When did your financial situation last get a tune-up?

As another year slips by, ponder this for a moment… We all get our car serviced at least once a year. Many of us get a health checkup once a year. It’s a good idea to get to the dentist once a year. We all do our tax returns each year. But when it comes to financial planning, it’s easy to keep kicking the can down the road.

I know most people find most things about money boring. Trust me, I know that from two decades of advising people on how important it is to take their financial futures seriously! These things can be boring… and to be honest, the more boring the better, because when it comes to money, anything ‘sexy’ or exciting is likely to be high risk and expensive. However, the reality is that what you are doing – OR NOT DOING - now is going to determine what your financial future will look like. Ignore that last sentence at your peril!

There are many aspects to financial planning and one of the key aspects of this is superannuation. After all, super is compulsory. If you find super boring and don’t take it seriously, then there’s a good chance you’re sleepwalking towards a tough financial future, or at least one that is not as good as it could be.

Many people who find super boring still understand that it’s a good thing, it just doesn’t excite them. Yet, the idea of being able to stop working does excite them and that’s what superannuation is all about trying to fund!

Super is simply a tax structure. Super is the opportunity for ordinary Australians to pay less tax on their investments – legally.

Think about it this way… there are only really four things you can invest your money in – cash, fixed interest, property and shares. The choice is whether you do that inside super or outside super (or a combination). The investments don’t change, the only difference is whether you are holding investments in a 15% tax environment or paying tax on those investments at your marginal tax rate, which is likely to be twice as high or more.

Yes, there are many rules that apply to super, but with a little help you can take advantage of the rules and create a fortune over time.

There are quite a few building blocks to utilise in building a strong financial. Super is just one. But, super is compulsory. Hence, why I’m talking about. You have to have it, so why not make it work hard for you? After all, it is your money. There are many other aspects we cover in financial planning.

Make the most of your financial future by getting some expert independent advice. For a small fee, you can be confident your money working as hard as you do. The difference between great management and poor management of your finances could be hundreds of thousands of dollars!

Is it time you got your financial future serviced?

Getting financial advice could be the wisest investment you’ll ever make!

Cheers,

Daniel

•••

If you’d like to find out more about how INDEPENDENT financial advice could help you manage cash flow, pay off the mortgage faster, get the most out of super and invest wisely, then get in touch on 0411 484 464 or head to wealthtrain.com.au.

This advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided are general advice only.

Daniel McGregor and Wealth Train are authorised representatives of Independent Financial Advice & Education AFSL 520963