Whether you are a fan of ruby, football, netball or baseball, it’s a great feeling to see your home team take out the championship. Reaching high levels of success in sport can only be achieved with a total focus on teamwork, through which each player contributes their own individual strengths in a way that complements and enhances the skills of other players. Even top performing athletes in solitary sports have a team of support people behind them. Achieving financial success is no different. It is much harder to reach the top without the help of others to coach, encourage and impart their knowledge and skills. When it comes to your financial affairs, your support team should include your financial adviser or broker, accountant, solicitor, mortgage broker and insurance broker. If you are serious about wealth creation, find a team of people you can trust and confide in who understand your long term goals and who will help you get there one step at a time. Creating wealth doesn’t happen overnight (unless you are lucky enough to win a lottery) and your expert team needs to be prepared to help you over the long term rather than selling their services to you and then moving on. Your financial adviser will help you set the framework for your long term plan, your accountant and solicitor will ensure that your affairs are structured in the best way for tax and estate planning purposes, your mortgage broker will set up your borrowing so as to manage your cash flow and keep interest payments to a minimum and your insurance broker will ensure the wealth you create is protected from unexpected events. All these key players need to be working in tandem with you as the leader of the team. Then you can go for gold!
The latest Government budget had something for everyone but while most households will be a few dollars a week better off, there are some clear winners and losers. In the winners’ corner are businesses, those on high incomes, and savers. The biggest losers are property investors who have built large portfolios financed partly by tax rebates.