Good financial planning, and knowledge of the resources available, can provide a sense of security for anyone, and particularly people with HIV. The planning needs of HIV+ people depend on their personal circumstances, their current resources, and future needs. A person working full time, for example, has different resources and planning needs to a person who is unwell and unemployed. People can also have circumstances which can include periods of employment mixed with periods of inactivity:
For people who are well and/or working, particularly those with children, there is the issue of medium to long term savings and planning.
Usually cash, such as a bank account, is considered to be a very short term investment. The interest rates paid on savings accounts and the like is extremely low, and term deposits, whilst having a better rate, lock money up for a fixed period. On the other hand, cash in accounts is readily available.
There is an alternative to these, however – Cash Management Trusts. These are usually run by large investment companies, and offer a reasonable rate together with good access to funds, including cheque access. The catchs with CMTs are they often require a minimum deposit, or a minimum balance. If you have some savings they are a good place to park money with a 12 month to 2 year horizon.
The roller coaster ride. The stock market can offer good returns in the medium to long term if you pick a good company or portfolio of companies. The market has two factors affecting your investments – risk and volatility. Risk is the possibility of your investment going belly up, like some of the new technology companies. Volatility, on the other hand, relates to the rise and fall of the market, and, providing there is a general upward movement in your investment, not such an issue for medium to long term investors.
One way of investing in shares, or property for that matter, is to spread your investments not just by number, but also within individual investments through managed unit trusts. There is a multitude of these unit trusts, offering a diverse range of investment options, such as Australian and International Equities, and with a variety of outlooks, including bias towards income or capital growth, lower or higher risk and volatility, etc. The investment company employs professionals to manage these investments, and their performance history can be assessed from a prospectus.
The best way of accessing these products is to find an experienced and reputable investment advisor. In particular look for an independent advisor, and one who discloses the initial and trailing commissions they receive, or an advisor who charges a consultation fee only. The Victorian AIDS Council has produced an excellent guide on managing finances, 'the Positive way to stay afloat'. You can obtain a copy from Straight Arrows or directly from the VAC
At various times, many of us need to access the social security system.
For advice as to Benefits to which you or members of your family are entitled it is best to directly contact Centrelink. Centrelink staff also visit the Alfred Hospital twice a week providing a very discrete link to the social security system.
The following are central numbers – Australia-wide – for the designated Benefits:
131021
132717
136150
131202
132850
132490
132490
1800 810 586
A TTY service for hearing and speech impaired people. A TTY phone is required to use this service.
Depending on your situation the following Benefits may well apply at various times:
This fund was established in 1987 by the friends and family of David Williams, and provides emergency financial assistance and relief to HIV+ people experiencing hardship.
To be eligible for financial assistance through the David Williams Fund you must:
David Williams Fund Application forms are available from:
Straight Arrows provides a limited amount of emergency financial relief to people within our service category: HIV+ parents and HIV+ heterosexuals and their families. This is usually by way of voucher or utility assistance.