MoneySmary
(ASIC)
1. Know your financial starting point
If you don’t know your current financial position, how will you know if your wealth is growing?
If you want to build your wealth, making a list of all your assets and liabilities is a great place to start. You can revisit the list every year to see how much progress you’re making towards building a wealthier future.
Review your current financial position.
2. Clear your credit card debt
Getting your debts under control is an essential step towards a wealthier future.
If you don’t pay off the full balance on your credit card each month, the interest you are charged will increase your debt and it may take you longer to pay off your card.
Work out how you to reduce your balance fast and save on interest.
Video: Ron takes control of his debts
https://www.youtube.com/watch?v=xRpB-YTckoM
Ron explains how he’s reduced his stress levels by getting his debts under control.
3. Sort out your super
For many people, super will be the main source of income in retirement, so it makes sense to have a pretty good idea of how much you’ve got and how it’s performing. The earlier you take control of your super, the more you’ll have in retirement.
Work out how much super you’ll have when you retire.
If you are not on track for the kind of retirement you want, focus on ways to boost your super now.
Video: Bill and Suzie sort out their super
https://www.youtube.com/watch?v=VfMeVy8wgys
Bill and Suzie are sorting out their super so they can have the lifestyle they want in the future. Check out their tips on the simple steps you can take now that can make a big difference later. Use our retirement planner and learn how to consolidate your super.
4. Consider getting financial advice
Financial advice can help you clarify your goals and create a plan to achieve them. Depending on your goals and personal circumstances, there are different types of financial advice options available, and various things you should consider when choosing and working with a financial adviser.
Navigate the financial advice process with confidence.
Video: George and Mary get financial advice
https://www.youtube.com/watch?v=DOcmf6hdJK8
George and Mary have worked hard all their lives and want to be sure they invest their money wisely. Check out their tips on how to ensure any financial advice you receive is right for you. You can also read our Financial advice and you booklet.
5. Plan your investments
No matter what type of investment you’re considering, it’s important to understand the risks involved so that your investment decisions match your goals, timeframes and risk tolerance.
Start planning your investments.
Video: Sophie wants to invest without too much risk
https://www.youtube.com/watch?v=7BX5gEBA978
Sophie is keen to build an investment portfolio but wants to ensure she grows her money without taking on too much risk. Check out her approach to smarter, safer investing. Read our Investing between the flags booklet.
Whatever financial goals you have, we have the tools and guidance to help you.
