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Matthew Morrison CFP

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Matthew Morrison CFP

Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Matthew Morrison CFP, Financial planner, The Practice/Level 10, 369 Royal Parade, Parkville.

Matthew Morrison is the Director of Wealth Advisory at The Practice: we help Professionals & Business Owners build a better future through developing and implementing custom made Financial 'Game Plans' to create both Financial & Lifestyle Freedom.

15/10/2024

With so much uncertainty in the world, I think it's never been more important than right now for you to be working towards creating Financial Freedom for yourself and your family.

From working with several hundred clients as a Financial Adviser over the last two decades, I've witnessed first hand the benefits that these clients have got from developing Financial 'Game Plans' to align their financial decisions with their most important Goals and their most deeply held Values.

✅They feel in Control
✅They have Peace of Mind, and
✅They feel Liberated...
..that they are well and truly on track toward achieving their Financial & their Lifestyle goals.

If you are committed to improving your financial situation, we'd love to be part of your journey. Reach out (via our website https://www.thepractice.com.au) and arrange a chat with one of our Financial Advisers about creating a Financial Strategy for you to build towards longer term Freedom & Choice, but also with the flexibility to enjoy your Lifestyle along the journey. The Practice

26/09/2024

I probably shouldn’t admit this in a public forum but about 12 years ago I wrote our own Wills (for my wife & I). How hard could it be - right? After all I’d read hundreds of clients’ Wills and (thought) I knew the difference between a good one and bad one.

So, after a few hours of writing and a couple of witnesses’ signatures later, all of a sudden, we had ourselves some documented Wills. All without handing over any hard-earned cash to lawyers. Happy days!

However, it’s been said that a person who represents themselves in court has a fool for a client. It’s also been said that in life you generally get what you pay for. Not to mention, we should all focus on what we are good at.

Well, after going to an intense Estate Planning course back in 2017, I came to the sudden realisation that our 'DIY Wills' were not worth the paper they were written on - and were grossly inadequate if we wanted to pass assets to each other and then to our kids in a protected and tax effective manner.

Straight after that session, we engaged trusted Estate Planning Lawyers to develop & document thoroughly considered Estate Planning - including full Testamentary Trust Wills - and we immediately felt an enhanced sense of security & peace of mind for having done it.

If you are like approximately 70%+ of people who don’t have a Will, then make this a priority and finally get your Estate Planning in order. Do your spouse and your kids (if you have any) a favour and engage a quality Estate Planning lawyer to help you sort this out once and for all.

Speaking from my experience - not just my opinion - it’s money very well spent, for the peace of mind, “keeping money in the family” and passing on 'generational wealth' in a protected and tax effective manner.

$The 12th September 2024 was the 4th anniversary of breaking my neck (C7 fracture) in a freak mountain bike accident on a...$

21/09/2024

The 12th September 2024 was the 4th anniversary of breaking my neck (C7 fracture) in a freak mountain bike accident on a downhill section of a 'family friendly' bike track in wet conditions.

For a few days laying on my back in hospital, and going through various MRI & CT scans, it was unclear the extent of injuries and whether there was any spinal cord damage. Thankfully - by some minor miracle - there was no spinal damage and after 14 weeks in a Halo neck brace, life started to return to normal.

But millimetres either way..... life could have looked permanently very different - both for me and my immediate family.

Every single day I'm grateful & appreciative of just how incredibly lucky I am to have been given another chance at life. I'm also reminded of how relieved I felt at the time, that I had appropriate wealth protection (risk insurance) in place to secure my income & protect my family's financial future - in the event that I was permanently incapacitated.

What would you do if your income stopped due to health reasons for 12 months - or more? How would your family cope financially if you were permanently unable to work?

Without appropriate wealth protection (risk insurance) in place, most people would find this financially devastating – especially for people with a mortgage and kids.

If you are yet to bulletproof this area of your wealth creation strategy, then please do yourself and your family a favour and make the remainder of 2024 the time you sort this out. Speak with a wealth protection (risk insurance) specialist and put in place a 'safety net' to protect your 'Greatest Asset'.

19/09/2024

Seeking advice on the right ownership of your assets BEFORE you invest is very important. Unfortunately this is not something everyone considers before launching into buying investments as part of their wealth creation strategy.

Getting this right is especially important for Business Owners.

When looking to build an asset base to create future Financial Freedom, the ownership of assets over the journey is important - not just what makes sense right now.

Serious consideration should be given to the pros and cons of various factors including;

✅ Personal ownership versus a structure
✅ Asset Protection
✅ Taxation
✅ Future flexibility

This is where a good Accountant - working in collaboration with your financial adviser - can be worth their 'weight in gold'.

Remember, an Accountant can’t give financial advice, and a financial adviser can’t give complex tax or structure advice. So having both on your team and working together is important.

17/09/2024

There's not much point building longer term wealth if your whole strategy is a 'house of cards'.

