For individuals and families around Australia and Perth, managing your household budget and making best use of any amounts surplus to your immediate needs is crucial for your long-term happiness and financial wellbeing. Below are some of the common considerations that we work hand in hand with our clients at Boutique Advisers on, when delivering financial advice and devising their own bespoke wealth management plan.
Investment
High income earners are in a unique position to take advantage of investment opportunities as they arise across a broad range of asset classes, including shares, bond and real estate. All investment types have a place and purpose in your portfolio and it’s never the same solution for everyone – diversifying in line with your own goals, purpose and legacy needs is important. A well put together investment portfolio can provide for a significant uplift in returns over time and broaden what’s possible in your future lives.
Retirement fund
Making regular and consistent contributions to your superannuation account is a smart way to secure your financial lives beyond your working years. By starting early, you could be tens of thousands of dollars better off by retirement and minimise the tax you pay over the course of your career.
Debt management
Given the current high interest rate environment, it makes sense to divert some of your savings to paying down debts. Higher interest debts should be prioritized in addition to loans which you can’t claim a tax deduction, namely your home and personal loans. This will in turn free up further funds which can be utilised to meet your other life goals.
Experiencing life and what’s important
Whilst saving and investing your hard earnt dollars is important, spending some money on enjoying life with your family and friends is valuable on a personal and non-financial level. Whether it involves regular trips overseas or up north or down south, hobbies or making lifestyle improvements to your family home, it’s important you allow and budget for this. Building cherished memories that you can look back on should play a big part in your wealth management plan and forms part of your legacy, or the memories you leave behind, over time.
Get good advice
Be sure to collaborate with the right financial adviser when putting together your forward plan. A competent professional will take all of the above points into consideration, giving you clarity on where you’re heading in life and help you to make confident life decisions on your own life journey.
Please reach out if you think we can help.
Sean Hocking works with individuals and their families to provide peace of mind and clarity around their financial future. Having a roadmap in place which clearly articulates what’s important in the years to follow gives his clients the confidence to make clear and informed decisions throughout their financial life journey.