WealthDesign

Happy, healthy people.  My favourite kind.  However sometimes they aren’t.  And that’s when I get even more of a buzz, knowing that I’ve had a hand in making my clients’ lives just that much more bearable, when the happy, healthy thing has turned pear shaped.  And believe me, it happens a little more frequently than we would all like.

One of the major issues surrounding health insurance is, getting it – ASAP!  You see when you’re a young, spring chicken, full of bounce and vigour, you don’t need health insurance!  Awesome.  Bounce and vigour isn’t always a permanent fixture in our lives, and guess what?  You can’t get health insurance when you need health insurance.  So please, do yourself a favour, go and get yourself some good solid, health insurance BEFORE you may ever need it.  (Pre existing conditions do make life difficult when looking for health insurance.) 

Consider yourselves told.  But wait, there is more however.

I wish it were as simple as just going and getting yourself some health insurance.  It’s not.  So many things to consider in the health insurance market.  That’s where WealthDesign is your best friend (whether you’re a spring chicken or an old broiler, no judgement here!).  Know the market is the catch cry.  WealthDesign knows the market.  We have access to all the insurers and have comprehensive knowledge of their policies.  We pay for independent research to back up our recommendations.  We know what the insurers are up to out in the market place.

Become (or stay) a happy, healthy person.  My favourite kind!  But know that if some unhealthy, (and then perhaps unhappy) aspects creep into your world, you are covered!

Our job at WealthDesign is to make the complex simple. Plus, you won’t be paying more than if you deal direct with the company – another false perception held by some spring chickens and old broilers alike!

Know the policy, know the company, and know the claims will be paid! 

John Barber

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KiwiSaver really is worth belonging to, and here’s another reason why.  The new government initiative for first home buyers, the KiwiSaver HomeStart grant, came into effect from 1^st April 2015.  It replaces the KiwiSaver First Home subsidy.

Here’s how it works: If you’re buying an existing/older home, you may be eligible to receive up to $5,000 for individuals and up to $10,000 for couples to put towards the purchase.  If you’re either building or purchasing a new home the numbers are up to $10,000 for an individual or up to $20,000 for couples.

You do have to have been contributing for three years, be 18 years or older, and meet income and other eligibility criteria.

 Find out more.

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If you’re a young kiwi, you’ve probably got some sort of plan to leave our fair shores in search of adventure overseas.  Either your big O.E. or jumping the ditch to go work in Australia.

All very exciting of course.  For sure, pack the bag and get the passport, but also spend a while focusing on a backup plan – life can serve you a lemon at any time – including when travelling the world!  Travel insurance is a must (and relatively cheap) if you’re off overseas, and if you’re off to work in Australia, you’ll need trauma, TDP and death cover.  The Australian Government won’t be hospitable if anything happens while you’re there, so you need something in place before you go.  If you don’t, you may have to face being shipped back home and living with mum and dad in the event of something unexpected taking place.  One step forward … and three steps back.

There’s an old Arabian adage that goes, ‘trust in God but tie up your camel.’  By all means it’s important to trust that all will work out well in your travels, but along with a good attitude, do what you can to mitigate any unwanted outcome too.

Both of my daughters have travelled overseas and both have needed their travel insurance – meaning their unplanned events (stolen and broken personal property) were not too financially devastating.

Be a smart kiwi.  If facing a life change (of any description), come see us at WealthDesign.  For the sake of half an hour of your time, getting yourself prepared and ready to go financially, is well worth the effort in the long term.

John Barber

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We told you in May and now it’s our last reminder before the cut-off date. 

Each year, the government will contribute 50 cents for every dollar you save in your KiwiSaver, with the maximum contribution being $521. To get the full amount of $521 you need to have contributed $1,043 in the twelve months prior to the cut-off date of June 29th 2015.

Even if you haven’t contributed the minimum of $1,043 up to this point, you can add a lump sum prior to the cut-off date to take you over the threshold – this will give you the full contribution of $521.

It may not seem like much, but it’s what being a ‘kiwi’ who is saving is all about!  For example a  24 year old in KiwiSaver,  who is over the threshold of $1,043 yearly (and therefore receiving the full $521 contribution), could end up with as much as $50,000 more in their retirement fund, when they reach 65. 

Be the optimal ‘kiwi’ saver by giving us a call.  We’ll help you to save smart – easily and relatively painlessly

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There are many things in life that you can DIY – and many that you cannot, or at least, really shouldn’t.  Wills fall into the second category.

You can easily go and buy a DIY Will Kit from the post office or a news agent, but unless you are an expert in Wills yourself, that’s where the ease stops. 

1. At best, a DIY Will Kit is only good for a “simple Will”. What that really means is a simple family situation, where you are a couple or single person with only a few beneficiaries and you all live in absolute harmony. Or you only have a limited number of possessions such as some household goods and a few bank accounts. So if you were able to time-warp yourself back to the 1950’s, you might be okay. But the moment you have more than this, such as superannuation – and these days that’s everybody, then the Will Kit won’t cut it!
2. Families will have no way of really knowing if the DIY Will is suitable, because there is no advice. Sure, there may be lots of information provided with the kit, but how do you apply it? And how do you even know if it is correct?
3. Also how good is the kit in the first place? You can be guaranteed that it has not been prepared by an “expert” (even if it says so on the packaging) – because a real expert would never let anyone do their own Will!
4. Even if you managed to put a “proper” Will together, there is the big issue of getting it signed correctly without legal assistance. The Courts are littered with cases of DIY Wills that were not signed correctly and the resulting problems of beneficiaries fighting for control of the estate.
5. Finally, at the end of the day you have to acknowledge that “you don’t know what you don’t know”. Without the help of a properly qualified and experienced lawyer, you may not realise the issues that you are missing in your “simple” family situation. For example, how do you deal with non-estate assets such as superannuation or assets held jointly (especially your own home) or a family trust? Or children/other beneficiaries with special needs, or who are still young when you die? Or families with second spouses and children of previous relationships – there are so many unique situations we live in.

Get an expert to help you. Don’t be tempted to save a few dollars now with a DIY Will Kit, because you may end up risking your entire estate later – and at a time when your family can least afford it! If you want to be referred to a lawyer, just give us a call and we can point you in the right direction.

John Barber

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