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Financial Planning AdelaideDo you want to find out more about financial planning in Adelaide?
Do you know what a Financial Planner does?
The dictionary definition of financial planning is:
the devising of a program for the allocation and management of finances and capital through budgeting, investment, etc.
So this implies that good financial planning is all about the managing of your finances and assets.
In my opinion, financial planning is all this, but a lot more!
You see, it's not just about managing your money, but it's also about your goals. The money is a means to an end - not the end itself.
Good financial planning is about managing your money wisely, so you're able to achieve your goals comfortably, over time, with the minimum of risk.
Whilst financial planning concepts remain similar all around the world, here in Adelaide you have to be aware of the rules and guidelines that are unique to the Australian financial system and the Australian economy.
In Australia , we don't have 401k plans - we have superannuation. The tax rules are vastly different for someone living in Adelaide compared to someone living in the US.
Some things are the same -the same concepts about budgeting apply no matter where in the world you live! Spend less than you earn. Know where your money is going. Invest in things that appreciate in value.
The principles of debt reduction are also similar. Someone living in Adelaide, South Australia probably has a lower mortgage than someone living in Sydney or New York. This is because the cost of housing is lower in Adelaide than it is in these other cities. Although housing is more affordable here, it doesn't mean that there's no mortgage stress.
To reduce debt, all it takes is a few simple steps:
- Make a list of all your debts including the balances and interest rate.
- Make extra repayments to the debt with the highest interest rate (not the highest balance).
- Make minimum payments to the other debts.
- Once the first debt is repaid, move on to the debt with the next-highest rate of interest and make all extra repayments to that debt.
- Continue until all debts are repaid.
Good financial planning is all about having a plan for your money, and enough motivation to defer spending today in order to be able to afford something you want in the future.
If you're looking for Financial Planning Advice in Adelaide, South Australia, there are many options available to you.
- Ask your friends if they use the services of a financial planner. They may be able to arrange a referral for you.
- Use the Yellow Pages
- Call the Financial Planning Association and ask for a referral to a local, Adelaide based planner
- Use the internet (like you're doing now!)
A good financial planner will ask you lots of questions about your personal financial position, and your goals for the future. It's important that you feel comfortable with your planner as they will ask you to share some personal information.
It doesn't hurt to visit a couple of different financial advisers to get an idea of the different styles and approaches that are on offer from Adelaide Financial Planners.
Be prepared to pay for good advice - it isn't free. Every planner needs to run a sustainable business and they can't afford to give away their knowledge and expertise.
Category: Financial aid