Retirement
3 steps to retiring like a celebrity
When Aussie soap star, Blair McDonough began investing he thought property was the best option, however he’s since learned that “there is a lot more to investing”.
3 steps to retiring like a celebrity
When Aussie soap star, Blair McDonough began investing he thought property was the best option, however he’s since learned that “there is a lot more to investing”.
Speaking with the founder of No More Practice Education (NMPE), Vanessa Stoykov, the Home and Away and former star of Neighbours and Big Brother said that while one in five Australians own an investment property, property isn’t always the best path to wealth accumulation.
Mr McDonough explained that this revelation came about after he realised he was unprepared for retirement and that property wasn’t helping him achieve his goals.
“What I realised, and what has changed my and my family’s life is that it isn’t necessarily true [that property is the best path to wealth accumulation] – there is a lot more to investing than just property.”
Ms Stoykov added: “Blair was the perfect example of a typical Australian investor. When we began the series, he was trying his best. However, unfortunately he didn’t have the tools to understand what was realistically going to help him and his family long term.”
The television series, Learn from the Money Masters tracked Mr McDonough’s journey from a state of retirement unpreparedness to being “a successful investor”.
Tips from a Summer Bay star
Mr McDonough has since sold his investment property in order to fund a more diverse portfolio and has hired a financial adviser.
“You need to be prepared to make a little bit of an investment when it comes to planning, so that you can have the best help to grow your wealth and security for the future,” he said, explaining his decision to engage an adviser.
He also created a “realistic budget” to help get him and his family on the right path for a comfortable retirement.
These steps were informed by the three key lessons Mr McDonough learnt.
“Don’t put all of your eggs in one basket”
(NMPE) said the actor had fallen prey to an assumption that property was the “only way to get ahead”, as many Australians do.
However, NMPE advised: “Having a wider range of investment options (such as shares, etc.) are a much more stable long-term strategy.
“Don’t be scared of ALL debt”
It’s “important to realise that not all debt is good”, NMPE said. Likewise, not all debt is bad. The education consultancy said it’s “essential” that investors understand the different debt types and how they can impact a portfolio.
“The key is also planning for debt, and being constantly aware of it.”
“Be patient”
Contending that investment strategies need to be long term, NMPE said impatience or shakiness in the face of falling stocks can impact the success of strategy.
Behavioural economist and 2017 Nobel prize winner for economics, Richard H Thaler has identified the compulsion to intervene as a critical human cognitive bias which can see humans forget the way they misunderstand causality and their own competence. As such, solutions may be put in place which can lead to failure".
“Being patient is easier said than done, but it’s essential," NMPE concluded.
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
Retirement Planning
Age-appropriate housing could reduce hospitalisations for elderly Australians, report finds
A new report from the Australian Institute of Health and Welfare (AIHW) has highlighted the potential benefits of age-friendly housing in reducing hospitalisations among older Australians. Read more
Retirement Planning
Retirement Living Council urges focus on seniors' housing as population ages
The Retirement Living Council (RLC) has called for a renewed focus on retirement villages as a key housing solution to cater for Australia's ageing population, following the release of fresh ...Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more
Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more
Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more
Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more
Retirement Planning
Age-appropriate housing could reduce hospitalisations for elderly Australians, report finds
A new report from the Australian Institute of Health and Welfare (AIHW) has highlighted the potential benefits of age-friendly housing in reducing hospitalisations among older Australians. Read more
Retirement Planning
Retirement Living Council urges focus on seniors' housing as population ages
The Retirement Living Council (RLC) has called for a renewed focus on retirement villages as a key housing solution to cater for Australia's ageing population, following the release of fresh ...Read more