I have received an inheritance and would like to know what to do with it?
When receiving an inheritance, it is an opportunity to review your financial position. Mortgages can be reduced, upgrades to home, holidays, motor vehicle etc. You may also contribute funds to superannuation to give you retirement savings a massive boost. You may also consider investing which may include investment property, shares or managed funds. At the same time, you may review your insurances as you may not need as much cover anymore.
I would like to leave some money to my family when I die.
Having a properly constructed Will is the first way to ensure what happens to your assets when you pass. Nominating beneficiaries on your superannuation which may also include insurance as part of the benefit. Establishing life insurance outside of super and nominating beneficiaries. Life insurance and superannuation is paid outside of your Will, all other assets are governed and administered by what your wishes are in your Will.
I don’t seem to be able to save?
You are not alone with not being able to save. Keeping a budget and reviewing your spending will help you see where your funds are going. Once you have an idea of your spending habits you can set a strategy to save some money both short and long term.
What risks are there with investments?
Any investment whether property or shares have risks. Matching you risk profile (i.e. what you are comfortable with), your time frame for investment, with your goals will all help with the selection of the correct investments suitable for you.
Are there any tax benefits with investing?
Many investments have tax concessions or benefits attached to them. The most important thing is to consider the investment not how much tax you can get back. Direct shares often have franking credits attached to them and direct property depending on the age may have depreciation and other allowances.