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Why Having a Will is Important

Having a will is important

Written by R. A. Stewart

Having a will is important. It will ensure that your estate is distributed according to your wishes. A will is considered to be one of the most important documents you can have in place. You can appoint some trusted person such as a spouse or other family member to carry out your wishes for you. You can outline your wishes in your will such as whether you want to be cremated or buried, and any other details you wish to add.

Your will allows you to make bequests which is the gifting of property and money to specified organisations or money. There are many forms of bequests, they can be split into three categories:

  1. Specific bequests-which is the gift of something distinguishable such as money, property, a vehicle, or stuff you own.
  2. Residuary bequest-a gift of whatever remains after previous gifts have been distributed.
  3. Whole estate-a gifting of your entire estate.

What are the consequences of not having a will?

One is that a lawyer will be appointed to handle your affairs which means that a chunk of your estate will be gone in lawyers fees.

The second and main thing to consider is that if you don’t have a will, your property, whether that is in the form of money, home, car, and whatever you own will be distributed in line with the Administration Act 1969 which outlines who is entitled to your estate based on their relationship to you. The order of priority is:

  1. Your spouse, civil union partner, or de facto partner are first in line, then
  2. Children (regardless of whether the parents of the children were married).
  3. Parents
  4. Siblings
  5. Grandparents
  6. Uncles and aunts

If none of these are applicable then the New Zealand government will receive everything from the estate.

In New Zealand, when someone has been living in a de facto relationship with someone for three years or more then both parties will receive an equal share of the assets if the relationship splits up. It is not known how this applies when deciding who gets what if one of them dies before the three years is up. Best to get advice on this.

As for your kiwisaver; that is part of your assets which will be distributed to your heirs.

There are many reasons why having a will is important and the main one is that the wrong people may receive some of your estate.

Would you like it if some ratbag who is a drug addict or alcoholic received your assets after you die? The question has to be asked, “What will such and such do with your assets after you have gone?” 

You just have to open your eyes and see what they have done with previous windfalls to get your answer.

If you do not have a will then family members who don’t have anything to do with you could be entitled to a share of your estate.

Having a will is important to ensure that the right people get taken care of when it is your time to go.

About this article

You may use the contents of this article as content for your ebook or blog. The information is based on New Zealand law and may not be applicable to you if you are from a country outside of New Zealand, therefore, discretion is advised.

Read my other articles on www.robertastewart.com

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Mastering the Art of Measurable Goals: A Guide to Success

What are Measurable Goals?

Written by R. A. Stewart

Have you ever set a goal, poured your heart and soul into it and still failed to achieve your goal, leaving you unfulfilled and disappointed?

It could be that you have set a goal which is vague and lacks clarity. 

The solution is to set goals which are measurable.

What is a measurable goal?

Setting measurable goals allows you to create a clear road map that allows you to track your progress and allow you to celebrate each achievement.

Vague Goal Versus Measurable Goal

A vague goal is “Lose weight”

A measurable goal is, “To lose 5kgs in 30 days.”

This kind of goal tells you what kind of outcome you are seeking. 

A vague goal is, “Get fit”

A measurable goal, “Is to complete a 5k fun run by 1 February. 

Once you have clearly specified your goal and measured it, it is time to set sub goals.

A lose weight sub goal could be to eliminate all fizzy drinks from your diet.

A goal of, “To complete the Park Run at such and such city this Saturday” is a measurable goal. It tells you what you need to do and when.

If your fitness is such that you need to start training in order to make this goal a reality then you will have a much longer time frame of say, 4-6 weeks, but your more immediate goals will be to run x number of miles per week and increase your mileage as your fitness levels increase.

Run more and your capacity to run longer distances will increase. It is all about the mileage.

Less active people have the capacity to do less exercise. It is the old story of “Use it or lose it.”

Other examples of measurable goals are:

Increase my Youtube subscriber count from 1,000 to 1,500 by February 28.

Save $5,000 for my airfare to the UK by December 31

Invest $1,000 into my retirement fund by June 30

Run 1 mile without stopping for a rest within 6 weeks.

