Money Over 50 podcast.

We invite you to listen to our podcast; Money Over 50. In each episode we discuss (and sometimes debate) the issues that matter.

064 Investing is the worst form of retirement planning excepting for all others

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This episode discusses why investing in growth assets is not a perfect form of retirement planning, but compared to the other forms it is the best way.

063 Why you should make personal contributions to super instead of salary sacrificing

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Dallas and Michael discuss two different methods of maximising your concessional contributions in order to increase your tax savings, explaining why they prefer claiming a deduction on after-tax personal contributions to salary sacrificing.

062 Hand up VS Hand out

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​Providing hand outs to your adult children is not necessarily in the best financial interest of either parties. However, there are ways to 'hand up' this money to benefit the receiving party and not cement bad financial habits.

061 When to sack the coach (Financial Adviser)

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In this episode we discuss different examples of when it is/isn't suitable to leave your current financial adviser.

060 Final Covid-19 update

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This episode is the last of the weekly Covid-19 episodes that were keeping you in touch with what's happening in the financial markets during this time.

059 You can’t take away risk, you can only shift it

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Michael and Dallas discuss risk and how changing your investment plan to reduce market risk (volatility) is simply shifting your risk over to somewhere else i.e. possibility of running out of money due to purchasing power risk.

058 Covid-19 Update: 24% off everything

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This week has seen some easing of restrictions and plans for more to lift in the near future. We are still in discount territory for investing, with the market being down 24%. ​

057 What is an account based pension?

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The term account based pension can confuse a lot of retirees, in this episode we aim to break it down for you in a way that you can understand.

056 Why we say companies instead of shares

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​In this episode, we discuss why we have decided to utilise our language to remind our clients that they are invested into companies and not just a number on piece of paper.

055 Covid-19 Update: Up 5% Mon-Thurs, then down 5% Friday

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The week started off well with a 5% rise in the market to start it off, but by Friday it went back down to where it started at the week at 27% off everything. This is volatility at its finest.

054 Fear of loss Vs. Fear of missing out

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In the world of investing there are two major types of investing: the fear of loss, and; the fear of missing out. It would be safe to say that as investor's we have all felt these fears in some instance.

053 Covid-19 Weekly Update: 27% off everything

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This episode is another update on the financial world during the Covid-19 pandemic. You can see the pattern in our terminology; seeing the low market values as an opportunity instead of issue, can do wonders for your retirement planning.

052 How to add $500,000 to your superannuation balance

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Adding half a million dollars to your retirement savings may seem like a foreign thought during times like these (Covid-19). However, we'll discuss why having a well thought out and executed plan can help you achieve that.

051 Why moving your super into cash could cost you $250,000

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Moving your super into cash may feel like a safe move because you avoid the worries caused by volatility, but in reality, it opens up a whole new risk and can have a negative impact on your  retirement savings.

050 Covid-19 Weekly Update: 23% off everything

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The Australian market is still on sale for those wanting to invest, now sitting at 23% under it's previous high. On top of that, the S&P 500 (top American companies) is down by only 17% even though they have a large and very serious threat with Covid-19.

049 Why a residential investment property is the worst asset to own in retirement

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In this episode Dallas and Michael discuss owning residential property in retirement, and highlight the many negatives that come with owning this type of asset.

048 What does a 30% , 40%, and 57% drop feel like - Part 3

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This 3 part series involves Dallas Davison interviewing Michael Hogue on his experience through times of significant market drops. The final part of this series focuses on the recovery from the GFC (2009 to now).

047 Covid-19 Weekly Update: 25% off everything

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Just recently we had done a podcast talking about the volatility caused by Covid-19 where the market was 35% down from the top; it is now at 25% down from the top. Yet we still can't predict whether it has hit the bottom or not, all we know is that there is still a "discount" on shares at the moment and it may be a great time to start planning for your future.

046 What does a 30% , 40%, and 57% drop feel like - Part 2

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This 3 part series involves Dallas Davison interviewing Michael Hogue on his experience through times of significant market drops. The second part of this series focuses on Michael's experience during the Global Financial Crisis (2007-2009).

045 What does a 30% , 40%, and 57% drop feel like? - Part 1

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This 3 part series involves Dallas Davison interviewing Michael Hogue on his experience through times of significant market drops. The 1st part of this series focuses on the boom years (2001 to 2007).

044 Why now is a great time for retirement planning ​

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We're in a stressful time due to Covid-19, and the thought of retirement planning might be pushed to the back of your mind with so much going on. However, it might actually be a really good to establish or enhance your retirement plan.

