Will McEniery Wallace - Financial Planner

07/03/2024

Are you working in the Mining, Oil and Gas Industry and not sure how to start investing? Here's a beginners guide

The concept of retirement these days is that you have a significant property portfolio, millions of dollars in shares of be the beneficiary of wealth parents, however this is simply not the case.

05/03/2024

If you’re working in the mines, I have to be dead honest with you about your money.

You may be on a good salary.
You may be cashing in some good wages from your overtime.
You may have even been saving up that money and have a nice little reserve for a rainy day.

But here’s the cold truth.

NONE of that matters (anymore).

I’ve seen so many tradies and miners work hard all their lives...
Sacrifice valuable family and personal time…
Miss dinners, children’s birthdays, never go on holiday…

Only to end up broke.

SIMPLY because they failed to focus on building their wealth.

The reality today is that wages, savings and superannuation is NOT enough to secure financial freedom in this day and age.

Hardworking people need a ROBUST financial strategy in order to facilitate long-term wealth.

If this sounds like you..

Then I’ve put together a guide to the top 10 financial tips to execute if you’re working in the mines
👇

https://lnkd.in/gDjz6aNn

29/02/2024

One of my clients was a mining surveyor for 30 years earning $220,000 per year. At age 55, had virtually nothing to show for it.

He had little in terms of savings.
He had two mortgages, and was nowhere close to paying them off.
He had kids he barely knew, because he worked 100-hour weeks and didn’t watch them grow up.

This man thought that he was destined for a life of either work or retiring on the aged pension.

But when he approached me, I said “don’t worry mate”.

We used a salary sacrifice strategy to reduce his taxable income and build his superannuation.
We used a debt reduction plan so that he could pay-off all his debt much sooner.
We consolidated his superannuation to save account keeping costs.

My client expected to work until age 80.

But by age 69, he was able to retire comfortably thanks to the new strategy he implemented.

Yes, he worked more years than what he wanted.

BUT

With proper planning, he was able to turn his life around more quickly than he ever thought possible.

If you’re in the mining industry, working ridiculous hours, and earning pretty good money..

NOW is the time to start planning for your future.

05/10/2023

Episode #5 - How to Manage your Money in the Mines - Topic: Debt Recycling + Early Retirement.

Different episode today, speaking about how you are able to use a portion of the equity in your home to create a passive income stream to assist in paying down your non-deductible debts while also having to ability to replace your income in the future.

With interest rates rising and investing properties getting further out of reach, this could be a good alternative and solution to get out of mines sooner.

If you unsure as to how this could help your pay-down your owner occupied residence or would like to know more about creating a passive investment, please don't hesitate to get in touch.

As always this is general advice only and always consult a professional before making a decisions.

03/10/2023

Episode #4 - How to Manage your Money in the Mines - Topic: Sequencing Risk Part 2

After explaining how sequencing risk can affect a client running out of capital in retirement, here we provide an example solution as to how we could structure a portfolio to prevent this deletion of capital.

If you are unsure about how to structure your portfolio in retirement, or would like some additional information on how to combat sequencing risk, please don't hesitate to get in touch.

As always this is general advice, so always contact a licensed professional before implementing these strategies.

26/09/2023

ATTENTION - BOWEN BASIN MINERS

Episode #3 - How to Manage your Money in the Mines - Topic: Sequencing Risk Part 1

In the video I attempt to explain the complicated topic of sequencing risk and how it will affect a clients capital within retirement. Understanding and having a strategy in place to address sequencing risk is very effective way to ensure that we are able to preserve capital and meet your goals.

If you are concerned as to how you maybe affected by sequencing risk or would like to understand how to make sure that you do not run out of money in retirement, please don't hesitate to contact us.

19/09/2023

ATTENTION - BOWEN BASIN MINERS

Episode #2 - How to Manage your Money in the Mines - Topic: Superannuation Contributions

With the majority of the mining, oil and gas industry on or above the highest marginal tax rate, salary sacrifice is a very simple yet effective strategy to reduce your tax able and build your wealth.

There is obviously a lot to consider before salary sacrificing, such as how much you can put into superannuation and the impact it can have on your cashflow.

If you are unsure of the amount of salary sacrifice your are able to make to make or would like to understand how this could help build your retirement savings, please don't hesitate to get in touch.

13/09/2023

ATTENTION - BOWEN BASIN MINER

Tip # - Budget 5

Weathers its shares or property diversification is key. If you would like to understand how you can diversification is able to help your build wealth please feel free to get in touch.

12/09/2023

ATTENTION - BOWEN BASIN MINERS

Episode #1 - How to Manage your Money in the Mines - Topic: Superannuation Asset A Episode #1 - How to Manage your Money in the Mines - Topic: Superannuation Asset Allocation

The first episode of How to Manage your Money in the Mines discussed how your default superannuation is invested and what return your can typically expect to achieve from this asset allocation.

Asset allocation is always one of the first areas that we review with our clients as it creates a good conversation around the risk verses reward trade-off.

As always this is general advice and if you have any further questions, please don't hesitate to get in touch.

24/08/2023

ATTENTION - BOWEN BASIN MINERS

On the 14th of September we will be hosting an event at the Star Hotel in Emerald for local miners and their families.

This is an educational event where we will review different investment strategies to pay-off your home loan in half the time, while also generating a passive income to eventually replace your mining wage.

If you are interested in attending this free event, please register your interest via the below link.

https://lnkd.in/gNk4tRKh

Look forward to seeing you then!

17/08/2023

ATTENTION - BOWEN BASIN MINER

Tip #3 - Budget

If your interested in understanding how a you can implement a spending plan that aligns to your lifestyle, please don't hesitate to get in touch.