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.
It’s never too early to start planning your super. Whether you are new to the workforce, nearing retirement or somewhere in between, we can help you have more money and less stress in your life.
When was the last time you thought about your retirement plan? Do you even have a retirement plan? Let us help map out your strategy so you can achieve your post-work goals.
Being in debt can be stressful. Whether it’s good debt (mortgage) or bad debt (credit card), our financial planners will recycle your bad debt into good debt, helping you build a brighter financial future.
Did you know that the most underinsured item in your home is you? At Empower Financial Advice, we want to make sure if your circumstances change, you have a safety net to rely on.
Do you want to create long term prosperity and a wealthy future? Our specialised investment services are tailored to your current situation and future goals. Let us help shape your ideal investment portfolio.
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.
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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.
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:
- Managed funds/portfolio
- Real estate
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.
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.
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.
Ready to get started?
Get in touch with Empower Financial today.