We live in the age of technology and information where catching up with the latest investment trends and fads is quite easy. Recently, Bitcoins has had its fair share of publicity. Being an Australian, if financial planning is in your mind, then here are the 4 forever financial principals that can set you on the right path to achieve your financial goals and live a prosperous life.
1. Don’t Forget to Pay Yourself First: The first lesson of the financial planning in Australia is always pay yourself first. Not more, but try to pay yourself at least 10% of your earning every month. This savings will help you secure your future financially; hence, start paying yourself from the day you start earning or your salary starts.
2. Don’t Spend Unnecessarily: Earning more doesn’t make you rich or ensures a financially secure future, but saving does, and not spending unnecessarily is also a part of financial planning. Always spend less money than you earn and live within your means. If required you can take help of tools and resources to assist with the budgeting process.
3. Don’t Depend on a Single Source of Income: This is the golden rule of financial planning – don’t totally depend on a single source of income. When you are saving, you will have a surplus amount left over that can be made available for investment. Contact an experienced financial advisor near you to suggest the best investment plans in Australia based on our current income and financial goals.
4. Don’t Forget to Protect Your Wealth: It’s great the you are earning a lot, spending less, but without insurance, any plan can unravel. For instance, for many younger people, their biggest asset is their ability to earn future income over their working lifetime. It's therefore important to protect this earning stream to not jeopardise your future plans.
Contact a Financial Advisor in Australia
If you need help with financial planning in Australia, then you can contact Wealth Managers Australia. The latter can help you take this action if you feel this is something you need.
Wealth Managers Australia is a Queensland based private wealth management company operated by the industry veterans. Our financial advisers are highly qualified wealth managers and specialise in self-managed super funds (SMSF), financial planning, retirement planning advice and investment portfolio management.
If you would like to speak to a financial adviser on how you can secure your financial future, please contact us 1300–306–858 or visit https://www.wma.net.au.