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Financial Planner Implores Readers: “Bring Your Finances into the 21st Century.”

Announcement posted by Purely Finance 30 Jan 2015

Financial planners in Perth reveal why financial planning is not as easy as it was in the 1900’s and steps to take immediately.
Perth, WA, 30 January 2015 - For many baby boomers and members of “Generation X,” financial planning has become more complicated. The onset of superannuation and the decision to allow self managed superannuation funds to finance real estate investments has changed the market for those who wish to maximise their retirement income.

Those who decide to let their supers sit in a fund chosen for them by their workplace face the possibility that they won’t have enough income to live a comfortable lifestyle when they want to retire. Recently, on their company blog, Nick Aves of Purely Finance, a firm of financial planners and mortgage brokers in Perth, provided several tips for getting one’s finances under control

Here are some of the tips provide by Mr Aves.

Make Savings the Top Priority

The most sure and efficient way to save money is to have a percentage of one’s pay automatically deducted and put into a savings or investment account. When the money comes off of the top of one’s pay, they don’t miss it after awhile. Meanwhile, their account grows.

Create a Budget

Virtually any financial planner in Perth will agree that it is essential for anyone who is serious about their finances to create a budget and stick to it. The first step to creating a budget is to assess all of one’s monthly income and all of one’s monthly obligations. Once someone knows what they are spending, it is easier to find where extra money could be utilised.

Diversify Risk


Usually, higher risk investments bring higher rewards and lower risk investments bring lower rewards. Mr Aves recommends that investors develop a diversified portfolio with both high risks and low risks.

Set Goals

It is generally accepted that the most efficient way to maximise investments is to set goals and then formulate a plan to attain them.

Get Professional Help


The small investor who tries to “go it alone” is competing in every facet of investment against professionals who are experts on investing. In today’s competitive financial paradigm, it is much more difficult for the small, part-time investor to maximise their investment dollars. According to Mr Aves:

“I think the nature of investing in today’s world has made it dangerous for the small, amateur investor who tries to go it alone. Those of us in the business study finances every day. We know of every opportunity and we study the effects of every change in regulations. We know what investments are working for people and what ones aren’t.”

Mr Aves concluded, “Due to compounding, every dollar you leave on the table today could be $20 by the time you retire. It could be the difference between having a comfortable, enjoyable lifestyle and having to settle for less.”
 
Purely Finance is a firm of financial planners and mortgage brokers in Perth. They offer a wide range of financial services, often combining their expertise in the fields of financial planning and mortgage broking to provide advice for property investors. To learn more about Purely Finance or to arrange a conference, call 1300 745 778 or visit their website: http://www.purelyfinance.com.au/.