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Mortgage, Loans, Investments - Getting your Financial Act Together

When it comes to the health of our bodies, our pets and even our motor vehicles and household appliances, we usually consult with an expert – yet when it comes to the health of our finances many opt for a DIY approach, or worse, a head-in-the-sand approach. If you consider the huge impact that financial stability – or lack of it – has on our happiness and well being, that sort of approach simply doesn’t make sense.

Some individuals have excellent financial management skills and take the time to identify spending habits, budget, make wise investments and save for the future. This isn’t true for the majority of people.  Most of us could benefit a great deal from the advice of an expert financial planner who can view our financial habits and future plans impartially, diagnose problems and get us on track towards our goals and a financially secure future.

Why are we so reluctant to seek professional assistance with our finances? For some of us it’s the lingering memory of old-time financial planners who were really just plugging a particular product and had no financial planning expertise at all. But times have changed. Financial planning has become a complex profession requiring a substantial level of skill and knowledge – and it’s becoming increasingly more difficult for individuals without access to that knowledge to successfully plan their own financial future.

Good financial planners can help you:

·          To identify and take advantage of any tax strategies, Centrelink benefits, superannuation  incentives or other government incentive schemes you may benefit from;

·       Guidance with a realistic budget;

·       Consolidate your debts and free up cash for investment or recreation;

·       Make long term and short term investments;

·      Identify your financial goals and put strategies in place to achieve them;

·       Source loans for property, vehicles, business and other purposes at the best possible rates for your circumstances;

·       Identify risks to your assets and find appropriate insurance coverage;

·       Plan for a comfortable retirement;

Many individuals believe they have insufficient income to allow for investments or retirement planning but the truth is that often, with a little re-arrangement and the right advice, those individuals can begin to invest for a better future.

Here are just a few common things that many individuals don’t realise before speaking to a financial planning expert:-

·     That while they may not be able to secure a loan for a residential property, they are in a position to borrow for an investment property or for other investments that are likely to increase in value and improve their overall financial position in the years to come;

 ·       That refinancing existing high interest debts like credit cards will not only reduce monthly costs but can improve their borrowing capacity and make it possible for them to begin investing for future wealth;

 ·       It may be possible to arrange a flexible overdraft account attached to a home loan, at the same low interest rate, rather than use high interest credit cards.

Most of us could use a little expert advice when it comes to budgeting, financial planning and investment. It’s tempting to think that only the very wealthy need expert financial advice but the reverse is true - without the right information and financial advice, most of us will continue to “tread water” and never achieve our financial ambitions!

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Contact Details Camden office: 4B/20 Argyle Street (PO Box 1035), Camden NSW 2570 | P: 02 8205 1228 | F: 02 4655 9233
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