Apply for at least 5 jobs in the xxx industry every week

Increase website traffic by 20% by April 2025

Run a 5k road race in under 30 minutes by March

Read one book a month by the end of the year

Learn 100 new words in a foreign language by June

Write one new article per week

List 3 new products in my etsy/ebay/amazon store per week.

This is a general idea of how to frame your goals so that they are measurable. You are more likely to achieve whatever you are aiming for if you are specific and put a time frame on it.

About this article

You may use this article as content for your blog/website or ebook. 

Check out my other articles on www.robertastewart.com

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Setting Achievable Goals

Setting Achievable Goals

Written by R. A. Stewart

“Whatever the mind can conceive and believe, the mind can achieve”-Napoleon Hill

A goal needs to be achievable, otherwise it is just a fantasy. To set a goal such as “Win the lottery next Saturday” cannot be achieved through your own efforts. It is just a fantasy.

To set a goal of “To be as good as Tiger Woods at golf” when you have no ability whatsoever at playing golf is also unachievable. That is not to say that you are not capable of reaching a certain standard if you take up golf.

What is achievable is a goal which you are physically capable of achieving through your own efforts.

“To complete your first 5k fun run” is an achievable goal if you can run.

Saving for something is a common goal which people aim for. Saving a specified amount of money per week always leads to a much larger goal such as a house deposit, car, overseas holiday, or a retirement fund.

Success can be measured in several different ways. A cricketer can measure their success in their chosen sport in terms of the number of wickets taken or the number of runs they have scored.

What is achievable can be just a matter of an individual’s self image and how they value their abilities. Venturing outside of your comfort zone will enable you to realise your full potential. A negative attitude, low self-esteem, and unwilling to step outside of the well trodden beaten path will be barriers to achievement. 

Negative comments from others who are quick to put a dampener on your aspirations are also a hindrance to your efforts to better yourself. It is best to keep your goals to yourself and focus on what you are doing.

Some people who are keen to tell others of what they are doing are doing so in order to gain approval from others, and when they do not get it they feel deflated. 

There is no law to say that others must give you their tick of approval to everything you do.

Don’t look at your current circumstances and think I cannot do this, but rather look at your current circumstances and think “What needs to change in order that I get the outcome which I am seeking?” You may have heard the saying, “Insanity is doing the same thing over and over again and expecting a different result.”

About this article

This article is of the opinion of the writer and may not be applicable to your personal circumstances, therefore discretion is advised. You may use this article as content for your blog/website or ebook.

Read my other articles on www.robertastewart.com

 

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7 New Year’s Resolutions Destined to Fail (And How to Fix Them)

7 New Year’s Resolutions which are Destined to Fail

  1. Lose weight

A New Year’s resolution to lose weight is destined to fail because it is vague and not specific. It does not say how you plan to lose weight and how much weight you are going to lose. A better goal will be “I am going to give up going to fast food outlets” or “I am going to join the local running club.” If you are going to give something up then it may be an idea to have some alternative healthy options in mind. Focus on living an active and healthy lifestyle and the weight issue should take care of itself.

  1. Save Money

A New Year’s resolution to “save money” is just as vague as a goal to lose weight. There is no power to it. If you are just frittering away your discretionary spending money and have little or nothing to show from your labours then something has to change in order for your finances to change. You are better advised to decide on what you are saving for and take the steps needed to get there. Joining kiwisaver if you are not already enrolled has to be your number one priority. There are share market platforms such as Sharesies, Hatch, and Kernel Wealth which are set up to enable ordinary people to invest in the share market.

  1. Get Fit

A New Year’s resolution to “Get Fit,” is another one which is destined to fail because it is too vague and not specific enough. How you are going to get fit is not answered in a “Get Fit” resolution. If you have a “Get fit” resolution then what happens is that after a couple of days of running around the block or a few games of backyard cricket old habits will take over and your New Year’s resolution will become a distant memory.

  1. Learn to Swim

“Learn to swim” as a New Year’s resolution is not specific enough. It would be better to have a goal of, “To take lessons at the local pool once a week,” or to resolve to practice one new swimming skill every week. It is consistency which drives results. 

