book

Smart Money Strategy

by Luke Smith

March 2023

Beginner to intermediate

400 pages

8h 8m

English

Wiley

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Personal financial advice and general advice
Truth 1: Your education doesn't prepare you for your adult financial lifeTruth 2: Your parents probably didn't prepare you for your adult financial lifeTruth 3: Most people plan for a tax deduction, not a lifestyleTruth 4: Nothing's going to change if you don't changeTruth 5: To change, you need to equip yourself — and that's where this book comes in

Figuring out your ‘why’Challenging your ‘why’Adding a time frame
Foundation 1: Respect your earningsFoundation 2: Pay attention to your spendingFoundation 3: The cost of money is interestFoundation 4: Be realisticFoundation 5: Reward yourself
Understand your ‘why’Remember the five foundationsStart with the Basic Stack: Budgeting, where earnings meet spendingUse a Risk Assessment StrategyStack your strategies appropriatelyAssess, execute, review, refine and repeat
RedundancyMarriage and divorceAn unexpected windfallTrauma and disabilityStacking for the next generation
Know your money truths before you beginThe Strategy Stacker's Starting PositionWorking out your starting position
Strategy stack: ‘I want to save more and buy a house one day’Strategy stack: ‘We want to reduce the mortgage and raise our family’Strategy stack: ‘We want to retire comfortable and debt-free’Strategy stack: ‘We want to retire, but how do we actually do it?’A final note on these scenarios
The Budget Management StrategyThe Cash Flow Management StrategyThe Debt Reduction StrategyThe Risk Assessment Strategy
The Diversification StrategyThe Dollar Cost Averaging StrategyThe Investment Structure StrategyThe Asset Allocation StrategyThe Asset Selection StrategyThe Investment Selection StrategyThe Franking Credit StrategyThe Fee Reduction StrategyThe Appropriate Tax StrategyThe Gearing Strategy
The Super Vehicle StrategyThe Consolidation StrategyThe Contribution StrategiesThe Contribution Catch-up StrategyThe Super Splitting StrategyThe Spouse Contribution StrategyThe Government Co-contribution StrategyThe Re-contribution StrategyThe Appropriate Super Fees StrategyThe Appropriate Tax in Super StrategyThe Downsizing Contribution StrategyThe Super Investment Strategies
The Retirement Readiness StrategyThe Transition to Retirement StrategyThe Retirement Income Vehicles StrategyThe Retirement Investment StrategiesThe Appropriate Retirement Fees StrategyThe Appropriate Tax in Retirement Strategy
The Income Protection StrategyThe Trauma Protection StrategyThe Total and Permanent Disability Protection StrategyThe Life Protection StrategyThe Key Person Protection Strategy
The Last Will and Testament StrategyThe Testamentary Trust StrategyThe Power of Attorney StrategyThe Superannuation Nomination Strategy and the Reversionary Pension Strategy
You don't know what you don't knowThings change — you'll never keep up with the latest optionsAsking family and friends for financial advice is a risky ideaTrying to go it alone is just too difficultAdvice is not just for the ultra-richYou've got goals you want to achieveYou don't want financial stressYou're looking for a better way to manage your moneyYou're facing a redundancyYou want certainty when you retireYou've had an unexpected windfallYou've gone as far as you can by yourselfIt's all too complicated!You think you're paying too much taxYou want to stack strategies in your favour for a better life
The financial planning process in six stepsThe financial plan: What should it cover?