Happy New Year!

I hope you all had a restful break enjoying the summer weather and feast of sport available to watch on television.

I am looking forward to seeing the Swiss maestro  Roger Federer in action at the tennis.

This is the time of year when we decide to commit to new personal resolutions such as getting fitter, or spending more time with the family. It is also a prudent time to make some financial resolutions too. These are my seven tips for you to consider this year.

1. Start a family discussion about your intended final wishes. It is worthwhile even if your children are young, just so that they get an understanding of what you are thinking and your future financial intentions. It is this first step that can save a lot of angst later and also help your children plan for the future.

2. Make sure that you have enough insurance and that it is structured in a tax effective manner. The amount of insurance you need will be influenced by your income, debt, assets, and taxation circumstances. During our family conversation my wife was amused to find out that I am worth more dead than alive!

3. The next step is to update your estate plan. A current estate plan will include a comprehensive will, enduring Power of Attorney (where you nominate someone to act for you if you lose capacity), an enduring guardian, guardians for your children, superannuation beneficiary nominations and insurance nominations. Surprisingly despite it’s importance, very few people have a properly constructed estate plan.

4. Review your debts. One of the best ways to create long term wealth is to save and avoid too much personal debt. Prepare a cash flow budget to see where you are spending your money.

5. Avoid paying too much tax. There are many options to consider to pay less tax and increase your wealth. You could consider salary sacrificing superannuation contributions, or negatively gearing and investing via a family trust or self managed superannuation fund.

6. Take control of your investment strategy. There are too many uncertainties in the current financial market to be a passive investor. Understand your financial goals and invest across the appropriate asset classes (without taking any unnecessary risks).

7. Review your business structure, agreements and insurance so that if you are incapacitated your business will continue and your family will be provided for.

I recommend you make a start on these resolutions so that you hit some financial winners too! If you need assistance or would like to review your existing plans contact me on 0499976058.

 

Disclaimers & Disclosures

Geoff Ivanac is Sub-Authorised Representative No. 000309751 of GPS Wealth Ltd (GPS) ABN 17 005 482 726 Australian Financial Services Licence (No 254 544) and can provide the following services financial planning, risk management, managed investments, superannuation and retirement planning, margin lending and self-managed superannuation funds.

The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your GPS Wealth Ltd (GPS) Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither GPS nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

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Geoff Ivanac is Sub-Authorised Representative No. 000309751 of GPS Wealth Ltd (GPS) ABN 17 005 482 726 Australian Financial Services Licence (No 254 544) and can provide financial planning, risk management, managed investments, superannuation and retirement planning, margin lending and self-managed superannuation funds.

Everblue Consulting Pty Ltd is Corporate Authorised Representative No. 000450221 (‘CAR’) of GPS Wealth Ltd. ABN 17 005 482 726, an Australian Financial Service Licence holder (No 254 544)

GPS Wealth Ltd (GPS) ABN 17 005 482 726 is the holder of an Australian Financial Services Licence (No 254 544) and an Australian Credit Licence (No. 254 544) under which GPS is authorised to carry on a financial services business which includes the provision of financial product advice, dealing in financial products and the provision of credit assistance services.