Recent studies indicate that approximately 15% of Australians seek assistance with management of their personal financial affairs. Many of those surveyed replied that they had no spare cash available to invest – a fair point when you consider that most of us spend more than we earn! With the cost of living constantly increasing, including petrol, electricity and other everyday necessities, it is often hard to see where a surplus might come from. This is precisely where the right advice can prove invaluable.
Every one of us can improve our financial position using well planned strategies.
– When did you last prepare a family budget?
– How long did you stick to the budget?
– Have you considered different ways to reduce costs without affecting your lifestyle?
– Have you considered what your situation will look like in 5, 10, 20 years’ time?
– If you could put some money away regularly, what would you put it towards?
Good financial advice can assist with answering these questions and helping to achieve goals. Having a plan should not simply relate to having enough money to invest in a managed fund or buy a rental property. A ‘plan’ is just that – a road map to your financial future with directions along the way to help you arrive safely. What to invest in comes at the very end, after the funds have been made available. The most important piece of the puzzle is putting the steps in place to arrive at that end point, which is the true value of a ‘financial plan’. And most importantly, the sooner you start, the greater your chance of making a difference!