Start Building and Protecting Your Wealth Today!
Written on the 25 July 2018 by Nathan Drew, Fox Finance Group
Do you have a little voice in the back of your mind telling you that you could be financially better off but you just don't know what to do to make it a reality? Well, there is no time like the present to start moving in the right direction, so here are 5 simple things that you can do to start building and protecting your wealth today.
Step 1: Establish a Household Budget
We live in a world where immediate satisfaction and the ability to over spend is not generally feared. In fact, it's quite common and often people are completely unaware of exactly how much surplus cash is available to them on a week to week basis. To be effective in moving towards achieving goals, understanding your available cashflow is paramount.
Step 2: Establish Financial Goals
Identifying your financial goals and timeframes is key in planning and moving towards the future you would like. You may have heard that all goals should be 'SMART' goals: Specific, Measurable, Agreed upon Realistic and Time based. The more detailed and focused your goals are, the better your chances are of achieving them!
Step 3: Review Your Superannuation
Knowing where your Super monies are held and how they are invested is something that some people overlook. It is important that the investment selections and decisions made consider your personal goals and situation. Seeking advice from your Financial Adviser and reviewing your account every 6-12 months is an important step to ensure that your retirement savings are growing efficiently whilst keeping your retirement plan in mind.
Step 4: Review Your Personal Insurance
There are 4 different types of personal insurance cover that could be available to protect you and your loved ones in different circumstances. These include: Life Insurance (a lump sum pay out to your nominated beneficiaries upon death), Total and Permanent Disability Insurance (a lump sum payment should you suffer a specified significant disability or illness), Income Protection Insurance (a monthly payment to partially replace employment income in the event of an accident, injury of illness) and Critical Illness Insurance (also known as 'Trauma Insurance' and is designed to provide a lump sum payout in the event of specified traumatic medical events).
Step 5: Seek a Professional That Can Assist You and Help Keep You Accountable
One of the most important, if not the most important step, is to seek the assistance of a qualified Financial Adviser who specialises in creating and implementing a tailored financial plan based around your specific financial goals and personal circumstances.
Do You Have Someone Experienced in Your Corner?
Would you like to have your very own Financial Planner to help you get things in order? You don't need to have a lot of money in the bank to benefit from speaking with a qualified Financial Planner. If you are keen to learn more or you are ready to take action, please get in touch with us today.
Learn more about the Author Nathan Drew.
Author: Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via: LinkedIn