You’re achieving your career goals, earning good money, and keeping your head above water with the work and family juggling act. Overall life is good.
But you just can’t shake the feeling that you’re not quite getting as far ahead as you would like. It’s a story we hear often when we meet busy and successful people. The good news is you can take back control.
Steps to get your financial house in order
A financial health check is the first place to start. It involves a full review of your situation to assess where you’re at and what’s most important to you. Only once you have clarity around these issues can you construct a plan to take you there.
Whilst no two people are the same, below are common areas busy and successful people often require attention:
Debt management: You may have debt associated with an investment property, principal residence, motor vehicles or a combination. It’s important to review these arrangements to ensure they are structured most efficiently and develop credible strategies to accelerate repayment of the right debt.
Cash flow management: Most cringe at the thought of setting and maintaining a budget, however our ability to build wealth is ultimately determined by how much we save and how well it’s invested. Success is achieved by developing a realistic plan that balances the lifestyle you want now, with the future you’re looking to build.
Wealth creation: Once you have a handle on your cash flow position you can begin to evaluate various wealth creation strategies. This may involve property, building a diversified investment portfolio, superannuation, or a mix of these. The path you take should be tailored to your objectives.
Superannuation: It’s tax effective and almost 10% of your salary is paid here, yet most don’t give it enough attention. Yes, there is a balancing act between tax efficiency, accessibility and the constant rule changes, but the legislative trend has been to reduce amounts that can be contributed. This makes it even more important to establish a sound contribution strategy much earlier.
Wealth protection: Your career is flying and you’re earning enough to provide the family with a comfortable lifestyle, but what if something happens to you? Will that lifestyle be at risk? It’s critical to establish safeguards that protect your family’s financial security when life doesn’t quite go to plan.
If you’re achieving success in most areas of your life, but this is not quite translating into the financial results you deserve, speak to a professional financial adviser today.
This information is general advice and does not take into account any person’s objectives, financial situation or needs.