What is wealth creation and who should get it?
Most Australians consider wealth creation to be a process used only by high income earners, or entrepreneurs, but anyone can (and should) organise a wealth creation plan. Put simply, wealth creation is the accumulation of valuable assets over time. The most effective way to do this is via strategic financial planning and professional financial advice.
While we are conditioned to accrue wealth over time, without the right advice and guidance, you can miss out on valuable investment and saving initiatives. Qualified financial advisers can devise personalised wealth creation strategies to help you build and secure your wealth, secure your retirement, or invest in further assets.
While the best way to build your wealth differs according to your financial situation, there are some common strategies that all Australians should strive to do. Firstly, clear all your non-mortgage debts. You should do this before saving, or investing, your money to avoid paying unnecessary interest. Next start saving as much as you can. Every household should aim to have between 3 and 12 months of living expenses saved.
What are the benefits of wealth creation?
By growing your wealth, you can ensure you and your family’s finances are secure both now, and in the future. The sooner you start building wealth, the better prepared you will be for financially demanding events such as unexpected illnesses, injuries and retirement. By creating a strategic wealth creation plan you can:
- Bolster the funds in your superannuation fund
- Establish a self-managed super fund
- Minimise your tax repayments
- Explore various investment opportunities
- Invest in insurance and other wealth protection methods
Guardian Group can develop a wealth creation plan for you
While Australia is a wonderful place to live, the cost of living is high. Without appropriate wealth creation strategies in place, you may find yourself in financial hardship if something unexpected happens. Successful wealth creation is reliant on wealth creation strategies and professional advice from a qualified financial adviser. So, if you need help building wealth, contact Guardian Group today. Our group of Australian financial advisers will devise a personalised wealth creation plan for you and your family.