which I read during some study time today from
ASIC REPORT 627: Financial advice: What consumers really think
I have had three = 3 conversations this week from the 'myselfs' who have DIY = Destroyed it Yourself.
The first with a
On 13/09/2019 12:12 pm,
> Hi John,
>
> I have a capital gains loss of $101,026.
The second today with the conversation going
'I may have a bad credit rating because of the debts incurred as a director of a building company'.
The figures we don't know yet.
The 3rd with a now client who saw us 7 years after buying a property in Gladstone for 410K & today estimated to be 250K to 270K.
'its killing me' he says as he has been waiting for a house valuation rise.
Sad but true but very personal stories that we never hear in public.
Yes there are winners as well & those are the stories the dreamers hear.
‘Debt is similar to weight & tattoos
Easy to get but hard to lose’.
Studying the REPORT 627: Financial advice: What consumers really think© Australian Securities and Investments Commission August 2019
Page12 Figure 3:
‘Key characteristics of Group A (left) compared with all Australians (right)
They were also more likely than all Australians to agree that
(a)planning their financial future made them feel secure (82%, compared with 68%);
(b)they regularly checked that their credit cards, insurance and investments still met their needs (77%, compared with 62%);
and
(c)they set long-term financial goals and worked towards achieving them (76%, compared with 58%)
.
Finally, the majority of this group intended to get financial advice again in the future (89%).
In line with the results of the online survey, the group discussions and interviews showed that people in Group A tended to feel confident in their financial decision making.
Many of them also reported being focused on the future, having clear lifestyle aspirations and being aware of the financial demands of different stages of life
When asked about their reasons for seeking financial advice, they often said they had a sense of financial responsibility and wanted to create wealth not only for themselves, but also for their children and grandchildren.’
Study can be interesting as it supports our experiences over 35 years.
John McAuliffe