  1. Learn to Drive

Another example of a vague goal. It is better to have a New Year’s resolution of “I intend to sign up for driving lessons on New Year’s Day or whenever the Driving School is open for business after the holiday break.

  1. Get a Job

Deciding to “Get a Job” as your New Year’s resolution means that just taking any job which comes along will fulfil your goal. If that is what you want; that is fine but if you have something specific in mind then specify it otherwise you will end up with nothing. It is worth keeping in mind that many people will work at something they do not like until something more suitable comes along.

  1. Learn a new Language

This is another example of a goal which is not specific enough. There are dozens of languages you could learn so which one are you going to tackle? It will be better if you set a goal of “I will learn one new French/Chinese/Italian or whatever word per day. Such a goal is specific and tells you what you need to do in order to achieve your goal.

 

Your New Year’s resolution needs to be specific and have an action in it otherwise it will be just a wish. For example if your goal is to complete a 5k fun run then you should frame your goal such as “I will complete a 5k fun run by January 31st, 2026.” The next step will be to decide how far you will run every week.

Www.getfitwithbobby.wordpress.com

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Stop Wishing, Start Planning: The Power of SMART Goals

Setting SMART Goals

Written by R. A. Stewart

You may have heard of S.M.A.R.T goals. If not, here is what setting SMART goals really means.

Specific

Measurable

Achievable

Relevant

Timed

Here is an explanation of each part of S.M.A.R.T goals.

Specific

A goal needs to be specific otherwise it has no chance of succeeding. Examples of goals which are vague and not specific are:

Lose weight

Save money

Go on holiday

Get fit

The reason why they are vague goals is that there is no way of knowing when you have achieved your goal. If your goal is to lose weight then how much weight do you want to lose? If you want to save money then what are you saving money for and how much money do you want to save?

Measurable

A measurable goal is a goal that you specify what you want top achieve. If you want to get fit and you have never done any running previously then you might set a goal such as “I want to jog one mile without stopping for a rest.” This is measurable. You know whether you have achieved your goal or not.

Achievable

The goal must be achievable through your own efforts. A goal such as “To win the lottery” is not achievable through your own efforts because you cannot do anything to influence the outcome. A goal such as “To eliminate one bad food from my diet every week” is achievable through your own efforts because your choices will influence the outcome.

Relevant

A relevant goal is one which is relevant to your own personal circumstances and skill set. A relevant goal is not one that is imposed on you by well meaning friends and associates who say, “You should do this and you should do that.” Think for yourself and make your own choices. It is a good idea to keep your goals to yourself unless of course they affect your family. 

Timed

A timed goal has a deadline attached to it. For example you may have set a goal, “To jog a mile without stopping for a rest.” This goal is not timed, but if it is December 31 then you may set a goal, “To jog a mile without stopping for a rest by February 1.”

Your next task is deciding how you are going to achieve your goal. On day one you may decide that you will jog for 400 metres, walk 400 metres, jog 400 metres, and walk 400 metres. 

In the second week you could increase the distances you jog without stopping and reduce the walking distance.

By breaking down your goal into simple steps you can achieve your S.M.A.R.T goal.

All the best and a happy new year.

About this article

You may use this article as content for your blog, website, or ebook. 

Www.robertastewart.com

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Finding Your Calling: Why Specificity and Passion Drive Personal Goals

Setting personal goals

Setting goals do not have to involve money on it’s own. If you set goals based on money then your life is out of balance. It is important to decide what is important to you and is the vehicle to helping you to achieve those aims. In short, money should not be your number one aim. 

If you accept a job with a higher pay then you had better weight up everything that the job involves such as the hours of work, the commute to the job, and responsibilities that come with the job and then decide whether it is worth all of the hassle.

It all depends on your personal circumstances and preferences. There is no size that fits everyone when it comes to goal setting. There is no such thing as “should” even though there are people who think others should do this or do that.

Personal goals are something which are personal to you. Here are some examples of personal goals:

Learning to swim

Learning a new language (specify)

Learning to drive

Learning to use the coffee machine

Learning to salsa dance

Reading the Bible from cover to cover

Meeting your favourite sports player

joining a sports club (specify)

The most important factor in determining your personal goals is your passions. The other factor is your talents. These two are often linked. Whatever most interests you is often where your talents lie but that does not mean that you cannot learn anything new. Most skills and talents are transferable. 

