The past few years have seen many of us take a seat on the sidelines when it comes to growing our wealth. But if growing your wealth was one of your New Year’s Resolutions, it is time to jump in and take stock of your financial situation. By taking the time now, certain moves could give you a head start on improving your financial heath in 2023 and beyond.
Building your wealth and maximising your savings starts with making a financial plan. That means taking the time to identify your goals and map out how you can accomplish them. Stephen Gulbrandson, Senior
Private Adviser at Morgans Townsville, suggests that superannuation contribution strategies are a good
starting point to growing your wealth.
“Tax effective superannuation contribution strategies can provide a free kick to help your position grow when you are unable to find room to save in your personal name, due to costs of living pressures,” he says.
“You can then use those savings to build long term asset positions, and you may be surprised how this wealth can build over time to offer you a comfortable retirement.”
Stephen suggests to also investigate share options, such as Australian and International shares.
“The key is knowing the risk that you take and understanding what you need to do in times of market volatility.”
“We have heard ‘buy low and sell high’ to be successful, but it is surprising difficult to get this right. Generally, when the market is being sold off, there is the herd approach to follow. If you understand what you are investing in, these moments can provide opportunities.”
With share market volatility remaining high and a barrage of negative media perpetuating this, finding a discount to traditional valuations has never been easier.
“There are also low-risk options that can help your cash grow more than just keeping it in a savings account. A good portfolio acknowledges risk, plans for it, and has strategies in place to take advantage of opportunities. We can’t control market forces, but we can help to benefit from these.”
Disclaimer: This is general advice only and is made without consideration of an individual’s relevant personal circumstances.
Morgans Financial Townsville recently celebrated their 40th anniversary – click here to see a selection of social images from the event.