Begin building your wealth journey

As you grow older, you start to be more aware of your financial position in the world – and far keener to begin building and consolidating your wealth.

But growing your own personal finances can be a complicated task if you’re not familiar with all the options available to you. Where and how do you begin? Once you’ve started, how do you ensure your wealth is protected? And how do you know it’s on track to meet your goals in the future?

What should you consider?

To build your wealth, you have to first look at your personal finances and spending habits. You may want to assess budgeting options to channel money towards a savings account. With these savings, you can achieve any number of goals, including investing to expand your wealth base.

Build a goal-oriented financial plan

It’s always worthwhile building a goal-oriented financial plan. Such a plan would include:

• What you’re saving for
• How much you want to save
• What strategies you’ll employ to reach that goal
• Regularly reviewing your strategy to ensure it stays relevant
• Seeking the help of a financial adviser can really help set you on your path, and ensuring your plan is regularly reviewed to ensure it stays relevant.

You may want to focus your attention on eliminating any debt, whether it’s HECS debt, credit card debt or a car loan. Or you could consider putting away any additional savings into an appropriate investment vehicle.

Making the right investment choices

Knowing what type of investment to make is the most important factor you’ll need to consider. It requires knowing a bit about yourself. You’ll need to ask:

• Am I a risk-taker or a conservative investor?
• What are my investment goals?
• When would I like to achieve these goals?

Evaluate your goals

It’s worth evaluating your short-term goals (the next six months to two years), medium-term goals (the next two to five years), and long-term goals. Are you saving to buy a car, start a business or buy a home?

These goals will influence the types of investments you’ll want to make, whether it’s in cash, equities (shares), property or fixed income (such as bonds).

How SCM can help

At Scholten Collins McKissock, we’re familiar with the wealth-building journey. We can offer a range of services to help you understand and meet your goals, including:

• Educating you on which wealth-building strategies can best contribute to your goals and objectives
• Structuring your assets to help optimise your wealth-building journey
• Regularly reviewing your investments to ensure they’re the best option for achieving your goals

If you’re looking to begin building your wealth journey, you could benefit from the expertise of a financial adviser. Contact us today to organise an appointment.