We often see international sports people using the skills which enabled them to reach the elite level in their chosen sport to help them succeed in their chosen career after they have retired. Many have prepared themselves for life after sport by studying to gain a degree during their playing days.

It pays to have a number of strings to your bow as a backup. 

You have to specify what your goal is otherwise it just becomes a wish and anyone can make a wish but it is taking action which will turn a dream into reality.

If you went to your travel agent and asked for a plane ticket they are unable to help you unless you were specific and told them your proposed destination.

Examples of vague goals which are non specific are:

To lose weight

To get fit

To be happy

To save money

The problem with vague goals is that there is no way of knowing when you have achieved your goal. Goals need to be specific and timed. A goal of “To deposit at least a grand into my retirement fund by June 30th, 2023 is a specific and timed goal. You have either achieved your goal or not.

A get fit goal may be “To be able to run a 5k fun run by 31 December 2023.” This is another example of a specific goal which has been timed.

Giving your goals a timeline will give you more motivation. Just telling yourself that one day or some day I will do such and such is not a goal; it is a wish and there is a big difference between wishing for something and being serious about achieving it.

Life needs to be in balance and it is important to consider your personal talents and preferences. Many people have achieved extraordinary success in their chosen field and despite not setting out to make money have accumulated a great sum of money doing something they enjoyed. 

The key here is to not make money your number one goal in life but rather discover your calling. No one else can discover that for you so come out of your shell and broaden your horizons. Who knows, you may just discover your life’s calling in doing so.

Having money behind you will help you to achieve your goals. Sharesies is an online share market platform which can help your savings grow and at the same time develop your financial literacy.

The Wise Travel Card serves as a secure and cost-effective companion for international adventures, designed to help travelers manage funds efficiently. A standout benefit is the ability to hold multiple currencies on a single card, allowing for effortless spending on local essentials such as accommodation, fuel, and snacks.

The card automatically converts money at the mid-market exchange rate, protecting users from the excessive fees and hidden markups typically charged by traditional banks. Through the Wise mobile app, travelers can instantly top up funds, track their balance, and manage their accounts on the go. For enhanced security, the card can be frozen instantly via the app if it is misplaced or lost.

Next Step: You may want to review the specific fee structure on the Wise website or app to see how much you could save on your next trip.

Travel with Wise

www.robertastewart.com

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Mastering Your Money: How to Set and Achieve Financial Goals

In order to get to where you want to go you have to know where you are going and this involves goal setting. Even if you do not set goals you will still end up someplace. Even those who ended up in the poor house started their journey someplace. Choosing where you want to go involves goal setting otherwise your destination will be chosen for you.

Setting financial goals 

Getting all of your finances in order takes a bit of give and take as far as deciding what you have to give up in order to achieve something else. If all our dreams came true we could buy anything we want when we want it but we do not live in our ideal world so we need to decide on what our priorities are.

In today’s world where getting one’s foot on the property ladder is unachievable for a lot of young people under their current circumstances that they need to find another strategy. They same rules apply whatever the circumstances and that is getting into the savings habit and investing money is important. If you are a New Zealander then I cannot stress enough how important it is to join the NZ retirement scheme kiwisaver. With all of it’s incentives such as the free government money and employer contributions this is a no brainer. Plus you will be able to use part of your kiwisaver for a deposit on your first home providing you have been with kiwisaver for five years.

If you are from another country then your retirement scheme will have different rules and schemes.

A multitude of factors will determine your financial goals but the main ones are:

YOUR AGE

If you are young then you have the luxury of time on your side and make time work for you. As the saying goes, “It is time and not timing which is the key to making money in the markets.” 

YOUR FINANCIAL SITUATION

If you are in debt then your number one priority needs to be getting out of debt especially if it is consumer debt. That is debt on stuff that you don’t need such as a TV set, lounge, videos, and other appliances. “If you don’t have the money to buy such items you don’t buy it,” is a good philosophy to have.