​043 Covid-19 Weekly Update: 30% off everything

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This is the first update of our weekly financially-related Covid-19 discussions. This episode's focus is on how a different mentality regarding the market price drops caused by Covid-19 can become an advantage to your retirement savings.

042 'When things settle down', and what that really means

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During periods of high volatility and uncertainty, it's understandable why some people want to reduce that pain by pulling their money out into cash and reinvesting it when things settle down. Unfortunately, this a quick way to crystallise your losses, therefore, losing retirement savings in the process.

041 Why volatility isn’t a sign you did something wrong

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Volatility is a part of every day life... When it comes to investing, it becomes apparent even more. But just as there are highs, there will be lows, it does not mean you have done something wrong

040 Cash is king

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The old fashioned 'cash' method of payment for certain expenses might be a massive help with your bad spending habits. The convenience of technological advances, such as tap and go, blinds you from seeing yourself blow your budget out, but visually watching your cash go down is an excellent way to cap your expenses.

039 How to avoid a 17% inheritance tax

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When you pass away, if your money is being passed onto a non-dependant beneficiary (e.g. adult children) a portion of these funds will be taxed. Dallas and Michael discuss a way to avoid this inheritance tax.

038 Generation X turns 55

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How time flies, the first of Generation X turns 55 this year (2020). This is a significant time because this is when the thought of retirement really creeps up in someones mind.

037 What not to do about market volatility

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Market volatility is an unavoidable aspect of investing in shares, but don't let your panic dictate the decisions you make. ​

036 Soup Nazi

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This episode refers to the classic Seinfeld episode "The Soup Nazi" and explains why it is important for the financial planners and their clients to create and follow processes to ensure that the work that we do is done correctly and to a high standard.

035 3 ways that people lose money in shares

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​When it comes to building up your retirement savings, investing in shares can be really effective. However, there are things to avoid and precautions to take to ensure you don't lose money in shares. This episode looks into a few of the main reasons people lose money in shares.

034 5 reasons couples argue over money

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​​Being in a relationship will bring forward unavoidable individual differences that may lead to arguments. Michael and Dallas discuss some reasons why couples argue over money. 

033 Should you pay off your mortgage or contribute to super?

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Life is full of finite resources, With money being no different. This episode explores some the decision making process needed before deciding to use your spare cash flow to pay off your mortgage or contribute to super. This ranges from interest rates to tax savings and more. There is an answer for everyone, but the answer depends on the circumstances surrounding you.

032 We don't live an extravagant lifestyle

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Hearing "we don't live an extravagant lifestyle" is usually followed by a deviation to the plan or a denial in one's spending habits. Whatever your lifestyle is, and whatever you choose to spend your money on are simply the facts. The best predictor of your future spending habits is to look at what you're spending is like now.

031 What's a good investment?

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​Michael and Dallas discuss the common question they receive "what's a good investment?". They discuss whether or not there is a perfect investment and how different plans may require different investment plans.

030 Making the most of the decade

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​It's a new decade! Michael and Dallas discuss a story about a couple's 9 year experience as some of Lighthouse Financial Advisers earliest clients. They use their real-life story as an example to prove that you can make a significant difference to your future retirement if you stay consistent and focused.

REPLAY 015
Different ways to draw an income in retirement

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This episode, posted in mid-July 2019, was our most popular of the year. We've decided to replay this episode for our new listeners and for our long-time followers who might be in need of a refresher. These podcasts are so enjoyable, and we're looking forward to providing some useful information for many more years to come.

Episode 028
New Year's resolutions

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It is now 2020, a brand new year, and here begins the wave of New Year's resolutions. Michael and Dallas give some handy tips in creating and sticking to some financial related New Year's resolutions to help you get ahead and stay ahead. ​

Episode 027
Financial mythbusters

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​Michael Hogue and Dallas Davison dive straight into the world of "financial myths" and debunk them for their listeners. Some of these myths have stuck around for a long time and include topics such as vehicles (e.g. turn your car over every 3 years), property (e.g. you have to break into the property market early), super (e.g. you should move all your super into cash when you retire), and many more!

Episode 026
​FAQ Part 3 - Do I need to sign a contract?

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In Part 3 of our Frequently Asked Questions series, Michael and Dallas discuss the reasons as to why they don't believe in using lock-in contracts, and how continually adding value to the work they do for their clients is what they prefer when it comes to retaining them.

Episode 025
FAQ Part 2 - What information do I need to provide?

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In Part 2 of the Frequently Asked Questions series, Michael and Dallas discuss the information that clients need to bring in order for them to get a rough picture of where you currently sit, where you want to be in the future, and whether or not your goal needs to be adjusted.
​​

Episode 024
FAQ Part 1 - What are your fees?

