Basic Rules for Saving

Basic Rules for Saving

Don’t know where to start?
Here are some basic guidelines to follow when saving:


Pay down higher-interest debt first

If you’ll be paying more in interest than you’ll earn with a savings plan, it makes sense to pay the debt before you start saving. The habit of regularly paying down debt can then be used once the debt is cleared to regularly contribute to a savings plan.


You come first

We all are tempted to live beyond our financial means. Pay yourself first by setting up a regular contribution to your savings plan. The amount you save and the frequency are totally dependent on your circumstances, but even small contributions made each month will grow. The greater value is the beginning of a habit.


Start early

Nothing helps your savings grow quite like time. The earlier you start saving, the more time your money has to grow and benefit from compound interest and growth. This also means smaller savings can have bigger compounding effects.


Use tax advantages

Take advantage of the tax benefits the government offers to encourage saving. Spouse contributions to low-income spouses and low tax rates on Extra super contributions, Saving your first home deposit inside your super, or taking greater control of your retirement planning with a SMSF, all means you can get further ahead on your savings goals. Stay connected to your financial adviser to stay in the loop.


Work with an expert

Working with an advisor is proven to help save you more money over time and they’ll help build a plan that fits your needs and support you through managing greater self control in uncertain times.


Manage your Unexpected Wealth events

Inheritances, Redundancy, Financial Windfalls, or Insurance Payouts are all financial events that can also bring with them powerful and isolating emotional responses.
Most people are unprepared (or simply inexperienced) with managing surprise wealth and its accompanying life transitions.
Many mistakenly try to recreate their past environment pre-unexpected wealth, with many soon losing their new wealth and its opportunities. The result can leave many dealing with feelings of shame, regret, and secretive misery — feelings often unfathomable to others. Always reach out to a financial professional to support you through this major life transition event.

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Not all types of Investment Property Suit All Investors

Understanding the different types of property could save you from a disaster. Investing is new to most people so it's worth taking the time to learn about some of the fundamentals.

Residential property can be seen as one of the many different types (or as they say, class of investment assets) available in the investment space today.

Understanding this family structure of different investment types, is actually a very important first step in beginning to understand why comparing different types of investments is difficult - as they all perform differently at different times of the investment cycle.

Pro Tip: To make things more difficult, most real estate agents, property agents, and investment property spruikers are not financial advisers and simply don't have the ability to discuss the performance of different asset classes to help you see the bigger picture. That's why you should work with us.

Another way to say it nicely is: 'If all you sell is a hammer, you'll see everything as a nail'

We can advise you on all different classes of investment, including the asset class residential property.

When it comes to investing in residential property, (often referred to as direct property), there are a broad variety of types of property.

  • Each of those types may also perform differently at different times in the property cycle and therefore are difficult to compare without a detailed conversation about your interests, needs, and expectations.
  • For example, a serviced apartment may perform differently than a typical house and land package in the traditional suburbs.

It's a big subject and we've been helping our clients learn about it and step into the property market from a more informed position.

Below is a summary of different types of property.

Remember each different type of residential investment property can have a very different effect on your investment plans, so it pays to know the differences and your options.

Investing in New or Established property

New residential property enjoys many advantages over the established residential property market, including reduced maintenance costs, greater tax and depreciation advantages, and usually reduced tenancy problems.

The reason for investing in new property is to enable the investor to capitalise on opportunities and profit from increased demand, greater capital growth and strong depreciation opportunities. Historically, new property and its tax advantages saw the typical buyer come from the ranks of the time-poor and high tax bracket, but with the ever-increasing exposure to education and lifestyle programming, today’s mums and dads have now entered the market and are vocal about their needs, expectations, and demands.

Insight: The level of risk-to-return for this class of investment is traditionally not as strong as the glossy brochures, marketers and real estate agents would have you believe.

How we can help

Investing in property is one of the asset classes available to investors. Whether it's suitable for you, your time horizon and your expectations is a conversation that needs to occur with a professional.

Call us today for a confidential chat about your personal circumstances.

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