Hi Tammy, what do you wish everyone understood about financial advice? Tammy, Up Wealth
Yes, that’s me asking myself a question! This will be my final article with Peninsula Living, but I’m still available to assist with all your financial advice queries. These are my final thoughts on why seeking financial advice is essential.
Everyone should have a financial plan
Failing to plan is planning to fail. Whether you use an adviser or go it alone, everyone should have a written financial plan and regularly review it.
You don’t know what you don’t know, and a little knowledge can be dangerous
Do you know the tax differences between super, pension or personal name? How to offset tax when selling an investment property? The tax withheld on your super when you die? Planning in advance can change the answer to these questions and more. Everyone should know how much they spend and where it goes. Yet this is the number one question most people don’t know the answer to. Building wealth is spending less than you earn.
The biggest barrier to people achieving their goals is time and focus
How often do you sit down and think about your finances and spending, review your goals and project whether you are on track? If you are time poor, don’t ignore your finances, outsource to an adviser.
Financial advice is not expensive
When you think about how much you earn and spend over your lifetime, an investment in financial advice is a drop in the ocean, yet the difference advice makes can be profound.
It costs nothing to find out how an adviser can help you
An initial chat is generally free of charge and obligation. The adviser will outline what advice you may benefit from and get your agreement to the cost before proceeding, so there are no hidden surprises.
Financial advice is not investment advice. Investments may be part of a financial plan, but only as a tool to achieve your goals. Having an appropriate strategy in place can have a far greater impact on your outcomes than picking the right investment or super fund.
Advisers are financial coaches
Advice is a process of educating you about your options and assisting you to make decisions. The greatest benefit can be helping you avoid bad decisions.
Quick tips: The best way to help your kids and grandkids is to give them the gift of financial advice. Have you or a loved one just started their first job, received a raise, purchased a property, married, started a family, separated or divorced, or are approaching retirement? A change in circumstances is a key time to benefit from advice.
Want to see how advice could benefit you? Feel free to call me on 8376 0350 to arrange a free, no-obligation chat.
Regards, Tammy
Financial planner Tammy Marshman of Up Wealth Management is an Authorised Representative of Consultum Financial Advisers Pty Ltd, AFSL 230323. Phone 8376 0350 or visit upwealthmanagement.com.au
Any advice or information in this publication is of a general nature only and has not taken into account your personal objectives, financial situation and needs. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your personal objectives, financial situation and needs.
