When it comes to growing wealth, it is important to remember that these: that there is no single right way to build wealth; that the sooner you start, the better; that you do not have to always compromise on your lifestyle choices; and that the process is a marathon, not a sprint.
HOW DO YOU CREATE AND GROW WEALTH?
“The person who doesn’t know where his next dollar is coming from usually doesn’t know where his last dollar went.”
Creating and growing wealth are terms representing the collective strategies that we encourage clients to implement for the purpose of meeting their goals. Take note that assets include money, and money – when managed properly – can help build additional assets allowing you to achieve the lifestyle that you are seeking.
Some of the strategies that fall under the concept of growing wealth include, building savings, clearing debt, investing, building super, minimising tax, protection planning, estate planning, and regular financial reviews.
A strategy may seem irrelevant at first glance but when implemented alongside other strategies for growing wealth, the impact can be relevant. It can lead to financial milestones and to results that exceed expectations.
Overall, the goal of growing wealth is to help you build financial abundance and security. With abundance and security, making work optional becomes possible.
WHAT ARE THE PRINCIPLES OF CREATING WEALTH?
MONEY HAS A PURPOSE
The purpose is creating value by improving the lives of others. In the process, your life will improve as well.
PROPER MINDSET IS CRUCIAL
This mindset is a function of positive belief, intent, and motivation. Together, they lead to the third principle.
FINANCIAL EDUCATION IS NECESSARY
Without financial education, action lacks direction. To create wealth, you need a clear destination.
WHAT ARE THE PRINCIPLES OF GROWING WEALTH?
PAY YOURSELF FIRST
You can’t grow your wealth if you don’t assign a job to every dollar. Its biggest job should be to sit in a savings account for future use.
SPEND LESS THAN YOU EARN
Said otherwise, don’t spend what you have not earned yet. When you’ve earned it, don’t spend it all. You can’t fill a bucket with a whole.
INVEST IN EDUCATION
Growing wealth can become an illusion when you think of it more as a lifestyle than a destination. Educate yourself with the ways of money.
current WEALTH trends
From the ABS Survey of Income and Housing and researchers from the University of Melbourne
mean household net worth in 2017-2018
median weekly gross household income in 2017-2018
mean weekly gross household income in 2017-2018
not saving enough as a top financial regret
median household net worth in 2017-2018
not learning more about finances as another financial regret
HOW DO I GET STARTED?
Getting started on wealth creation and growth is simple. All you need to do is to contact us and then we can get the ball rolling for you. You can also take our Financial Goals Assessment Tool to explore the different aspects of your financial life.
Our specialist service includes, but are not limited to:
- Investing funds in an investment account, ensuring they are structured in a tax-effective manner.
- Improving your overall superannuation position through salary sacrificing, moving assets, maximising self-managed super fund (SMSF) benefits, and commencing pension accounts.
- Optimising your capacity to earn through utilising surplus income.
- Maximising your overall personal and family financial position.
- Structuring and repay debt effectively.