Am I doing enough with my finances? Money in your 30s, super balances & comparison traps (Adviser Q&A)
Jul 1, 2024
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Financial advisers Alex Luck & Daisy Magor discuss money in your 30s, super balances and comparison traps. They cover topics such as leveraging debt, seeking financial advice early, managing finances as a couple, and navigating financial matters in relationships and parenthood.
Gearing magnifies gains and losses in property investment, requiring a thorough risk assessment.
Seeking early financial advice can help individuals set clear goals for financial security.
Combining finances in relationships through open communication and joint planning can enhance financial unity.
Deep dives
The benefit of using debt for property investment
Property investors often leverage debt, which offers advantages over other asset classes. This strategy, known as gearing in the stock market, allows for moderate gearing in Australian and global shares through the Beadershares Wealth Builder Funds, such as ASX ticker symbols G200 and GHHF. Gearing magnifies gains and losses, necessitating a thorough understanding of associated risks.
Preparing for financial milestones: Working with financial advisors
Seeking early financial advice can have a significant impact on future financial goals and milestones, such as preparing for property purchases, family planning, or financial independence. Financial advisors offer personalized advice tailored to individual circumstances, helping individuals set clear financial goals and create effective strategies to achieve them, ensuring financial security and growth.
Managing combined finances in relationships
Combining finances in relationships involves open communication and shared financial goals. Discussing financial plans, budgeting, and creating joint accounts can enhance financial unity and facilitate the achievement of mutual objectives. Financial advisors can provide guidance on structuring finances, managing expenses, and aligning financial goals within relationships.
Financial preparation for parenthood and income adjustments
Financially preparing for parenthood involves understanding costs associated with children, planning for reduced or temporary loss of income during parental leave, and ensuring financial stability. Evaluating expenses, government support, and income projections post-parenthood can help individuals maintain their lifestyle while adjusting to new family dynamics.
Investing in diversified portfolios presents an alternative to property ownership for wealth creation. Building investment portfolios tailored to specific financial goals can generate passive income, potentially leading to financial independence and long-term wealth accumulation. Exploring various investment options beyond property can offer financial growth opportunities and mitigate risks.
Start taking action on financial goals and planning for the future
Taking the first step towards financial planning, setting clear goals, and researching investment options can help individuals make informed decisions and navigate financial milestones effectively. Planning for the future, consulting financial advisors, and aligning financial choices with personal goals are key steps towards achieving financial security and growth.
DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.
