Wealth creation is like a marathon, not a sprint. Building assets and securing your financial future doesn’t usually happen overnight.
It needs a solid foundation and a stable structure. It also needs a plan. Just as you consult with an architect when building your home, Bridges Lake Macquarie is here to help you plan your financial future.
Creating and building
No matter what stage of life you’re in you must decide what it is you want to achieve, both now and in the future.
Ask yourself, what are you saving for?
Setting goals and objectives makes it easier to work towards creating and building your future. And you need to start these conversations as early as possible when you start accumulating assets such as your first home.
The key is getting appropriate advice from the right people. We will help you understand your financial position by looking closely at your sources of income, expenditure, assets and liabilities. From here, you can better measure and manage your finances.
Managing debt is also important. Our financial planners will help you determine whether you’re using your resources effectively. They can help you understand your options, and help you to set some appropriate goals and objectives and set you up for a better future.
Click here to view our video on how a financial planner can help.
Managing and maximising
Once you’ve built your foundations, you need to make sure your money is working hard for you – with our help.
Generally, those reaching this second step will be in their peak earning years – you might have made a real dent in your mortgage and have extra money to invest as a result, or maybe you’re considering renovating.
Maybe there has been an illness or injury, or a divorce. Now is also the time to get serious about retirement planning. How you manage these times will depend on the plans and strategies you have in place. The decisions you make today will carry forward to retirement, so it’s important you understand the options available to you and that you get appropriate advice.
Enjoying and transferring
You’ve made it to retirement! Now is when your years of hard work is paying off and you can enjoy the fruits of your labour and the time and effort you put into planning.
But this doesn’t mean it’s time to drop the financial ball. You have gotten this far with the help of your Bridges financial planner – that relationship is just as important as ever.
It’s now the time to plan what you would like to leave behind – something for the children or grandchildren, or perhaps your favourite charity. Planning now can help to make sure all your wishes become a reality.
The biggest concern retirees face is whether they’ll have enough money to live on. With the average retirement these days lasting for 20 years or more, it’s important to structure your assets to take this into account.
Research indicates most people need around 60-70 per cent of their once full-time working salary to enjoy a comfortable lifestyle in retirement. With appropriate financial planning, this part of your life can be everything you dreamed of.
Remember, even in retirement, a budget is essential as it will help you to understand how much you have and how much you’re spending.
And because there’s no longer a salary, your money is the only one working now.
Whether it is your super or your investments, dividends from shares or rent from an investment property — you worked hard to earn that money, so make sure your money continues to work hard for you.
Contact Bridges Lake Macquarie today to get the journey to wealth creation on track.
Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX Participant. AFSL No 240837. This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner.