You’re at a stage where your financial goals are advancing and you’re looking for opportunities to create greater wealth for you and your family. It is a time when you’ve accumulated a reasonable amount of investment and probably debt… debt is not always bad… sometimes it can work in your favour.
You’ve worked hard accumulating your wealth… looking after your family and your career… making sure you are in the best financial position that you can be… this stage is a critical one. Making the right decisions now have a huge impact.
Successful wealth creators know the difference between a saver and an investor.
Investing is different to saving because it involves putting your savings to work and accepting an element of risk in exchange for potential growth. Investing is all about being active with your money now… so as to build something in the future.
Strategies to help you move forward could be:
1. Use credit cards wisely
2. Review your savings process
3. Invest regularly – taking an appropriate amount of risk
4. Consolidate your debts and reduce your home loan quickly to save on interest paid
5. Use your superannuation effectively to make the most of tax concessions available
6. Diversify your investments to minimise the effect of market volatility
7. Protect your assets and family with adequate insurance to safeguard your lifestyle
8. Ensure your Estate is properly planned so your assets are distributed as you want them to be