Broadbeach Financial Planner

There is so much uncertainty in the world today, there has never been a better time to make sure you have prepared adequately for your financial future than right now.

If there was a sudden crisis in your life in the near future, could you be sure of having enough money to see you through for a few months without getting into debt? If you’re not totally sure, you definitely need the services of a Quill financial planner.

What does a financial planner do?

The first and most important thing a financial planner does is they will help you work out what your financial goals are. They will then develop a custom plan with you that sets out how these goals will be achieved.

In order to develop a plan with you effectively, they’ll need to describe the various financial products and strategies available to you, discussing the advantages and risks of each method, so you can together make informed decisions about how you want to proceed.

There are a lot of factors that need to be considered when developing a financial plan. Two of the most important ones are your age and your current financial situation. The younger and wealthier you already are, the more interesting the financial plan can become, but that doesn’t mean if you’re older and not particularly wealthy that there’s no hope for you to change at least one of those circumstances.

There are four main categories of income producing strategies available to you. These are:

• Savings
• Investment
• Superannuation
• Tax minimization

Superannuation technically counts as an investment, but since it’s a very long term investment with a maturation date far in the future and all kinds of special rules that apply to it, it’s best to keep it as a separate category.

Savings are where most people will need to start, and the most difficult stage for the average person. The problem stems from the fact that most people tend to match their spending to their income, and some even take their spending beyond what they earn.

That’s what stops the majority of people from achieving financial freedom before they’re ready for retirement. All it takes to break free from old habits is to make the strong affirmation “I want to be free!” If you truly wish to be free, you’ll be able to summon the discipline to curb your spending habits and start saving.

It doesn’t take much. Ten or twenty percent of your income is plenty. If you’re earning $800 a week, how hard can it be to set aside $80 as savings?

Obviously if you’re earning more, you should set aside more. You should in fact set aside as much as you can. Once you’ve saved up approximately three months of savings, you should  set this aside as an emergency fund that you never touch except in a genuine emergency.

After you’ve done that, it’s when the more exciting phase can commence. You’ll continue saving as before, except now you’re saving with the intention of investing. Your financial planner will discuss with you what type of investments and how much you’ll need for investing.

Get in touch with Quill today

The importance of a financial plan is that you have a road map showing you exactly what your financial goals are and how you’re going to reach them. It’s an exceptionally valuable asset to have in your possession.

Start the first step of your journey to financial freedom today by contacting a Quill consultant.

Whether it’s individual or commercial tax needs, financial advice or strategies to grow your business, the Quill Group has you covered!

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