The money that is spent on luxury non essential items can be better directed to building your wealth. 

YOUR MARITAL STATUS

This is an obvious one but your marital status is a major factor in determining what your life goals are going to be because life is not all about you because there is another person in the picture; this means that you both have to be on the same page.

So how can I achieve my goals with x amount of money in my pay packet?

1 Increase your income

2 Reduce spending

3 Sell stuff you no longer need

INVEST YOUR MONEY

Invest your money, don’t just fritter it away like most people. An increase in your wages and salary should be invested unless of course you are living from paycheck to paycheck. Set savings goals with long term, medium term, and short term savings goals depending on what you are saving for. 

The time frame for when you require the money is a factor in determining where you are going to invest the money. You certainly would not invest in growth high risk high return stocks if you needed the money in the short term.

www.robertastewart.com

ABOUT THIS ARTICLE

In order to get your life and finances in order it is advisable to set goals. It is easier to set bite sized goals rather than set one big goal. It is easier for a marathon runner to set a goal of one mile repeated twenty six times rather than a goal to run twenty six miles.

Robert Stewart has his own website with articles on  mainly financial/money management on www.robertastewart.com

You may use this article as content for your blog/website, or ebook.

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Why Asset Class Diversification is Your Best Defense Against Volatility

Written by R. A. Stewart

When it comes to investing, it is important to invest according to your risk profile. This means diversifying your investments in several asset classes in order that you may take advantage of the highs in each asset class, and at the same time, minimizing the effect of a downturn in one of those asset classes. 

An asset class is a group of companies which have similar characteristics. They react to economic events the same way. A financial advisor will focus on asset classes as a way to reduce the risk and help investors to diversify their portfolio.

Each asset class offers different levels of growth and risk. Some asset classes such as cash in the bank are focused on capital preservation. 

Your choice of asset class has to be aligned with your investment goals.

Equities such as stocks and shares offer potential to make a good capital gain on your money, but are riskier than cash in the bank. 

Physical assets such as Real Estate and Gold offer chances to grow your wealth, but there are downsides to both. Investing in your own home may be a worthwhile investment for you but purchasing an investment property may not if it means that all of your money is tied up in that property. 

Your goals is the one factor which determines which asset class you are going to invest your money in. The question which has to be asked is, “What is the purpose of this investment?”

Once you have answered this question, you are left with your risk profile.

It is important to stress that you can have money invested in growth and conservative funds in different investments at the same time without it affecting your risk profile.

Here is an example:

A person in their twenties has 40+ years till retirement, therefore an appropriate investment for their retirement fund, (Kiwisaver in New Zealand)  is growth or balanced funds.

That same person may be saving up for a car and may have less than 12 months before they have saved enough for their purchase. Investing in conservative funds is right for them, though as they get closer to the time they require the money, depositing it in an ordinary savings account may be the best option.

Time is the major factor to consider when setting your money goals. The person who has time on their side is able to invest more aggressively into growth funds because they have more time to recover from a market downturn.

This does not mean that you should invest haphazardly, but rather taking calculated risks. The beauty of investing in managed funds is that your funds are invested on your behalf by fund managers and it is their job to ensure that your investment returns a profit. 

Cryptocurrency such as Bitcoin, Ethereum, and Dogecoin are an asset class, albeit, a risky one with the potential for high returns. If you are going to get involved in this then only do so with discretionary spending money. The same applies to investing in anything which is outside of your risk profile. 

You could be aged 70 or 80 but still fancy investing in growth funds. Do this if a market meltdown is not going to affect your lifestyle. New Zealand financial advisor Frances Cook has a formula for calculating what portion of your portfolio should be allocated to shares. You simply deduct your age from 100. 

I do know of some folk who do not follow this rule, and I am one of them. My view is that I may avoid the effects of a market meltdown if I followed Frances Cook’s formula, but then I am taking advantage of a buoyant market.

Its a decision investors must make for themselves and if it all turns to custard then you have only yourself to blame. 

About this article

The contents of this article are of the opinion of the writer and may not be applicable to your personal circumstances, therefore discretion is advised. You may use this article as content for your blog/website, or ebook.

