Affinity Insights – Issue 20, December 2022

Welcome to our 20^th edition of Affinity Insights.

The festive season is here, and the new year is fast approaching.  We will be taking a little break to spend some time with family and friends, as we hope you will too.

Last month we hosted our Market Update in-house and received great feedback. Thank you to all those who attended. We endeavour to host more insightful events in the future both online and in person.

Over the course of this year, I wrote a series of articles on Family, Wealth and Succession. The articles discuss the stages of succession planning with your family, and the challenges you may face when teaching your children how to deal with wealth. These articles are available to read on our website. If you have any suggestions for future articles, please feel free to email them through to me.

As 2022 draws to a close, we would like to take this opportunity to thank you for your continued support throughout the year and wish you and your families a very safe, happy, and prosperous 2023.

From Rodney M. DeGabriele and Tony Vikram

Our office will be closed between the Christmas and New Year holiday period; 

We will close from 12 noon on Friday, 23^rd December.

We will reopen on Monday, 16^th January 2023.

Should you have any queries during this time, please contact either Rodney DeGabriele on 0488 993 175  or Tony Vikram on 0421 344 238.

Molly McGinn

We are delighted to welcome Molly McGinn to the Affinity team as an Associate, working alongside Rodney DeGabriele.

Molly has completed a Bachelor of Commerce, majoring in Financial Planning and Minoring in Marketing. Molly comes to us with a paraplanning background giving her a wealth of practical knowledge that is integral to the everyday operations of Affinity Private Advisors.

We would like to welcome Molly to the team.

In our most recent Market Update, we review our 2022 outlook from this time last year and discuss the outlook for 2023, in relation to major economic drivers and how that translates to likely market conditions for the year ahead.

Our latest Market Update is now available to view here.

Cyber Security Awareness is becoming more and more important for us to stay secure online. The first steps to stay secure online are:

• turning on automatic software updates
• regularly backing up your devices
• switching on multi-factor authentication
• using passphrases
• securing mobile devices; and watching out for cyber scams.

Why not check out the Australian Cyber Security Centre’s 4 cyber security themes and related resources to keep yourself and your business safe.

Read the full article here.

A recent article by Charity Aid Foundation (CAF) explored the concept that donating to the causes you care about not only benefits the charities themselves, it can be deeply rewarding for you too. Millions of people give to charity on a regular basis to support causes they believe in, as well as for the positive effect it has on their own lives.

Why is giving to charity so gratifying? CAF took a closer look at five reasons to donate to your charities of choice, we’ve shared these below.

1.Giving to charity makes you feel good

Donating to charity is a major mood-booster. The knowledge that you’re helping others is hugely empowering and, in turn, can make you feel happier and more fulfilled. Research has identified a link between making a donation to charity and increased activity in the area of the brain that registers pleasure – proving that as the old adage goes, it really is far better to give than to receive.

The UK’s Charity Aid Foundations research into why people give supports this. They asked 700 of their generous donors about what motivates them to give regularly to charity; 42% agreed the enjoyment they receive from giving as a key influence.

2. Giving to charity strengthens personal values

In Charity Aid Foundation research, ‘Why we give’, a feeling of social conscience was the most widely-given reason to give to charity. Whatever type of charity work they supported, 96% said they felt they had a moral duty to use what they had to help others, a sentiment very much rooted in their personal values and principles.

Having the power to improve the lives of others is, to many people, a privilege, and one that comes with its own sense of obligation. Acting on these powerful feelings of responsibility is a great way to reinforce our own personal values and feel like we’re living in a way that is true to our own ethical beliefs.

3. Giving is more impactful than ever

Many people are concerned that their donations to charity may be reduced by tax or administrative costs, preventing the full amount from reaching the people or causes they really want to help. Thankfully there are ways to make the most of every donation to charity.

Give to charity tax-effectively, such as by donating straight from your salary before tax is deducted through a payroll giving scheme, donating shares to charity or leaving a charitable legacy in your Will. These methods of giving ensure your chosen charities benefit as much as possible from your support.

4. Giving to Charity teaches children the importance of generosity

Sharing the experience of donating to charity with your children shows them from a young age that they can make positive changes in the world. Children naturally love to help others, so nurturing their innate generosity is likely to mean that they grow up with a greater appreciation of what they have, and will carry on supporting charity in years to come.

Starting a tradition of donating to charity with your children is easy – try creating a family donation box that everyone can add to and nominate a family charity each year, involving the children in choosing which causes to support.

5. Giving to charity encourages friends and family to do the same

Your own charitable donations can inspire your nearest and dearest to give to causes important to them, and could even bring about a family-wide effort to back a charity or charities that have special significance to you as a group.

Family giving creates a bond, helping to bolster relationships through a shared goal and raising more money than could otherwise be possible through individual donations. Chances are, many of your family members are already giving to charity, so working together could help you to make even more of a positive impact.

If this has inspired you to make a donation to charity, go to www.causeconnect.com.au to make it easy to find a charity that’s working for causes important to you; whether you want to make a one-off donation, set up a donation plan or find out how to donate your time.