4 Steps You Can Take to Financial Success

Do you want to get ahead with your finances in 2020?

It’s necessary to take some steps to get there. It may seem daunting and overwhelming but like anything, if you have a professional guiding you along the way, small steps can lead to big changes.

Step 1 | Seek advice

It’s hard to achieve great success without a team of experts behind you and your wealth is no different.

The best athletes and business people in the world have coaches and advisers to help them. The right advice can help you save time and avoid costly mistakes.

A financial adviser can work through a myriad of options with you and implement a strategy aligned closely to your financial goals. Retirement planning, tax-effective super strategies, investments and estate planning? Your financial adviser can help you with all of these areas.

Step 2 | Understand what role risk plays

One of the first things your financial adviser will do is work out your risk profile.


Because risk is related to return, and this will help drive the recommendations they make to you in terms of your financial plan.

Generally, the higher the risk, the higher the return. Some people like higher risk investments because they have the potential to deliver higher returns. But others have less tolerance for risk and prefer less risky investments.

It’s important to remember that markets are cyclical and shares are a long-term investment so if the market wobbles, your financial adviser is best placed to keep an eye on your investments and determine if they remain aligned to your overall financial strategy.

Step 3 | Check your super

Your superannuation could be your largest asset, other than your own home.

Given it’s such a large sum that you have been contributing to for years and years, and you are relying on it to sustain you in your retirement, isn’t it something you want to get right?

Sure, it’s a long-term investment, but it should be invested in-line with your risk profile and financial goals. And you DO have options. As well as your employer contribution, you can contribute a bit extra through salary sacrificing. Contributing more to super will not only boost your account balance, but it could also reduce the amount of tax you pay.

Step 4 | Stick to a budget

Sounds boring, right? But a budget is not boring, it’s empowering!!

Setting a realistic budget will help you understand where your money is going, what can be trimmed and where you can invest to save for your future.

It will help you see the bigger picture. Understanding your overall financial health and having a budget aligned with your financial goals gives you a true understanding of the benefits of working with a financial adviser. You can start to see a real change in your circumstances.

Having a budget doesn’t mean giving up things you want, it just means you plan for them and you make sure you can afford them BEFORE you spend the money. Setting and sticking to a budget is really the simplest step to help you get ahead.

If you’re serious about getting ahead with your finance in 2020, speak to our team. We can help you understand your risk profile and develop a realistic budget. Click here to schedule a free call at a time convenient with you. It could be the most important call you have this year.

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