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​Part 1 of the Frequently Asked Question podcast series, Michael Hogue and Dallas Davison discuss the big question "what are your fees?". They briefly explain common fee structures for financial advisers and provide the fee structure that they use. "Are we locked in forever?" is the next question they discuss on this episode, explaining their reasons as to why they do not believe in a lock-in contract.

Episode 023
​Active management VS Index management

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​Dallas Davison and Michael Hogue discuss one of the more common debates in the world of financial planning, Active management VS Index management. They look at the pros and cons of each type, covering things such as: costs, long-term efficiency and the rarity of good active managers. The preferred method they both use is revealed and they explain why it suits them best.

Episode 022
​What are you worried about?

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Michael Hogue and Dallas Davison discuss some of the issues that people are being told to worry about. As human beings, it is in our nature to always need to have something to worry about!  But a deeper look shows that things in the economic world are going well at the moment. Topics discussed include: inflation & returns; unemployment & wage growth; the inverted yield curve; and some other worries.​

Episode 021
Why 99% of people shouldn't have SMSFs

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Michael Hogue and Dallas Davison discuss reasons as to why owning a Self Managed Super Fund becomes a burden with increased complexity and mention some of the costs that are involved in owning one.

Episode 020
Travel in 70s with Maria Pandalai

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Michael Hogue invites Maria Pandalai from Travel Managers in to speak about traveling in your 70s. Maria, a professional in her industry, discusses the best locations to travel in this age bracket, the things people tend to not think about when planning a holiday, and how custom-made packages may be the best option for you.

Resources:

Episode 019
Travel in 60s with Maria Pandalai

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Michael Hogue invites Maria Pandalai from Travel Managers in to speak about traveling in your 60s. Maria, a professional in her industry, discusses the best locations to travel in this age bracket, the things people tend to not think about when planning a holiday, and how custom-made packages may be the best option for you.

Resources:

Episode 018
Travel in 50s with Maria Pandalai

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Michael Hogue invites Maria Pandalai from Travel Managers in to speak about traveling in your 50s. Maria, a professional in her industry, discusses the best locations to travel in this age bracket, the things people tend to not think about when planning a holiday, and how custom-made packages may be the best option for you.

Resources:

Episode 017
Career change later in life with Cathy Boyce

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Michael Hogue sits down with Cathy Boyce to discuss Cathy’s story.   Cathy and her husband David are clients of Michael’s.   Cathy talks about how she resigned from a regular paycheque and changed career later in life, starting not one, but two businesses: Silver Fluoride CPD and Townsville Orofacial Myology “TOfM”.   Cathy speaks about the benefits of the career change including: greater flexibility; the ability to be able to pick-up, put-down work; and the increased satisfaction she receives from being able to help others through these new directions.   Michael talks about the challenge that a career change creates to someone’s retirement (financial) plans, but how this can be overcome through a process of trade-offs designed to achieve the ‘balance of life’.  Finally, Cathy shares her plans to start a podcast (Beyond Brushing) aimed at increasing the awareness amongst consumers of overall oral health wellness.   
Resources: 

Episode 016
Financial stress VS Financial problems

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You may ask “What is the difference between Financial Stress and Financial Problems?”   Dallas explains what the differences are and what you can do to overcome these.  

Episode 015
Different ways to draw an income in retirement

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Perhaps the biggest question to be answered as you head into retirement is “How do I draw enough income in my retirement without ever running out of money?”. Dallas and Michael discuss the various ways in which retirees can draw a consistent income during a likely 30-year retirement time frame, along with the trade-offs that can be made, and the rules-of-thumb that work best to avoid running out of money early.

Episode 014
Should you have a budget?

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Dallas Davison and Michael Hogue discuss how to have a budget that works for you. In particular, we look at: whether to use a DETAILED budget or a GOALS based budget; how to automate your budget; the benefits of using pay cycle transfers.

Episode 013
The wrong people to have around you - financially

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In this episode, Dallas and Michael discuss the various “character actors” that tend to be in the play: the “Yes” woman; the man with a hammer; and the Jones’s are just some of the typical characters that influence the decisions of those around them.We discuss the things to watch out for when making financial decisions.

Episode 012
​Top 5 reasons retirement plans get derailed - financial planning without financial doing.

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​In the final installment of this 5 part series, Michael Hogue and Dallas Davison discuss the importance of moving from planning phase to doing phase.

Episode 011
Top 5 reasons retirement plans get derailed - not working backwards.

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Your hosts Dallas Davison and Michael Hogue point out how not working backwards can derail your retirement plans. This is the fourth episode in this 5 part series.

Episode 010
Top 5 reasons retirement plans get derailed - not starting today.

