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Milford $1.5m settlement with FMA

Milford Asset Management has been under investigation by the Financial Markets Authority (FMA) for alleged market manipulation. We advised our Membership Clients on 2nd April 2015.  Since this time, Milfords' mandate from the NZ Superannuation Fund has been suspended, and the FMA investigation has been ongoing.     ...

The Worlds Strangest Laws

And now for something a little lighter.... ...

KiwiSaver First Home Buyer Opportunities increased

When KiwiSaver was launched, one of the key features negotiated was the ability to withdraw your savings and your employers contributions for the deposit on your first home. At the same time, it was announced that first home buyers that had been contributing to KiwiSaver for 3 years or more would be entitled to apply for a First Home Buyers Grant (with eligibility conditions associated.) This meant that couple who were eligible (based on the value of house they were purchasing and their income...

Does your funeral matter?

Since the start of February, five people in my life have passed away.  Fraser (52) after a long and brave battle with Motor Neuron Disease, Peter (78) had prostate cancer, but his death was sudden and Helen (90 1/2) my role model and mentor on how to age with dignity and elegantly.  These were followed by two sudden deaths - my aunt Robyn (68), from septicemia from food poisoning and Matt (52) our long time beloved family lawyer of a massive heart attack. ...

How to get the most out of your Term Deposit investments

At Moneyworks, we help our clients to manage their KiwiSaver accounts and for many of our clients to build an investment portfolio.  The investment portfolio is usually designed to provide them with assets to live off in retirement. For a number of our clients, we also advise them on their portfolio of term deposits, which they hold both within and outside their Investment portfolios.  While managing your term deposits might seem easy, there are a number of things that you can to to optimise ...

How safe are your New Zealand Term Deposits?

In our conversations with people, and during the seminars that we present, we find that most people in New Zealand are under the mis-understanding that their Term Deposit investments with NZ banks are 'safe'. There are three factors to consider when deciding whether these investments are 'safe'. ...

KiwiSaver Statistics and information

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Is KiwiSaver working for you? How do you know?

KiwiSaver is a part of New Zealand life now.  Since it's launch on 1st July 2007 most people know about KiwiSaver, even if some people have not got around to joining KiwiSaver. At Moneyworks, we believe that KiwiSaver should be a core part of all our clients retirement savings strategy.  As a result of the low fees and good returns on KiwiSaver, a number of our clients who have reached the age of eligibility for NZ Super (age 65), where they can withdraw their funds, have elected to leave the...

Can you give someone your internet banking password?

Can you give someone your internet banking password? Well yes, but note that as soon as you do this, you are not covered for any losses that occur from doing this!!  So the answer is actually NO. ...

Stress free holiday checklist

With thanks to OnePath Life - here is checklist that will help you have a more enjoyable Christmas and holiday. I like the comment about hiding your remotes, and not putting valuables in drawers! ...

23 Things to know about money

23 Things to Know about Money before you turn 25 (Actually at any age!) A friend sent me this article and I thought it would be good to share it with you. It is from an American blog www.daveramsey.com. Although it is written from the perspective of a 25 year old, these are lessons that are relevant all through your life. ...

Are you having difficulty in borrowing money for your first home?

With the changes in the Reserve Bank requirements for lending to Loan to Valuation ratios of 80% or more (that is to people who don’t have a 20% deposit on their property) in 2013, more people are finding it difficult to get a mortgage. Or maybe your credit record isn’t as good as you would like? ...

Are you getting the best deal possible with your mortgage interest rates?

When a lender provides you with a mortgage, they want to make sure that they have good security if something was to go wrong.  They need to protect themselves against default on the mortgage.  They look at your income (servicing ability) for the mortgage and also how much they are lending you as compared to the valuation of the property (Loan to Valuation ratio or LVR). ...

Basic rules to consider with your mortgage

Unless you are a ‘trust fund’ child or do not own your own property, you are likely to have a mortgage during your lifetime.  Apart from your ability to earn an income, your  mortgage is likely to be the financial arrangement that has the most impact on your financial success. ...

Gallery

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Warren Buffet Investment Quotes

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Tax refunds, what is the risk that you owe IRD money if you do a tax return?

We have all heard stories about people getting into trouble with the IRD, and owing tax and penalty interest.  Some of the situations where this may happen include: 1. Setting up in business and not setting aside enough of your income to pay GST and tax. 2. Getting Working for Families paid on a regular basis, your income earns and pushes you into the next earning bracket and you end up getting paid too much. 3. Getting a pay rise and your employers PAYE system doesn't take the right amount ou...

Are investors getting too greedy with fixed interest again?

Before the Global Financial Crisis (GFC), New Zealand had it's own meltdown with Finance Companies.  Everyone learned a lot of lessons about the relationship between risk and return.  The higher the risk, usually the higher the return. ...

Birthdays and delayed gratification - why is it important?

One of the wonderful things about having good friends is that we are all different and have different experiences. In my family, the birthday tradition was that the children would get up early and make Mum and Dad a cup of tea and we would all pile into the bedroom to get and give birthday presents.  Then your birthday would be a special day for you, and dinner would always be your favourite meal (and I still, many years later, have a treat of stuffed potatoes as my special birthday treat when...

Is your 'stuff' properly insured?

About every five years, we do an annual project with our Membership Fee clients to make sure that their 'stuff' is properly insured.  We are not house and contents insurance specialists (but we do refer our clients to a terrific specialist insurance broker.) ...

Are you liable for USA tax? Do you have a USA Tax number?

Do you know about FATCA? ...

Travel insurance and credit cards - Important to read if you rely on your credit card travel insurance

For many years, we have had a Global Plus credit card that has provided us with travel insurance whenever we travel for leisure. No cover for business travel, no cover after 90 days, but I have read the terms and conditions and been very comfortable with the cover that we have had available. In fact, I have used the cover twice, and been very impressed with the results.  Once for an ear infection in Fiji, and more significantly, for a broken elbow (at the start of a 7 week cycling trip of Fran...

Travel insurance Trip-ups

In my opinion, the best personal finance pages produced in New Zealand are in the business section of the Sunday Star Times.  It is pretty much the only thing I read in that newspaper, but it is worth purchasing just for these articles. In particular, Rob Stock produces some thought provoking and valuable articles.  I often rip them out so that I can refer to them for blog articles, and for general awareness of issues for all of us in the business. ...

Buying things on your credit cards - is it worth it for everything?

Over the years the incentives for buying things on credit cards has increased (but the interest rates that apply if you don't pay ...

Bubble-ology - Context and pedigree are vital

Over recent days the New Zealand media has been awash with commentary on a column written by Jesse Colombo- a self proclaimed 'expert' on economic bubbles.  The column was  published as a contribution to the online edition of Forbes magazine.  12 Reasons Why New Zealand's Economic Bubble Will End In Disaster.  ...