Healthy and Wealthy New Year

HomeLearning CentreBlog


Healthy and Wealthy New Year.


As the holiday season winds down and we commence the new year, it’s easy to be distracted from your financial goals. But January is actually the perfect time to put a few simple plans in place for a positive start to the new year.

GET THE FINANCIAL SAFETY CHECKLIST

New Year’s resolutions have a bad reputation, and for good reason. So let’s agree up front that we won’t think of financial preparations for the new year as “resolutions”. Instead this is a great opportunity to set things in order, re-group and look back to ensure things are on track, and of course to re-balance and plan for the year ahead.

Summary

Up to 40 years old

From 40 to 60 years old

Pre-retirees and retirees

Planning for the best


  1. Best practice around reviewing your finances for the new year begins with a calculation of your net worth. Save this somewhere so it’s easily accessible next year, and you’ll have a simple and effective way to measure your progress against a set goal. Include all of your assets (property, cash etc.) and liabilities to calculate a final figure.
  2. Next, pick a couple of items from your financial portfolio, whether they be credit card or mortgage, superannuation accounts or insurance policies etc, and do some research to find out whether you’re getting the best possible deal. Interest rates, fees and risk profiles should be checked at least every few years for each of your accounts. Just as compound interest can be enormously effective over time, so too higher fees and costs can result in far less wealth at the end of your investment period.
  3. Spend some time getting to know your investments:
  • How much is in your super?
  • How is it invested?
  • Are you on target to achieve your final goal?
  • What difference could you make by re-balancing certain investments?

Ask questions and seek clear and relevant answers as if you’re looking after the world’s most important retirement nest egg…because you are!


Then, depending on your stage of life:


Planning for the best

To revisit your financial plan and ensure you’re on track to achieving your goals, or to put new plans in place for the year ahead, speak to your financial adviser.

Making the decision to see engage with our financial planning services means that you want to make a positive difference to your personal financial future. We truly believe everyone needs a financial plan. We can help you to understand the intricacies of investing, taxation, and the ever-changing legislation around superannuation. Our finance advice can really make a difference to you by helping you identify realistic goals, and put strategies in place to achieve them.

Are you ready to take control of your personal finances?
Get the SMART team working with you. Call SMART Business Solutions Financial Planning on 03 5911 7000 or
reception@smartfinancialplanning.com.au.

 

Important information: This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.