If you already have your home paid off or own an investment property, we dare say you are off to a great start! However many can fall complacent or become distracted with other important things such as work, raising a family etc… If you tick one of these boxes, perhaps it’s time for a financial review.
We have helped many successful investors expand their property portfolio. In many cases we have introduced our clients to some highly reputable financial planners who have helped escalate their investments property portfolio. Implementing a cash flow budget, debt recycling or establishing tax structures are some helpful strategies discussed in a financial review.
Here is a helpful checklist for your next financial review:
Financial Planning
- Do you have a cash flow budget to help determine your savings capacity?
- Do you have a plan on how to distribute your saving capacity?
- Are there certain expenses where you spend too much?
Loans/Lending
- Can you afford your mortgage repayments?
- Is your mortgage interest rates competitive?
- Are you paying fees in addition to your interest rate?
- Is your loan simple or complex to manage?
- Have you review the prospect of an offset account?
Tax Planning
- Are you maximising on your tax benefits?
- Have you implemented strategies to lower your taxation obligations?
- Are your taxation affairs up to date?
Superannuation
- Do you know where your superannuation is invested?
- Do you know what risks are being implemented to make your fund accumulate?
- Do you understand how it’s being invested?
- Do you know when you want to retire?
- How much money do you require in retirement on an annual basis?
Personal Insurance
- Do you have personal insurance?
- Do you know how it works and what it protects?
- Will the cover eliminate your debts?
- Is your insurance well priced in the short and long term?
- Is the ownership of your policies been set up correctly?
The power of an annual financial review is a great way to help better your circumstances. A financial review is best done with the help of a qualified financial planner, however the discussion with your spouse or partner is also effective.
Our YouTube channel and Market Insights also provide a wealth of information to assist you with many areas relating to property investments.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
January 2019
