Money worries keeping you up at night?

Throughout this year, many of us have focused on personal finances like never before. But if money is causing you sleepless nights or any other stresses, then get professional advice.

By Julie Nipperess

Woman lying in bed sleepless at night

Most people don’t know this, but you can pay for a financial planner from your superannuation.

So there goes the argument that you can’t afford to get professional advice. And while we’re at it, let’s bust another myth: Only wealthy people need financial planners.

The truth is that all of us could do with better money advice than we get from our peers or our parents. And while schools are starting to cover some basics, there’s still a lot to learn…. And a lot you can’t just learn from a textbook.

Getting ahead financially is about two things: Understanding where you are, and secondly, deciding where you want to get to.

Many people are feeling financially stressed right now, and the economy will be in slow motion for a while, so there are potentially more stresses ahead. Now is the perfect time to take control of your finances, and professional advice makes all the difference.

Even if you don’t have any money to invest, it’s worthwhile looking at how your super is performing, particularly with the market drops this year, and also the new requirement for some superfunds to value their ‘unlisted assets’ which could devalue your fund overall.

But there are several ways a financial planner can help:

Man has problems with billing and debts

1. By taking an objective overview of your finances.
No matter what your current circumstances, even if it’s high credit card debt and no savings and a reduced income thanks to the current pandemic… there is a way to move forward and regain control. A financial planner can help you understand your options, make a plan and …. encourage you to stick to the plan.

2. Helping you make decisions.
Whether it’s to buy property, sell property, refinance your mortgage or buy a boat … a financial planner can help with your big financial decisions.

For the record, a financial planner or money coach is not going to talk you out of your dreams (not even the sportscar) because it’s your money, and life is for living…. There’s no point to saving hard without the occasional splurge. But a planner’s role is to make sure you know the numbers and have adequate information about the impact to your finances short and long-term, so you’re equipped and empowered to make a decision.

Woman hand open empty purse

3. Helping you save money.
Cash flow … the money coming into your bank account, and the money going out, really is the basics of money management. If you need help with budgeting or a savings plan, then a planner can help.

4. Protecting you and your family.
Having the right insurance protects you and your loved ones. Many Australians are under-insured (any payout won’t cover near what they need) or inadequately insured – that is paying for insurances that won’t necessarily cover them when required. It takes a specialist to understand the jargon and the numerous complex clauses, so get help!

Woman managing the debt

5. Build your wealth.
Building wealth takes time. And it really doesn’t cost a lot to start a small managed fund. A financial planner can help you decide what type of investments are right for you, and how to get started.

6. Work towards a well-funded retirement.
Superannuation is intended as your retirement fund, but sometimes other financial strategies are required to make sure that you have the money you need to live well in your post-working years.

Financial stress can be debilitating. What you need to know is that there are solutions to every situation, and although there are no overnight fixes or ‘get rich quick’ magic formulas, a planner will set you on the right track.

If we can help, contact us.

 

Need more information? Get in touch with Step Up Financial