Wealth creation – it’s all about the journey

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.

Estate planning – not just for the wealthy

The word ‘estate’ can conjure up thoughts of vast property portfolios, a ton of money, flashy cars and lots of jewellery. But the reality is that if you have any assets, you have an estate.

And as the owner of the estate, you really should take time to ensure your affairs are in order. Particularly if you have loved ones that depend on you and you want to make sure they’re properly cared for in the event you become incapacitated or pass away.

Estate planning is particularly important if you:

  • Are a parent
  • Have family members with special needs
  • Have recently bought or sold major assets
  • Have a family trust, self-managed super fund or business.

Estate planning ensures that the assets you have worked hard to build is protected. It reduces the stress on your loved ones or beneficiaries at what is generally a very difficult time. It will ensure that when you die or become incapacitated, your wealth is transferred to them smoothly, tax effectively and according to your wishes.

More than just a Will

If you already have a Will, then you’re off to a good start. However, many people make the mistake of believing that their Will covers all their assets. This isn’t the case.

Jointly held assets, trust assets and Superannuation are not covered by your Will and must be considered as part of a full estate plan.

An estate plan includes:

  • Having a valid and up-to-date Will
  • Nominating your beneficiaries for your super and your risk insurance policies
  • Naming guardians for your young children
  • Possibly setting up testamentary trusts to reduce tax liabilities for your beneficiaries
  • Appointing someone you trust as power of attorney to look after your financial and personal affairs if you become incapacitated.

Don’t wait

The best time to get your estate affairs in order is now. Your financial adviser can help you set up an estate plan, ensuring you have a valid Will and appropriate risk insurance cover. They can also help you determine the most financially and tax-effective way to distribute your assets after you die.  This is all done in conjunction with your solicitor.

Contact Bridges Lake Macquarie today to give you peace of mind knowing that your wealth is protected.

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.

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.