Our ability to improve financial outcomes is based on years of experience of helping clients of all ages and stages of life… even for our most financially savvy clients.
In this article we share three of our most frequently asked financial questions.
Frequently asked financial questions
#1: How can I get ahead when I have so many competing priorities?
Competing financial priorities or poor financial habits may be preventing you from getting ahead, but you might be surprised to know what you can do to make the most of your circumstances.
Even a modest capital investment can significantly build your wealth over time. Whether you are starting out in your career managing escalating expenses such as your mortgage, vehicle leases, personal loans, credit cards, supporting a growing family and school fees, or building an income stream other than from paid employment to support you in retirement, there are strategies that can help you to better manage your income.
By understanding your financial commitments and long-term objectives, we can use real life scenarios, such as amending loan repayments or considering the use of offset accounts or redraw facilities, to help you make more informed financial decisions and set realistic goals to aim for. Other strategies to help you make the most of your income may include conducting a review of your expenses, prioritising your debts, protecting your income or identifying tax efficiencies through collaboration with other aligned professionals.
#2: How do I build an income stream for beyond my employment years?
Your income in retirement is likely to come from a number of different sources and there are a number of strategies to consider.
Whether you are a first time investor looking for long-term growth, or a seasoned investor seeking a passive income stream, we can assist you with bespoke investment planning tailored to your stage of life and risk appetite. It is through understanding your ‘big picture’ financial goals that we are able to add the most value when it comes to investment planning.
At Wealth Fundamentals we align your investment planning with your overall financial goals. We have access to specialist advice and through collaborations with investment researchers and financial analysts, we are able to seek insights into appropriate investment options which may include Australian and international shares, managed funds, cash and property.
#3: Do I need to reduce my debt before I can plan for the future?
We may be able to help you to use your debt to get ahead. There are many approaches that can help you better manage your debt.
By understanding your debt situation we can outline the impact of debt on your financial position both now and in the future. Through the use of scenarios, we are able to identify strategies which can help you improve your cash flow in the short term; use your debt to generate income through purchasing assets (shares, managed funds, investment properties); prioritise your debts; or identify methods to fund aged care such as reverse mortgages.
By collaborating with other aligned professionals such as your accountant, we may also be able to identify tax efficiencies or address more tax-effective ways of structuring your debt to align with your personal circumstances and overall goals.
Financial advice is not a one-size-fits-all commodity and everyone has different financial goals requiring unique financial strategies. Your strategies should never be ‘set and forget’ but adjusted to align to your stage of life, the greater macro-environment and your personal circumstances. Changes in your circumstances can have enormous impacts on your financial situation.
Don’t miss out on the advice you need, it could change your financial life for the better. If you would like to know more about the seven fundamentals to help create financial independence, I encourage you to contact us now on 07 3720 1299 or email admin@wealthfundamentals.com.au
Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This is general advice only and does not take into account your objectives, financial situation or needs, so you should consider whether the advice is relevant to your personal circumstances. You should also read the relevant Product Disclosure Statements (PDS) before making any financial decisions.