24kWealth Private Wealth Management

22/04/2025

Is you super with HESTA?

https://www.abc.net.au/news/2025-04-18/hesta-super-stops-withdrawals-claims-until-june/105188942

If you need help with your finances, call us today for a complimentary initial consultation.
24kWealth 07 3251 3200.

HESTA won't process super contributions, regular withdraws, investment switches and insurance claims until June, due to a system changeover. Consumer advocates and members have expressed concern about the freeze on funds.

25/06/2023

Want to save on income tax?

Tax is one of the largest expenses we all pay annually. Rather than lose a significant portion of your earnings to tax, there are ways to reduce your taxable income.

If you’re a medium to high income earner, you may find yourself placed within a higher tax bracket.

At 24kWealth we can help guide you through options such as salary sacrifice, creation of trusts and super contributions to ensure you are making the most of your salary.

Helping you minimise your tax bill through legal means is just one of our specialties as qualified financial advisers.

The ability to grow your wealth through an income tax saving allows you to enjoy the results of your hard work.

If you, your family or friends need help with finances, call us.

24kWealth offers a complimentary, obligation free initial consultation for new clients.

12/06/2023

Reduce taxable income

There are many ways you can reduce the amount of tax that you pay.

Salary sacrifice, super contributions or creation of trusts are completely legal ways to reduce your taxable income.

It’s not as complex as it may sound. At 24kWealth, our qualified financial advisers can walk you through how to do this and explain the additional benefits beyond a reduction in your tax bill.

Benefits such as growing your super balance for a more comfortable retirement, reducing your Medicare levy and helping you create a savings scheme are just a few options.

We can help you structure your assets and offset your losses to reduce your tax liability.

If you, your family or friends need help with finances, call us.

24kWealth offers a complimentary, obligation free initial consultation for new clients.

A Life of Choice not Compromise

06/06/2023

How to avoid STD

Money is one of the major causes of relationship breakdowns, with over a third of people saying they have fights about money regularly. So, it is important to sit down with your partner and have an open and honest conversation about money matter, what’s important to you and your partner, what goals you have and that you are on the same page. And also to be up to date as to where your financial situation is as a couple and individually.

Regularly discussing money sounds boring but actually, if it enables you both to live a happy, fulfilled life and achieve big life goals together, why wouldn’t you?

New relationships can be exciting but when you take that big step and commit to moving in together, you need what you are getting yourself into financially. If you aren’t fully across each other’s financial worlds yet, make sure you do and ask if they have any debt. If so, what’s it for and what’s their repayment strategy? Make sure that they are responsible for this debt and you are not taking on a commitment you cannot afford.

If you currently have joint accounts or assets with your partner, make sure you’re both clear on what the money should (and shouldn’t) be used for. Take time to get across your transactions in any joint accounts.

Get joint signatories for large withdrawals or loans you have and make sure you know to access them. You are liable for all your joint debt so make sure you know what exactly it’s for and have a repayment strategy to clear the debt and reduce your risk.

If your partner has a business, ask them about the business’ health and review financial statements.

Never sign anything you don’t understand. Don’t be bullied into ‘showing your love’ by putting any new loans/credit cards/buy now pay later accounts into your name. If they really love you, they should never put you in that situation.
Have your own account. I believe, everyone, no matter how long you’ve been together or how much you adore them, should have an account of their own. This should contain a few months of expenses that can’t be accessed by anyone else.

If you end a relationship, make sure your name is off the lease (assuming you rent), call your mortgage provider and tell them you have separated. Make sure you reconfirm you do have joint signatories to take out funds or to be able to redraw or close the loan whilst you get a financial agreement for your property settlement, take your name off utility accounts. Make sure you update your super and life insurance beneficiaries and get your will and estate plan redone.

Get legal advice. Find someone who specialises in this area. Find out their fees and engage them as quickly as possible to see what options you have.

If you can implement the above, you have put yourself in the best possible position to avoid an STD in the future!

If you, your family or friends need help with finances, call us. At 24kWealth we offer a free initial consultation for all new clients.
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01/06/2023

What is s*xually transmitted debt?

It is more common than you think - it is when an individual becomes responsible for their partner’s financial debt. More often than not this is bad debt - meaning it’s not secured against an asset.

This can leave you financially crippled, often with tens, if not hundreds of thousands of dollars of debt you need to repay. It can affect your credit rating, your bank balance and, of course, your financial goals.

