Financial books: gifts to give for Christmas | Islander

Christmas is fast approaching, and with it the challenge of finding beautiful gifts. As usual, I did some research and found some excellent books on money.

Money: the real story of something invented by Jacob Goldstein is fascinating read. The author guides us through the history of money from the time of Aristotle, through the barter system, to the invention of different kinds of paper money.

Did you know that there was a time in America when many banks printed their own currency? Many took out Christmas banknotes adorned with pictures of Santa Claus!

Naturally, the history of money is interspersed with stories of financial crises and how they were handled.

The book also covers the creation and abolition of the gold standard and ends with a detailed description of the beginning of cryptocurrencies and their direction. It’s the perfect gift for anyone interested in the financial system.

Psychology of money, throughMorgan Housel,is described as “timeless lessons in wealth, greed and happiness”. Each of its 19 chapters contains a major lesson. I especially like how Housel emphasizes the importance of capitalizing on your long term financial plan.

He writes: “Composition works best when you can give a plan years or decades to grow. This is true not only for economies, but also for careers and relationships. Endurance is key. And when you consider it. our tendency to change who we are over time, balancing every moment in your life becomes a strategy to avoid future regrets and encourage endurance. “

I absolutely loved this book and enjoyed the fact that I got a double benefit from it: it reinforced a lot of things that I have learned in my own life and opened my eyes to d ‘other issues that I hadn’t considered. Highly recommended for just about everyone.

Simplified retirement, my latest book, is the perfect gift for anyone 45 and over. Retirement is often touted as a carefree time – but right now it’s not easy. People are living longer, government budgets are tight, financial markets are volatile, and interest rates are at historic lows. On top of that, there are the constant challenges of understanding investor psychology – including yours – and avoiding scams.

A major facet of a fulfilling retirement is preparation – the sooner you start planning, the better your retirement will be. Yet so many people facing retirement don’t know what they don’t know. Simplified retirement will help you avoid costly mistakes at this point in your life, making it a gift that can pay big dividends.

As soon as you have assets, including children, tidying up your estate becomes one of the most important things you can do. However, the sad reality is that this is also one of the jobs that most people “always go to do” but never quite get started.

Often times people think they can’t find the time to do it – but in reality they don’t want to think about their own mortality, don’t know where to start, find the process so confusing and full of legal jargon that they give or make the effort once, but don’t update things as their circumstances change.

That is why Heritageby Melisa Sloan, Principal at Madison Sloan Lawyers in Melbourne, would make such a lovely gift.

It’s easy to read – only 180 pages – but clearly and simply sets out the steps you need to take to get your affairs in order.

Sloan writes: “Why am I so passionate about creating your legacy and estate plan? I saw the alternative. I saw the pain, the stress, the emotional burden and, once, the loved ones destroyed when someone dies without a will. “

This book will not take the place of specific advice from a qualified professional, but it will give you a good overview of how the entire estate planning process works and help you understand the importance of making sure your affairs are in place the right way. as soon as possible. .

So why not do your friends and family a favor this Christmas and give gifts that provide hours of interest, as well as many benefits in the years to come for those who not only read, but also take action.

Noel answers your questions about money

Can you add an addendum to an existing will? For example, if I say I want to add something to my will that says I don’t want my family home to be sold at any cost, do I just add an addendum?

The document you are referring to is called a codicil, which can be used to amend or change a will. However, this is not something I would rush into because, from what you have written, you would appear to be making some major changes to your estate, which could have serious ramifications.

As the codicil is a separate document, there is always the possibility that it will be separate from the will, meaning that it could be ignored or forgotten when death occurs. And, if a considerable amount of time has passed since the signing of the original will, questions might arise as to the underlying reasons for the change, especially with regard to the mental capacity and intentions of the testator.

This might be particularly relevant if the codicil provided for changes quite different from what was in the will. You should speak to a good estate attorney and prepare a new will to accommodate your wishes.

I tried to find out if my husband and I are eligible for the Commonwealth Seniors Health Card (CSHC). I’ve spoken to at least three people from Centrelink and still don’t know if I have all the facts I need, especially how accumulated pension funds are being handled.

The last person I spoke to at Centrelink told me that the funds that we have accumulated in our SMSF are not subject to presumption, but if they were in an industry fund, they would be subject to presumption. I asked the question because it made no sense, but I was told that the legislation treated them differently. It certainly cannot be fair. Can you confirm if this advice is correct?

CSHC is not subjected to an asset test, it is subjected to an income test. The income thresholds are $ 57,761 for a single person and $ 92,416 for a couple. Income is calculated using your taxable income as per your tax return plus the deemed amount of your superannuation that produces an income stream. Funded pension funds are not tested at all, because they do not produce taxable income, and you do not earn any income from them. This applies regardless of the pension fund they were in. There is a presumption calculator on my website www.noelwhittaker.com.au

I find the rules regarding pension eligibility very confusing. Is there a difference between money held in investments and money held in savings accounts. It would seem unfair for readily available money to be treated any differently from non-accessible money. We have no investments but have our own house.

For asset testing, the value of all your financial assets is used. Financial assets, such as bank accounts, investments, and retirement pensions are all subject to deemed rates.

A couple could have total taxable assets of $ 405,000 and still be eligible for a full pension under the asset test. If $ 375,000 were in a bank account, the assumed value would be $ 256 per fortnight, which is below the threshold of $ 320 per fortnight. They would therefore be entitled to the full rate pension.

This story Good reads that are on the money for Christmas gift ideas
first appeared on Canberra weather.


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