The new year is a time when a lot of us make well intended resolutions to kick start the year. These resolutions may relate to health, work, family, and/or your finances. I say ‘well intended’ because we make them with the best of intentions to commit to them and benefit from them in the long term. However, come February or March, and we find ourselves feeling guilty because we have not fulfilled our goals. There can be many reasons why we do not always follow through with our resolutions, but I want to hone in on one in particular – finances.
You may want to get professional help with your finances but something stops you from picking up the phone to make an appointment with a financial adviser– “I don’t have enough money to invest yet”, or “I can’t afford it”. I would argue you can’t afford not to see one! In terms of not having enough money to invest, there are many other reasons why you could be benefiting from professional advice:
- A financial adviser can illustrate the benefits of compounding interest over the long term even if you are only able to save a small amount each month. It is never too soon to start saving and we all need to start somewhere.
- You may have many competing financial goals but with limited funds, and not sure which way to go. For example, should you contribute to super or pay more off your home loan? Should you start saving or reduce a personal loan? A financial adviser can provide one off advice relating to a particular question/need you have. We can help you formulate realistic goals and implement strategies to help you achieve your goals in order of priority.
- Are your personal insurances up to date? Even if you have not yet built up a pool of assets, you still need to ensure your family, your income and your lifestyle is protected in case of illness, injury or death.
In summary, you do not need a large sum of money before you seek professional financial advice. What you do need to do is ensure what you are doing, or planning on doing, is the right option for you. Is it the most tax effective option? Is your super invested appropriately? Are your insurances adequate? Are you paying too much for your insurance?
One of our advisers would be happy to meet you to discuss your goals and put you on the right path. Now, pick up the phone…
Samantha Butcher – Financial Adviser