As financial advisers we have seen many people shocked and bewildered when they discover the person they once adored and thought would never hide anything from them, has left them in financial ruin.

How does it happen? Here are some of the most common ways people end up saddled with their partner’s debt:

1. Taking out a loan in a partner’s name: Often, one member of a couple will ask for help to put a personal, car or business loan in their partner’s name. This might be because they don’t have a good credit rating, they may not have an income to support the debt, or perhaps they already have considerable debts. Never take on a debt that isn’t yours.

2. Unauthorised mortgage drawdowns: You may have been making additional repayments, have funds sitting in an offset account, or the value of your property has gone up, leaving you with additional equity. Your partner can apply for an increase in the loan amount. Funds are taken without consent or authorisation from the other party.

3. Spending from a joint bank account or credit card: Amounts get taken from your joint account. Often this can start small and then grow to large amounts including unexplained cash withdrawals or use of a joint credit card without any discussions prior.

4. Missing funds: Funds that have been allocated for scheduled bills, school fees or an upcoming holiday go missing, without any prior consent.

If you, your family or friends need help with finances, call us. At 24kWealth we offer a free initial consultation for all new clients.

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30/05/2023

Are you worried about running out of money?

If you, your family or friends need help with finances, call us.
24kWealth offers a complimentary, obligation free initial consultation
Learn more at https://www.24kwealth.com.au/education?category=Financial%20Fitness

23/05/2023

How to create a successful financial strategy

If you, your family or friends need help with finances, call us.
24kWealth offers a complimentary, obligation free initial consultation for new clients.

Learn more at https://www.24kwealth.com.au/education?category=Financial%20Fitness

15/05/2023

Setting your financial goals

Remember, if you, your family or friends need help with finances, contact us at 24kWealth. We offer a complimentary intial consultation for all new clients.

Learn more at https://www.24kwealth.com.au/education?category=Financial%20Fitness

08/05/2023

The financial planning process

Learn more at https://www.24kwealth.com.au/education?category=Financial%20Fitness

If you, your family or friends need help with finances, call us.
24kWealth offers a complimentary, obligation free initial consultation for new clients.

05/05/2023

Continuing our financial fitness series - Keeping your financial house secure

If you, your family or friends need help with finances, call us at 24kWealth. We offer a complimentary initial consultation for all new clients.

02/05/2023

How can you make the most of your credit card?

Credit cards can be a trap for many, however if you have healthy financial habits there are benefits to be gained by using a credit card, such as:

1. Interest-free finance
Most credit cards have an interest free period of up to 55 days. This means that, provided your closing balance is paid in full by the due date, you can spread the cost of your purchases across several weeks. Some card providers also allow you to pay for large purchases in monthly instalments, at a reduced interest rate.

2. Rewards
Paying for things on a credit card can earn credits or reward points you can put toward the purchase of goods and services like flights, accommodation and concert tickets. Some card issuers also offer extras like complimentary international travel insurance for flights purchased on your card, or discounts on hotels and holidays.

3. A way to track spending
Taking control of your personal finances starts with tracking your expenses. Paying with a credit card makes this easy: if it’s linked to an app, you’ll have a record of where your money is being spent in the palm of your hand. That makes it easier to budget for future expenses and identify opportunities to save money.

4. Protection for your purchases
In many circumstances, credit card issuers will reverse the transaction if the goods or services you’ve purchased aren’t delivered as agreed, or if your card has been charged without your knowledge or consent.

5. A healthier credit score
Your credit score, or rating, reflects your borrowing and payment history. It’s used by banks and financial institutions to determine your credit worthiness. This, in turn, helps them decide whether to lend you money, how much you can borrow and the interest rate you’ll pay. Using your credit card responsibly, and making repayments on time, can help boost your credit score.

If you, your family or friends need help with finances, contact us at 24kWealth. We offer a complimentary, obligation free initial consultation for new clients.

27/04/2023

Making the decision to sell your investment property for retirement

Selling your investment property can be a smart financial move if you're feeling the burden of being a landlord or if you're looking for a more liquid investment option.

By cashing out of your investment, you can free up cash that you can use to fund your retirement or invest in other assets that provide a more predictable source of income.

Whether you're a seasoned property investor or just starting out in the world of real estate investing, consider the benefits of selling your rental property and make the decision that's right for you.

Alternatively, if you’re about to hit retirement, is holding an investment property still the right investment strategy for you and your retirement plan?

If you, your family or friends need help with finances, contact us at 24kWealth. We offer a complimentary, obligation free initial consultation for new clients.