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​In episode 3 of the 5 part series Dallas Davison and Michael Hogue comment on the importance of getting started today. 

Episode 009
Top 5 reasons retirement plans get derailed - leaving money on the table.

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​Leaving money on the table is a key reason retirement plans get derailed. In part 2 of this 5 part series, Dallas Davison and Michael Hogue discuss the ways this can be avoided.

Episode 008
​Top 5 reasons retirement plans get derailed - budget is inaccurate.

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The first episode in a 5 part series, Dallas Davison and Michael Hogue talk through the the risks of an inaccurate budget and what this can mean for your retirement.

Episode 007
Are private school and university a good investment?

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Dallas and Michael ponder over the cost of private school and university for your children and look at alternatives of spending (assumed) $20,000 pa. on education versus adding this amount to your children’s superannuation funds.  This podcast is a bit of fun in that there is certainly no right or wrong answer. 

Episode 006
​How much will I spend in retirement?

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​One of the common mistakes that Dallas and Michael see with aspiring retirees, is that they have an inaccurate estimate of how much they will spend each year in their retirement.  Most often than not, people underestimate how much they will really spend leading to less than ideal outcomes.   The podcast discusses three ways to make a more accurate estimate:
  • Based on the average income spend of other retired people.
  • Based on a “budget as if retired”. 
  • Based on your current expenditure with allowances for any changes. 

Episode 005
Can we do this on our own?

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​Dallas and Michael discuss the common attributes of people who tend to need help with planning for their retirement:
  • People who don’t have the time to do the research.
  • People who don’t have a ‘head for numbers’.
  • People who don’t want to, or don’t enjoy, working on their finances. 
  • People who don’t have a good understanding of our taxation system.
  • People who don’t have a good understanding of super legislation.
  • People who are likely to react emotionally to market fluctuations and economic events. 
  • Couples - Usually need someone ‘in the middle’ making sure everyone is working together.
  • People with a ‘track record’ of poor decisions. 
  • People whose situation has been simple up until now and are now dealing with extra complexities e.g. transitioning to retirement.

Episode 004
​What super fund should I be in?

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Dallas and Michael discuss how this common question is not actually the best question to ask.  Other questions to ask that will have a larger impact are:  What types and amounts of contributions should I be making to super?;  What asset allocation and investment strategies should I be choosing inside my super fund?; Am I on track to have enough to retire?;   What should my expectations for retirement income be?

Episode 003
​Drive a $15,000 car to draw an extra $717,000 in retirement.

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​Dallas and Michael debate whether the “new car smell” is really worth it.  Michael shares a strategy whereby driving a lower-cost car (rather than driving an expensive car under finance or lease) during the last 15 years of your working life, and contributing what you would have spent in car repayments to your superannuation fund, can allow you draw an additional $30,000 pa. each year for the first 24 years of your retirement.  This results in a total of $717,000 of cumulative extra income drawn in retirement.   Dallas and Michael ponder the question “how many great memories could be created with $717,000 of extra dollars to travel with?”  VS the fading memory of the “new car smell”.

Episode 002
​Semi-retirement vs retirement.

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​​Dallas and Michael talk about the generational shift of people in their 50's and 60's seeking career changes. Often these career changers move from a full-time job that they are dissatisfied with, to a part-time role that they are super passionate about.  With increased job satisfaction, reduced stress levels, and a newfound purpose, these career changers often work in semi-retirement beyond the traditional retirement age of 65. The podcast explains how taking a pay-cut can actually benefit someone who finds a new part-time job that they are happy doing beyond age 65.

Episode 001
​Downsizing your home, instead of your lifestyle.

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Dallas and Michael talk about the three main options that you have for your family home in retirement: keep; downsize; or rent.  These options are compared with the pro’s and con’s of each. The podcast explores how downsizing your home would ideally lead to an increased retirement income of at least $10,000 pa. and looks at the optimal sequence to downsizing.  
Dallas Davison and Michael Hogue are Financial Advisers and Business Owners at Lighthouse Financial Services Townsville. The information in each podcast episode is general in nature and does not take into account your objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate for you and your personal circumstances. If you require personal advice, please contact Lighthouse Financial Advisers.

Helping people over 50 retire with confidence.

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Lighthouse Financial Advisers Townsville
​Tel 07 4772 0938
Email mail@lighthouseadvisers.com.au
45 Ingham Road West End Townsville Qld 4810

Lighthouse Financial Advisers Townsville Pty Ltd ABN 26 146 225 505, 45 Ingham Road, West End Queensland 4810 is the holder of an ASIC Australian Financial Services Licence (AFSL) #471826.

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