With Covid-19 impacts on our employment, wages, and finances plus our savings being hampered by historically low interest rates, many are asking how do we recover the losses of 2020?
Whether it be the “V”, “K” or “U” shape recovery, there is no shortage of speculation and articles by a myriad of leaders, experts or industry professionals taking a “punt” on what the future holds.
“It’s going to disappear. One day it’s like a miracle – it will disappear.
— President Donald Trump, 27th February 2020 *
For most Australians, our financial position has been affected, impeding the progress towards our financial, lifestyle and retirement goals.
We have developed a 6-step recovery plan to help you begin the recovery:
- Leverage to build wealth: how can you utilise your knowledge, time, or funds to create more wealth?
- Treat your wealth like a business: review all income and expenses – can you improve your cash flow?
- Be courageous: add any surplus funds to your portfolio (seek professional advice first).
- Create your financial safety buffer: i.e. build a cash emergency fund.
- Consider refinancing your debt: if you can secure a lower interest rates you may also be able to lock in lower repayments to ease your cash flow situation.
- Financial Literacy: educate yourself and explore all your options!
The key to success with any plan is to pick one of the steps and start implementing it today. The speed of implementation can allow you to gain new knowledge, money beliefs and put you back on the path to achieving your financial goals.
Our specialist Financial Advice Team at Sydney Wealth Advisers have a combined 180 years’ experience in helping our clients retain and accumulate wealth. Book an initial consultation at one of our office locations in The Junction, Erina or Sydney CBD – your first appointment is complimentary, so you have nothing to lose.
The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group and Sydney Wealth Advisers is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429. This editorial does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information, please contact our office to opt out.