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1 Aug 2019

Where did all my money go?

Guest post by Darren Eldridge 

Tax time and financial planning go together like peas and carrots. And while you might prefer one over the other (I’m personally not a fan of peas) they really do complement each other.

The completion of a tax return creates a time of reflection over the past financial year. Our thoughts tend to head towards questions like:

  • How much did I earn this year?
  • What tax deductions can I claim?
  • Have I got all my receipts together?
  • And most importantly, will I get a refund this year?

 

It’s also about at this point where we ask ourselves questions like “where did all the money go?” and “how can next year be even better?” This is where financial planning can be beneficial – especially if you are heading towards your retirement years.

Spending time planning for your financial future while you have got all your tax information together makes a lot of sense. It’s a great time to meet with a financial advisor who can work with you to develop a thorough plan that is personal to you. It’ll cover items such as:

  • Your Superannuation – what is the strategy that needs to be in place to ensure you have enough money to live your desired lifestyle in retirement?
  • Investments – are your current investments earning you the right return, or are there better options that will help you grow your money quicker?
  • Debt Management – is there an appropriate strategy in place to ensure you are paying off your debt in a manner that will help you reach your goals?
  • Insurances – do you have the right insurance in place to ensure that you and your family are protected in the event of something unforeseen happening?

Having a plan in place will help you make better decisions around your finances – and the more time you put into this now, the bigger the benefit will be for your future self.

 

 

About Ipsum Wealth

Ipsum Wealth helps people make better decisions around their finances that are in their best interests, not ours. We operate under a fixed-fee model, which means no hidden fees and no nasty surprises. Book a FREE financial health check with Darren Eldridge to get started.