Christmas is fast approaching, and with it the challenge of finding the right gifts. As usual, I've done some research, and found some great books that would add value to the recipient's life.
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My must-buy is Same as Ever by Morgan Housel. He's brilliant at breaking down complex ideas and making them easy to relate to. But this isn't just another finance book - it's about life, decisions, and the stuff that truly matters.
The book is an absolute gem. It dives into timeless principles that shape how we think, act, and connect with others. It's packed with wisdom for anyone trying to navigate a world that's always chasing the next big thing.
Two parts really stuck with me: Warren Buffett's classic line about patience - "You can't make a baby in a month by getting nine women pregnant" - and a thought from Steve Jobs. When asked what would change in 10 years, he said, "I don't care. I want to know what will stay the same in 10 years." This book is for everyone, no matter your age or stage in life. It's an effortless read at just 200 pages with big print and plenty of white spaces - at just $23 from Amazon it's a steal.
The perfect gift for most adults is my new book, Wills, Death and Taxes Made Simple. The unique feature of this book is the real-life anecdotes it contains. I surveyed my newsletter base of 40,000 people, and they responded with a wide range of issues. For example, one person wrote, "Dad died, and Mum went straight to the bank to let them know. They immediately froze the account, and the family couldn't pay for the funeral."
Unfortunately estate planning is complex, and getting it wrong can cost tens of thousands of dollars in delays and unnecessary legal fees. When someone dies, those left behind face a mountain of red tape and, often, distressing disputes between family members.
There are so many issues involved - legal matters like wills, powers of attorney, and advanced health directives; the complexities of superannuation and taxation; and additional challenges when there are overseas assets or beneficiaries.
This book is an indispensable guide to arranging your estate to minimise family squabbles and maximise the legacy you leave.
My Retirement Made Simple, is perfect for anyone aged 45 and over. Retirement is often touted as a worry-free time - but right now it's not. People are living longer, government budgets are stretched, financial markets are volatile, and interest rates are moving up.
On top of that, there are the challenges of understanding investor psychology - including your own - and avoiding scams. A major facet of a fulfilling retirement is preparation: the sooner you start to plan, the better your retirement is likely to be. Yet so many people facing retirement don't know what they don't know. Retirement Made Simple is a gift that can pay great dividends.
Savvy shoppers can buy this book bundled with my new books Wills, Death and Taxes Made Simple for just $49.99 from my website
Elon Musk is one of the most intriguing and controversial figures of our time, and now he's part of the American government. Walter Isaacson's new biography takes you behind the scenes to explore the man beyond the headlines.
From Musk's relentless ambition to revolutionise entire industries to the personal struggles that have shaped him, this book gives a raw and unfiltered glimpse into his life. Isaacson's detailed research and engaging storytelling put you right in the middle of Musk's rollercoaster journey.
Whether you're a fan or a skeptic, this biography is a fascinating read that shows what it really takes to push boundaries and change the world.
At 670 pages, it's a hefty book, but the well-organised sections and great photographs make it a surprisingly easy read. Grab it for just $46 on Amazon.
Ask Noel
Question: I'd like to give my parents $400,000 to do as they please as I'm in a good financial position already. They are both on the aged pension and don't own any assets. They are 80 and should have plenty of years in them. Mum does mention cost of living is high so perhaps they can place it a fixed 5% term deposit and spend the interest but they are concerned they will lose the pension.
I've read up a little and it looks like they can accept the money without the asset test being an issue but I don't understand what happens to their income. Does it reduce or can they keep the full amount they are receiving as a couple and still get the income from a term deposit?
Answer: As they have no assets to speak of they will be tested as a non-homeowner couple. The threshold at which the pension would start to reduce for the assets test is $722,000 and for the income test $372 a fortnight. The $400,000 gift would be regarded as an asset and given a deemed value of $266 a fortnight for the income test. The pension should be unaffected as they would still be below both thresholds.
Question: We want to downsize from our home and contribute the proceeds to our SMSF - we have owned the property for twelve years but it was a rental for the first four years. Six years ago we sold our previous home and moved to this property as our main residence. I am on a pension and we're are Australian citizens, I checked on the ATO website and it states you need to own the property for 10years and have lived in it. What is the required time up at being a resident? I am 69 and my wife is 66. I have $415,000 in super and my wife has $35,000.
Answer: You qualify - the requirements are that you must have owned your property for a continuous period of at least 10 years. This is usually measured from the date of your original settlement when you purchased the property, to the settlement date when you sell it. The property being sold must be your main residence at the time of the sale, or it must be partially exempt from capital gains tax (CGT) under the main residence exemption. But you can contribute the money to superannuation without having to use up the downsizing contribution. Remember, non-concessional contributions can be made to age 75 provided your total Superannuation balance is less than $1.9 million. Under the bring forward provisions you could each contribute up to $360,000 provided you have made no other non- concessional contributions in the last 12 months. This will enable you to save up the downside contribution if you need it when you are older.
Question: You rarely mention gifting limits if one is a blind age pensioner - this category of people receive the age pension but are not means or asset tested. Are they excluded as a special concession from the normal age pensioner gifting limit of $30,000 over five years? I have had conflicting answers as this category appears to be in a grey area.
Answer: Regan Welburn of My Pension Manager says technically you are correct, when you say that gifting would not impact the payment rate of the blind age pension. But he recommends you seek personalised advice though as there are a few exceptions to this. If a pensioner is in receipt of rent assistance their pension is means tested and furthermore If they enter aged care (or receive a home care package) they would need to have a means test assessment and gifted assets above the limits would form part of this assessment.

