We Can Help Residents in Newcastle and the Hunter Achieve Their Wealth Management Goals
People have different interpretations of what wealth creation means. Some people view wealth creation as making money while others view wealth creation as accumulating assets.
There are many ways to create wealth but looking at wealth creation contextually comes down to basic principles and rules.
In order to create wealth you need at least one of the following:
- Cashflow – money that you are able to save or divert to investment on a regular basis. For example $100 pw or $1,000 pm etc. If you need support with your cash flow go to Cash Flow Management & Budget Planning
- Capital– a large sum of money. For example $5,000, $100,000 or $1,000,000
- Leverage– where you use someone else’s money to invest for example a bank or a venture capitalist etc
Tax minimisation means managing your finances so that the tax you pay is reduced as much as legally possible. This is a core foundation of wealth creation as any “good” investment can become a “bad” one if a bigger than expected tax bill is received. Australia’s tax system is complex. It can be difficult to keep abreast of all the rules which is why it is essential to receive sound tax advice from someone who is qualified to provide it.
All the tax services arranged by Elliot Watson Financial Planning are carried out by highly qualified tax specialists. We believe that it is important that your tax advice complements your financial plan; they need to work together to best build your wealth.