Here is what you need to be doing in your 20s, 30s, 40s, 50s and…
The Value of Wealth Advisers
When we think of being wealthy, images of expensive cars, extravagant holidays and luxury houses may initially come to mind. However, most of us know that when it really comes down to it, true wealth is more about financial freedom, time away from work to be with family and a future that is financially secure. Similarly, when we think of the term “wealth advisers” this may seem to apply to wealthy people with six figure incomes and big portfolios. The truth is, not many people have a chance to get wealthy without first attaining some form of wealth advice. Wealth advisers are invaluable in helping you moved beyond salary. They can help you obtain the financial freedom you desire. However, first you will need to start with the basic foundations to get to your destination.
Wealth Advisers Will Help You Create a Plan
Unless you come by a windfall of some description, there is no such thing as accidental wealth. Even if money comes in quickly, if you do not have a plan in place, the cash will find a way to disappear quickly also. A budget is basically a written plan for where you want your money to go. This sounds obvious to most, but when you sit with a wealth adviser and discuss your plans for the future, your adviser will take into account your current situation and any other scenarios that you may come across moving forward. This could be health issues, family planning or business milestones along the way for example. Your budget will be adjusted and tailored to your own scenario. This makes a budget a very powerful tool to put towards your future goals. With a proper budget in place for now and the future, you are empowered to “think big” about your future, with the assurance that if you follow the plan, you will be able to achieve your goals.
Wealth Advisers Will Help You Kill your Debt and Encourage You to Spend Less than You Make
The best thing you can put towards your future wealth is your own income. If your income is busy paying off debt, then you will only be holding yourself back, and your future will not feel so secure. Your wealth advisor will be able to sit with you and potentially work to consolidate your debt if necessary, allowing you to get rid of it quicker, giving you as much time as possible to get back to wealth building and dreaming for the future. The hard truth is that regular smashed avo and overpriced coffee may feel good in the moment, but these daily spends may not be great for your financial future. If you act like you have already reached your financial goals before you really are financially free, then you may be sabotaging your future without even realising. Again, a budget is vital, to ensure that when your debt is killed, you are spending and saving according to your goals and objectives.
Wealth Advisers Will Help You to Grow Your Wealth
Your financial advisor will not only encourage you to organise your income and pay off your debt, but also to invest your income for the future. In fact, investing is really just the beginning of your wealth creation, with your budget and being debt free as the foundation to start the journey. Wealth advisers will present you with strategies to help grow your wealth. They will analyse your situation and risk tolerance and develop a plan for your future success. This is no get rich quick scheme, this is a tailored plan for wealth creation with investing for consistent saving and time in the market. Not timing the market. Once you start your investing journey, your adviser will meet with you at regular intervals to ensure you are on the right track and make adjustments to your portfolio and budget if necessary. This is wealth creation, not just for the wealthy, but for anyone with the drive to start the journey. A strategy that can help you climb beyond salary and help you live without limits.
It does not make much of a difference whether you start big or small, the important thing is to start. Once you make the decision to begin growing your wealth financial advice should give you the confidence to dream up a wealthy future.
For more information get in contact with Elliot Watson Financial Planning on 02 4038 1623.
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