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Financial tips to grow your wealth

tips to grow your financial wealthA secure future is one that everyone dreams of, and there has been an-almost endless amount written on the subject on how you can grow your personal wealth. Short of winning the lottery, or getting that six figure income, here are some time-honoured strategies to get started that will help to grow your wealth and maximise the money that you do have.

Create Sensible Money Habits

First things first, be smart with your money and assess where it’s going. When it comes to purchases, if you don’t need it, don’t buy it. Save money now and spend later. Set goals and change habits to save the money you do have each pay period and always look for new ways to reduce your expenses so that more can be put away into savings.

Be Super Smart

Superannuation may seem confusing, but the sooner you take an interest, the better you can set yourself up for retirement. Consolidating multiple accounts into one is as simple as lodging a form online, and will avoid paying multiple sets of fees. Speaking of fees, these can be extensive, especially when added up each year so always shop around for the best superfund and find where your funds are invested to ensure diverse investment portfolio with a good mix of medium and higher risk investments.

Pay off debt

Before you start investing, service any debt that you can, making credit cards (or whatever has the highest interest rate) the first priority. There’s also not much point saving when you have to pay off a mortgage. You can do both by having an offset account where additional savings can be kept where interest is not charged. You’ll also be able to draw upon these additional savings in an emergency if needed. When it comes to mortgages, reassess your current load, shop around, and during low interest periods, consider fixing some of the balance

Make Astute Investments

As they say, don’t put all your investment eggs in the same basket, and having a diverse portfolio will pay dividends – literally and figuratively. Real estate is long considered the safest long-term investment and a property manager like Templeton Property can source and manage these to ensure the best ROI. Shares are also a savvy way to grow personal wealth, and while they may present slightly more risk than property, a diverse portfolio can bring faster profits, allowing you to reinvest and build upon what you already have.

Get Financial Advice

No matter how small or large scale your wealth plans are, there is professional help at hand. Whether it’s simply creating a savings plan, or seeking investment advice, no matter your financial capacity, experts can provide proven solutions to make the most of your income. Being financially successful takes discipline, but also the right people on your side can keep you on the right path to wealth, providing specific advice tailored to your situation.

It’s never too late to start taking action to better put you on the path to financial security. No one said it was ever going to be always easy, but the sooner you start, the more options and freedom you’ll be able to access in the future.