No matter how old or young you are, building wealth is important. Also, no matter how much your income you are earning now, you still need to set aside money for your future. This is often easier said than done especially if you have debts to pay and a family to raise – and particularly so if you live in Sydney.
Getting a financial advice from a qualified Sydney Financial Adviser will help you in many ways. If you are having a hard time setting financial goals on your own, here are the top reasons why you should hire a Financial Adviser in Australia today:
- Determine your current financial status. In my experience, there are many of us who don’t even know how much our current net worth is. Many people only have a hazy understanding of their true position regarding assets, risk and liabilities. Do you have enough savings in reserve? How about your insurance? Are you fully covered if something goes wrong? These are basic questions you need to ask for a better understanding of your true financial status. A good Sydney Financial Adviser will help point out what you are missing or what you need to improve on.
- Identify your financial goals. Okay, let’s say you want to buy a house or invest in property. How are you going to achieve it? Is it realistic with your current income? Do you need an additional source of income or set a budget you can live with? All these questions are easier to answer if a Sydney Financial Adviser is working with you.
- Make a budget & stick with it. Sometimes, the problem is not really about the lack of income, but the lack of discipline in spending. Do you have a disposable income even after spending or you always end up negative? Saving money for the future is important. What if your car suddenly breaks down? What if you need to repair or renovate your house or pay for medical bills? We always need to keep enough liquid funding in case of emergency expenses. More debt is not always the answer!
- Make worthy investments. It is not enough to have some money in the bank. To grow wealth and fund a good retirement, we need to learn how to make our money work for us. A good, local Sydney Financial Adviser will educate you and get you on the right track. The stock market offers opportunities for both small and big time investors, but it is also easy to lose money if you don’t know how to make a proper analysis. Your Financial Adviser can help you create an investment plan based on your risks and goals.
- Plan your retirement. You may be living a comfortable lifestyle now, but the question is will you be able to afford the same lifestyle when you retire and stop working? Sydney is an expensive town! A professional Financial Adviser can sit down with you and help you manage your retirement savings strategy.
Lastly, it’s important you choose the right Financial Adviser for you. A good Sydney Financial Adviser will provide accountability, transparency, will save you time instead of wasting it. He/she is able to give you a rational and emotion-free advice that benefits your interest.
If you want to know more, call Focused Financial Advice on 02 9003 0611.