Read my other articles on www.robertastewart.com

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Don’t let a cashless payment be an inconvenience

Written by R. A. Stewart

It’s a sign of the times when more and more businesses do not accept cash. This means that if you are on holiday, it is important to have a card which can be used for a tap and go with low bank fees. 

Most bank ATM cards will work on ATM machines in other countries ATM machines but each withdrawal will be costly and if you are using this form of payment for small purchases at the checkout in another country, your bank fees will quickly add up as you will discover once you return home on your overseas trip.

Using a debit card is a handy option. These work in much the same way as a credit card but with one difference; you are using your own money. Once your balance is used up, that’s it, you cannot spend any more than what you have in that account. It is just a matter of topping it up. 

The Wise debit card is one which I have recently joined. This is a travel card which can be a useful addition to your payment options where cash is not accepted.

When you sign up you require an ID such as a passport or driver’s license. You also need to verify your address. This is done using a utility or a rates bill.

Ordering your card is simple. Just log into your wise account and order it from there. It costs $14.50 ($NZ). You will receive your card within two weeks. 

While the  wise debit card offers numerous benefits, it’s not without its limitations. Availability may be restricted in some regions, limiting its accessibility to a global audience. Additionally, ATM withdrawal limits and fees may vary depending on the user’s location and the currency being withdrawn. However, these limitations are relatively minor compared to the overall value proposition offered by the Wise Debit Card.

Note Wise was previously called Transferwise.

Join Wise Here

Wise may not be for everyone due to different personal circumstances; therefore, discretion is advised. I may receive a small commission if you sign up for wise.

Www.robertastewart.com

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Reasons why investing outside of NZ Makes Sense

Written by R. A. Stewart

“Invest in several places because you do not know when misfortune will strike”-Ecclesiastes 11:2

Is advice given by Solomon and it is advice worth heeding because you do not know when a market downturn is going to happen. It could be the result of political turmoil, a natural disaster, or another pandemic.

When I talk about investing in several places, it does not only mean investing in several different companies, but rather investing offshore as well.

It is called diversification.

There are two main reasons why investing offshore makes sense.

  1. You have access to industries not available in your own country.
  2. You are able to buy into companies that lead the way in AI

There are global brands that you have access to when investing globally, some of these have given excellent returns over a long period of time. 

With such a larger pool full of world-leading industries and companies to invest in, you will have the opportunity for better returns.

On the other hand, New Zealand is a small country with an economy vulnerable to unforeseen events such as foot and mouth disease or natural disasters.

If foot and mouth took hold in New Zealand -it would likely result in the dollar plunging and more expensive imports. Tourism would most likely be affected, and GDP would fall to unprecedented levels.

There are other things which can affect our economy such as a trade war or a serious climatic event. 

It is a good idea to invest globally to mitigate the risk of exposure to a market meltdown in your country.

Check your retirement funds to see what percentage of it is invested globally. Even if most of your retirement fund is invested locally, you can still get involved in overseas markets on a shoestring.

One online platform for doing this is Hatch.

Hatch is a New Zealand based investment platform. If you are from a country outside of New Zealand then it will pay to check out those which are available in your own country.

Before you start  investing with Hatch or any other investing platform, it is important to know what kind of investments they have available and how they align for your investment goals and risk profile.

Invest for the long-term and avoid making short-term decisions based on emotion. Focus on your investment goals and above all be patient. Don’t get fixated on your balance. If you have invested according to your risk profile then your balance should not be a concern.

Smart investors mitigate the risk to their capital by investing in a diverse range of assets and industries. Investing in Hatch offers a gateway to global markets and a diverse range of investment opportunities. By understanding the platform, conducting proper research, diversifying your portfolio, and staying informed, you can potentially build a strong investment portfolio suited to your financial goals. Remember, investing involves risk, so it’s crucial to invest responsibly and stay informed about market dynamics and your investment choices.

Join Hatch here:

Invest in Hatch here

ABOUT THIS ARTICLE

The contents of this article are of the opinion of the writer and may not be applicable to your personal circumstances, therefore discretion is advised. You may use this article as content for your blog/website or ebook. Read my other articles on www.robertastewart.com