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Money tip #6 – investment advice

While the advice of a good financial planner can help ensure a stable future, the next best thing is a well-thought out DIY plan.

Your financial plan should take into consideration your financial goals, whether they be to retire comfortably, provide for your family, purchase a property or manage your debts. Then, look at what you have at your disposal and how you can invest it to build a better future.

Once you know your financial position, it’s time to prioritise your top goals and these have to be addressed with reference to your long-term goals. And this is where it gets tricky, underlining the benefit of an expert who can help you with the calculations of your relative positions given your options.

Once you know where you want to be, determine how you’re going to get there. You could:

  1. Simply place your money in a cash asset such as a term deposit which can offer a steady rate of interest for your savings.
  2. Focus on paying off your mortgage, so that you can own your home outright (and then even use your money to buy an investment property).
  3. Ramp up your superannuation nest egg, for example, through salary sacrificing.

Like I said, a financial planner can help you determine your goals and, more importantly, achieve them, but if you have the good sense to plan, plan and plan some more, this is a great first step to achieving your financial goals.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

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Published on: Wednesday, December 28, 2011

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