They say every great journey starts with a single step - and yours is just beginning. Here’s how to get on the path to financial freedom at the same time. One of the biggest risks to your financial success is not providing enough for your ultimate retirement. Every year, thousands of young Australians start one of the biggest journeys of their lives: their careers. And if you’re one of them, you’re probably having a great time making the most of your new income without thinking too much about planning ahead.

What is the biggest risk to your financial success?

Buying a house is a huge decision and it may suit some people more than others. Here are some things to keep in mind before you dive in. As a long-term investment, houses or real estate have an obvious advantage in that the demand for housing will continue to grow as the population grows. So is property the right investment vehicle for you? It all depends on your financial situation, your investment horizon and your current and future needs.

When am I financially ready to buy a house?

There are many factors to be considered when deciding when you can retire or start collecting the age pension. Will I have enough to retire? With improved life expectancy and advances in medical science, Australians can look forward to a much longer and more active retirement than past generations. A male retiring at age 65 is likely to spend around 19 years in retirement and a female 22 years. Enjoying a long and happy retirement, however, may cost more than you think. According to the Association of Superannuation Funds of Australia (ASFA), the following lump sums are required to provide a comfortable level of retirement income for 25 years of retirement.

When should I retire or start collecting the age pension?

There is enough combined knowledge for each successive generation never to worry about money due to the law of compounding, so where has all the generational money gone? It is commonplace to wish to leave your estate, whatever size, to your spouse and or children. There is now, however, the complexity of divorce and blended families and children also not capable of administering an estate. Estate Planning involves much more than having an up to date will. It is important to ensure that when thinking of who shall receive your wealth, your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries.

Who should inherit my wealth?

Ever wondered why your EOFY tax bill was higher than you expected? It could be because of the Medicare Levy. So what does the levy pay for – and how is it calculated? Medicare is Australia’s publicly funded national healthcare system. The federal government funds the system by charging taxpayers a levy on top of their annual income tax. Thanks to this levy, all Australians can enjoy access to quality health care.

What is the medicare levy?

Due to the Royal Commission into the banking sector, the majors are moving out of the non-preferred lending market. A couple of the major banks announced a pull out of LRB lending altogether this month.

Is SMSF lending becoming ‘out-lawed’?