The current environment has forced many individuals to evaluate their financial circumstances. There are many factors that cause financial stress including, unemployment, debt, providing for your family or you might feel worries about expected financial pressures. Wealth creation and financial planning are not just for businesses, when we work with you, we take into account ‘the whole picture’ and look for ways that we can improve your financial arrangements to help create, protect and grow your personal and business wealth. This approach applies to how we work with individuals as well as for businesses.
What is Wealth Creation?
Wealth Creation is the process of creating and building a stable source of income to allow you to meet your financial needs and reach your aspirations. Through well thought out and rational financial decisions we can assist in determining the value of wealth that you would like to create.
Wealth Creation in your twenties – it is never too early to grow your wealth.
Financial discipline and good financial management are not often associated with youth. It is never too early to start being savvy with your money. Reduce your debt to allow for a better financial position when you start thinking about mortgages and other significant financial steps. If you find you have accumulated debt and developed unhealthy spending behavior, look to set up a debt-repayment plan to get back on top and start saving.
If you place a small portion of your income aside, even if it is on $20 a week into a savings account this will help you begin your savings journey. Or if you are able to save a significant portion of your income, consider voluntary super contributions to help when you reach retirement age. Voluntary super contributions can be handy for security later in life however it should only form a small part of your strategy as you are likely to need more cash in hand earlier.
Consider your investment options and create some financial goals, once you know your goals you will be able to form a strategy around to achieve those goals. With any investment, it is important to understand what you are investing in before you hand your money over. The saying “if it looks too good to be true, it probably is” has been tried and tested, don’t fall into an investment trap consider all your options first.
Wealth Creation – Prepare for retirement
Retirement comes in different forms and means different things to different people, it could be spending time with family, tr
avel, new hobbies or relaxing; you’ve worked many years. When you are looking for freedom and flexibility of retirement it is important to ensure you have all you have a plan in place to cover your retirement needs and wants.
Once you determine what you would like when you retire, you will need to consider how much these things will cost and how that might look against the income you will be receiving in retirement. Along with funding your new adventures you will also need enough money to cover essentials, bills, medical expenses and other liabilities.
It is encouraged to assess your superannuation, know when you can access your super through transition to retirement, lumps sum or income stream. These are important to know before you leave the workforce and what flexibility it can provide when you start looking to retire. Ensure you are aware of the tax implications and regulations associated with accessing your super, penalties can apply if you breach these regulations.
Other areas to consider include estate planning, downsizing and reviewing your debt.
Holistic Solutions for you
Holden Accountants can provide a holistic plan that considered all your financial affairs, including;
- Budgeting & Cash Flow strategies for individuals and businesses
- Tax Planning Strategies
- Succession Planning
- Investment Planning
- Retirement Planning – including transition to retirement and income streams
- Estate Planning
- Self Managed Superannuation Fund (SMSF)
At Holden Accountants we stay up to date with knowledge and skills to offer you a holistic approach. No plan is’ set and forget’ with constant changes to our economy, regulations and tax developments we ensure your financial plan reflects the current environment.
Holden Accountants partners with external providers for specialist services such as personal insurance, mortgage broking, property investment, audit and legal services, we have selected a range of providers whose core values and service standards align with our own.
We will coordinate these services on your behalf and explain any recommendations to you in a language that is easy to understand. This ensures that you will have full information and can be confident about the manner in which your financial situation is arranged.
