We all have New Year’s resolutions but how many of us take the 1st step to make real change and accomplish our goals? In relation to your wealth plan, have you thought what your 2020 financial roadmap looks like? More importantly – who’s checking it? Mum, Dad, a neighbour, your friend, or perhaps no one?
Some roadmap ideas for you:
1. Have a good emergency fund
Having some savings held aside will give you reassurance and peace of mind against unforeseen events that may arise – whether it’s a job loss, a medical issue or unexpected expenses for your kids.
2. Reduce your bad debt
Bad debt can pull down not only your income, but your life in general. Sure, there are different kinds of debts but having one means you need to consider your purchasing decisions, activities and budget, creating limitations.
3. Plan for early retirement
Planning and saving for your retirement now will allow you to think ahead and have a larger portfolio, enabling you to choose when to work.
4. Create multiple income streams
Start building other sources of income – it could be a business or a side job. Additional cash flow can help fund your future.
5. Have the appropriate financial risk protection
Insurance can be a real safety net. Check thoroughly if your coverage is well-balanced and suits your needs.
This article was provided by Russ Jones – Senior Private Wealth Adviser – Shaw and Partners
email@example.com 02 9238 1223
This does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. Cascada Wealth ABN 8615 637 5463 is a corporate authorised representative of Shaw and
Partners Ltd AFSL 236048.