Financial Advice – It’s for everyone!
Many of us will earn a million dollars or more in our lifetime – but will only manage to keep a small fraction of it for ourselves. Sound financial planning is necessary for anyone who wants to enjoy a secure financial future – no matter what they want to achieve in life and no matter how much money they earn. The earlier you start saving the better off you are in the long run.
Steps to a successful financial future?
1. Work out your financial goals
Decide where you want to go with your financial plan. Start by establishing some short-term goals to help you stay motivated.
2. Work out a budget and stick to it!
Work out where your money is going and how much you can afford to put aside for your future. There are many good budget planners around, so have a look around until you find one that you like. The government website www.fido.gov.au has an easy to use budget planner.
3. Seek advice to establish a financial plan
With the assistance of a Financial Adviser, sit down and establish realistic financial goals. Make a plan of how you will achieve those goals and set a review programme in place to ensure that you stay on track.
How will a financial adviser help me achieve my financial goals?
A financial adviser can recommend strategies that can help you realize your goals. They follow a methodical process to ensure that any strategies that are developed are appropriate for you given your current situation and your financial goals. They review your situation on a regular basis to ensure that you stay on track.
The areas that a financial adviser will look at are:
Maximising cashflow
Debt reduction
Short term and long term savings goals
Investment advice
Personal & family protection
Retirement planning
Estate planning – including Wills and Powers of Attorney
How do I go about choosing a financial adviser?
There are many different financial advisers around and it is important to match yourself with the right one:
Ask a friend for a referral
Most people are referred to a financial adviser by a friend or relative who have had a positive experience.
Look for someone you can trust
Most financial advisers offer a free initial consultation. This gives you the opportunity to meet with the adviser and get a feel for their business and their ability to build a long term relationship to assist you with your financial goals.
Be Prepared
Before your first appointment write down some financial goals. Have a good think about what it is that you want to get out of the process and in the initial interview ask questions about the financial adviser, their qualifications, area of expertise and how they charge. A financial adviser is obligated to provide you with a Financial Services Guide (FSG) on the first meeting, which should outline their educational qualifications, the areas in which they are able to give advice and how they charge for their services.
How much will a Financial Plan cost?
Financial advice is a valuable service, which like seeing an accountant or a lawyer carries a cost. The cost depends upon the complexity of the advice and the level of service that is provided by the financial adviser.
There should be no hidden costs and all cost estimates should be provided to you in the first meeting (which is usually free of charge).
For further information, or for a free initial consultation, please contact Verona on 1300 814 188.
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