In this week’s video we’ll explore Pillar #3 – Protect. We’ll cover the 3 main ways to protect yourself and your family as you build towards Financial Freedom.

Without Pillar #3, it’s like building a house on soft foundations, using cheap materials, and with dodgy workmanship.

It would be like trying to climb Mt Everest without safety ropes, an oxygen tank, or a Sherpa in your climbing party.

Pillar #3 is all about expecting set backs, and being prepared for them when they come along. Remember it’s not “if”, but “when”.

It’s about making sure that your “financial house” stands strong in the bad weather, as well as the good. And it’s about making sure that your “financial house” is protected far beyond your time here.

14/09/2024

Taking on debt to buy assets is like looking at something through a microscope - it can 'magnify' the quality of what is already there - both good and bad.

Borrowing to buy investments - in particularly property – can be a powerful way to build longer term wealth. However, it can also be a dangerous strategy if not respected and if not managed prudently and skilfully.

It needs to be affordable - both now and in the future - and the borrowings need to be used to buy quality assets.

'Mastering Your Debt' is knowing the true difference between 'good' debt and 'bad' debt. It’s also about working to avoid and reduce 'bad' debt, while potentially using 'good' debt to fuel your wealth creation plans.

Many advisers and accountants may disagree with me, but my personal definition of 'good' debt and 'bad' debt is that “Good debt helps you build (and magnify) long term wealth, provided it’s affordable. While bad debt erodes your ability to build wealth”.

It’s not about whether or not the debt is tax deductible. It’s about whether the debt was used to buy good quality assets, that are going to grow strongly and be a foundation of your wealth creation journey.

12/09/2024

There are only two ways to create cash flow -
1. Reduce Expenses (not overly exciting but often necessary), and
2. Increase Income - while keeping expenses constant (far more exciting but easier said than done).

Whilst most of us spend more than we should, there is a limit to how much we can reduce expenses. Life costs money. And it’s getting more expensive by the year.

The best and most sustainable way for you to build wealth and future Financial Freedom is to create Cash Flow by striving to continually
'Make yourself more Valuable' and increasing your earning capacity.

10/09/2024

If you are in your 40's (like me) I truly believe that our generation will be the first generation to be completely on our own in terms of funding our future retirement lifestyle.

The government will not be there to save us.

And by the time that we retire, I'll go out on limb and say that the Age Pension will not be around, and not be available for you to rely on. If it is, it might only available when people are down to their last dollar, and are forced to sell their house!

Due to this it's crucial to have an 'investment mindset' - rather than just a debt reduction mindset - and be actively building your investments (in tandem with debt reduction).

Aim to build multiple assets, and multiple future income streams - both outside & inside of superannuation - so when you reach your desired 'Financial Freedom age' you can choose to retire on your terms - even when the superannuation accessibility age increases to 70 (or beyond).

08/09/2024

Pillar #1 of 'The 3 Pillars of Financial Freedom' was like an Architect drawing up plans for a house.

It was about creating a 'Vision' of what the house looks like, evaluating and choosing the 'Position' to build on - then 'Developing' the plans in detail.

Pillar #2 is about turning those plans into reality by Building, one brick at a time, until your “Financial House” is built.

Without Pillar #2 it’s like our Mountaineer client preparing to conquer Everest, but not actually setting out on the journey. There’s not much point doing all the training, buying the best equipment, and studying the terrain - and not commencing the quest.

In this week’s video we’ll unpack what’s involved in Pillar #2 – The Grow Pillar. We’ll cover the 3 important steps you need to have in place to sustainably build wealth.

07/09/2024

The journey towards Financial Freedom is not just about financial decisions…it’s also about lifestyle decisions (amongst other things). Life is short. We don’t know what is around the corner. We need to enjoy 'Today' and plan for 'Tomorrow'.

With that in mind, to be effective & motivating, your wealth creation strategy shouldn't just be about living within your means, investing for the future and creating Financial Freedom.

Neither should it all be about just living for now...It’s about Lifestyle now and Freedom later.

You can have 'both'. It’s not easy, but you can do it with the right Game Plan.

05/09/2024

'Evaluating Your Position' is about starting to treat your Personal Finances like a Business. Know your 'Profit & Loss' and your 'Balance Sheet'.....be all over your numbers. Strive to grow your profits every single year, and then reinvest those profits back into your Personal wealth creation 'business', to help fuel your journey towards Financial Freedom - as well of course have a bit of fun along the way.

04/09/2024

If you are feeling uncertain with no direction, then 'Clarify your Vision'. Getting a clear vision around what financial success means to you, and what life you want to create for yourself, is the first step on the journey to achieving Financial Freedom. The Practice

Address

The Practice/Level 10, 369 Royal Parade
Parkville, VIC
3052

Opening Hours

Monday	8am - 5:30pm
Tuesday	8am - 5:30pm
Wednesday	8am - 5:30pm
Thursday	8am - 5:30pm
Friday	8am - 5:30pm

Website

https://www.thepractice.com.au/

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