t think you need an advisor. I don’t think they can help with the mortgage. The rate is going to be the rate.
IMO, there are two investments to buy in Australia; VAS and VGS. One tracks the ASX 300, the other an international index. For the friends I advise, I recommend a 50/50 ratio.
What super funds do you use? A friend of my wife’s uses AusSuper, and they have a Member Direct option where you can invest 80% in ETFs, while the other 20% is required to be kept in their funds. In that Super fund, you can buy VAS and VGS, and have the 20% split 50/50 between their Australian index and International Index funds, and those funds have good performance and reasonable fees.
In most cases, the best strategy is to salary sacrifice into super. You invest for the long term and save on tax.
If you want taxable investments, open a Vanguard Australia brokerage account and buy VAS and VGS in that 50/50 ratio. I think buying those two are commission free.
If you just own VAS and VGS, you will do fine, and you don’t need a financial advisor (and the cost of the advisor, and he or she won’t recommend VAS and VGS anyway).
Oh, and sell the crypto….