Creating Wealth

By cutting out the jargon and taking the time to explain everything as simply as possible, you will soon see a bigger, brighter financial future coming to life. Whether you are financially savvy or are at the other end of the scale, we can help.

The formula

There is a basic formula for building wealth:

  • Make more money than you spend
  • Manage debt carefully
  • Invest your savings wisely
  • Understand your super and how it is invested
  • Be patient and always understand the risks

Whilst this may sound simple, the reality can be very different. Just like your individual circumstances vary, so too do the strategies available to help you create wealth. The team at Empower Financial Advice can work with you to shape your ideal investment future.

Our services

What is wealth creation?

As the old saying goes, ‘money doesn’t grow on trees’. Although it may feel like most of your income is taken up by the cost of living, there are different strategies that can be explored to get you where you want to be financially. Whether you have short or long-term financial goals, at Empower Financial Advice, we make money work for you, not the other way round.

Partnering with us

Establishing direction

If you’ve got a financial goal, you need to know the direction you’re taking so you can get there sooner. Let us help you clear a pathway so you can move forward with confidence.

Your roadmap

The Empower Financial Advice team will work with you to understand your unique circumstances and deliver financial strategies to nurture and protect your financial wellbeing.

Meeting your goals

At Empower Financial Advice, we’ll support you on your wealth creation journey and work with you to ensure you reach your goals comfortably, without stress.

Here to help

Improving the financial wellbeing of our clients is our main aim. With the experience of a big city bank, our team of trusted, Cairns local financial advisors, you’re in safe hands.

What is wealth?

Wealth means different things to different people. Perhaps you would like a deposit for your first home, maybe you’re planning to go travelling for your retirement, or maybe you’d like to start saving for your child’s education? Whatever the motivation is for you, we’ll identify your wealth creation priorities and develop a clear roadmap for success.

If you’d like to arrange a consultation with Nic, get in touch today.

Investments

Investment planning and wealth creation are peas in a pod – they are co-dependent. Whether you’re an experienced investor or new to investment strategies, we make sure you understand exactly what options are available to achieve your goals and importantly, any associated risks (there will always be some).

If you aren’t sure what’s going on we work hard to fill in the gaps, so you can be confident that you’re choosing the right path for you. We’ll take a holistic view of your future plans and current assets and advise on what investment opportunities are right for you. These could include:

  • Shares
  • Cash
  • Bonds
  • Managed funds/portfolio
  • Real estate
  • Annuities

Tax effective strategies

By lowering the tax on your investments, you’ll be better positioned to reach your financial goals. Your wealth creation expert will ensure you successfully navigate the complex area of what is and isn’t tax deductible. This is why working with us can make the difference in thousands of dollars in your pocket instead of the ATO’s.

It is important to grow with your wealth creation journey but equally, we are here to take a large part of that education burden away from you. By understanding tax implications such as capital gains and/or losses and making tax effective recommendations as part of your wealth creation roadmap, you can start (or continue) your journey feeling empowered.

Retirement strategies

Planning your retirement isn’t something that should be on your ‘round to it’ list. The sooner you start, the more you’ll be thankful you did.

According to the Association of Superannuation Funds of Australia’s Retirement Standard, to be comfortable, single people will need around $545,000 and couples will need $640,000 in savings (September, 2021). The definition of ‘comfortable’ assumes health insurance, entertainment services, upkeep of vehicles, home repairs, buying clothes/household items, household utilities and occasional holidays. So, per year, that equates to $45,239 for a single person and $63,799 for a couple (before payment of supplements).

It’s important to plan ahead to ensure you can enjoy a comfortable retirement lifestyle.

Debt Management

Hands up if you’d like to enjoy a debt free life? Whilst the answer might seem obvious at first, it’s important to understand the difference between ‘good’ debt and ‘bad’ debt. If you have a mortgage for example, that’s an investment so in most cases, would be classified as ‘good’ debt, as it will convert into a financial gain. In the other basket however, is debt which is unlikely to see a financial benefit and is therefore classified as ‘bad’. Examples include maxed out credit cards or personal loans which have been used for daily living. It may also be possible to progressively convert debt that is not tax deductible into debt that is tax deductible.

By working through your finances with you, we can help reduce your debt. We’ll help you crunch the numbers so you can get out of the bad debt and make better financial choices, ideally, without compromising your standard of living.

To credit or not to credit?

It wasn’t so long ago that if you didn’t have the money for something, you simply went without or saved up. The likes of credit cards, loans and Afterpay have changed our purchasing behaviour, but is it for the better? It can be tempting to spend beyond your means, particularly as Afterpay is relatively accessible. …

To credit or not to credit? Read More »

Top Tips for Saving

Life is unpredictable so having some money set aside for emergencies, is essential. Whilst we all have different financial situations and saving for some people is more of a challenge than others, there are a few ways you can make it less of a shock to the household budget: Pay more tax. Ask your payroll …

Top Tips for Saving Read More »

Budgeting and Wealth

Self-control is one of the secrets to increasing your wants and it’s not something we are generally born with, it’s learned behaviour. Having a budget is important as it will keep you on track and focus you on reaching your goals, particularly if you’re saving for something. Really ask yourself ‘is this a want or …

Budgeting and Wealth Read More »

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