When it comes to true strategic planning, there are so many possibilities on the financial horizon – it can be hard to stay informed and to recognise what works best for your unique situation.
Being able to form a holistic approach that encompasses the following key areas is essential – all of which come with their own unique set of hurdles:
Getting the complete picture is important – this is the partner of money management. Whilst the motivation of money management is ensuring cashflow covers all the fundamentals of your lifestyle, wealth management aims to use or create additional cashflow to grow your assets and therefore your wealth. Wealth accumulation requires planning, strategy and execution – so you can maximise your opportunities.
Understanding your taxation circumstances and opportunities are essential to providing tailored practical advice. Effective planning should maximise and align with your overall financial and personal strategy. Ideally this should be achieved in conjunction with your other professional advisers. There are many areas to consider here – including asset structuring, superannuation strategies, tax effective investing and tax deductible debt.
Effectively managing your cashflow is the cornerstone to achieving financial success. Cashflow management largely underpins every transaction an individual undertakes. Benefits of smart cash flow management may include, but are not limited to, the following:
- Controlling your outflows
- Reduced inefficient debt;
- Increased flexibility and liquidity to adapt to changing environments;
- Reduced risk by knowing your financial position; and
Utilising debt as a financial tool can be extremely effective when structured and managed appropriately. It is important to look at how best to structure and maximise your opportunities with tax-effective debt, managing interest rate risk and assessing your asset protection position.
So where to from here?
You need experts who can work with you hand-in-hand to help you navigate all of these areas and encourage you to reach your personal financial targets – no matter what stage in life you are at (starting out, settling down, planning for retirement or enjoying retirement).
If you would like to optimise your current wealth creation plans to assist in providing long term security for you and/or your family, our Financial Advisory team are well placed to help you with their delivery of Strategic Financial Advice. You’ll walk away with a snapshot of where you are now, a personalised guide on how best to meet your unique set of needs and objectives and the comfort of ongoing support.
An Important Message
While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.