Imagine this:
You’ve hurt yourself and think a bone may be broken – what do you do? The answer should be obvious; you get help from a medical professional who is qualified to treat you.
Now imagine this:
You’ve decided you want to reach retirement with enough money to live comfortably, without sacrificing the rest of your life before then – what do you do?
Sadly, most people do very little; they hope for the best but struggle to find a balance between spending and saving. I mean, let’s face it, in today’s economy it can be hard enough to pay the bills, let alone save a nice sum of money each month!
Seek Help Early
It’s funny how so many of us choose to “go it alone” with certain aspects of life, and money is one of the biggest aspects. There are so many professionals out there who are qualified to help you reach your financial goals and help you plan for your present and future circumstances, that it would be ridiculous not to get help!
Is it for Everyone?
Not everyone can afford to invest $100,000 or even $1,000,000 in the financial markets and make a lot of money from it. If you make an average return each year of 10% and you invested $1,000,000, you’re making an income of $100,000 each year just from that- but we aren’t all millionaires. What about those of us who can save only a little, but the banks offer little to no interest? Financial advisors can help you find the best ways to save and invest your money where it CAN generate returns and help you reach your goals.
Let’s look at some examples of how you can prepare for the future:
1. A regular savings plan:
Whether you can save $2,000 per month or only $200 every 3 months, there are solutions to invest those savings into specialised funds that generate returns to make your savings go further. These specialised funds are managed by professionals, whose job it is to earn you more money.
2. Lumpsum investments
If you do have some ‘spare cash’ lying around and can afford to invest $20,000 or $500,000, for example, there are plenty of specialised investments which you can choose from so you don’t have to invest directly into the stock market. Again, these are managed by professionals whose job it is to reduce risk and increase reward as much as possible.
3. Insurance
Whether you are worried that you may have a terrible accident at work, or you may get ill and pass on, or even wish to take out key man insurance for a top employee, just in case something happens to them, there are options available to protect those you love and care about. Insurance is a personal thing and insurance policies can be very adaptable to ensure they meet your individual needs.
4. Property Investments
Buying a house is one heft expense; but you can also invest in a property by paying a smaller amount upfront and taking out a mortgage on the rest. With the right help, and using the power of leverage, you can earn a good returns on your investment, including help to find tenants if you do not wish to live in the property.
5. Inheritance Tax Planning
Sometimes, we lose a loved one and that is a difficult thing.
But what about when it is your turn? You’d want to ensure your families security, right?
Did you know inheritance money is taxable over a certain amount in most countries? However, there are ways to leave more to your loved ones through tax efficient investment schemes, meaning those you care about see more of the money and other assets you worked hard to earn for them.
So: Is it for Everyone?
There is ALWAYS a way to make your money go further, but sometimes it can be hard to see the ‘how’ because you are emotionally connected to your life and financial situation. Getting outside help from a professional financial advisor means you can have someone who empathises with you but can see from a more neutral and professional viewpoint, who can identify and guide you to make the changes necessary to reach your goals. Whether this means changing a lot in your life or simply transferring your money into a different type of investment, it is ALWAYS beneficial to have a financial advisor who is there to help you at each stage of your journey.
If you are still unsure whether an Advisor can help you, why not meet one to find out!
