Welcome to the new edition of the Star Observer and the new financial year as well!

We want to share with you the latest updates in the financial world for this new financial year and some ideas to help you get ahead with your finances.

Financial planning is more than just your superannuation, investment portfolio and insurance. It is about developing a holistic financial plan that will be your guide for years to come in building your life and your legacy. A holistic plan will cover all aspects of your finances and the relationship it has with your goals, objectives and your life. 

The latest discussions do point to a longer period of a low interest rate environment, so it is important that you use this to the best of your ability to secure your financial future. If you have a mortgage, it is time to ask your lender for a review. Shop around for the best possible rate, get your credit history report and start a debt management plan. Make a budget and stick to your debt management plan – from our years of experience, the joys of sticking to a debt management plan and reducing your debt are priceless. 

In a low rate environment, how do you get the best returns for your investment? If you have cash savings, are you getting the best rate of return? Are your funds earning more than the inflation rate? These are important figures to note as you can use this as a guide in deciding what you want to do with your money. There is a lot of talk about the best way to invest and the right time to invest. However, it all really depends on you, your goals and your objectives. This is where we can help you plan out an investment strategy that is tailored for you. We will also educate you on how to make confident and informed financial decisions. 

Conscious Money’s Karam Singh (left)

This is also the right time to start thinking of your superannuation – do you need to contribute more into super, or perhaps organise salary sacrifice contributions? There are benefits and disadvantages to these strategies as well – depending on your circumstances. 

It is important to have a strategy for when an unfortunate event happens – such as loss of income due to an unexpected health event or a diagnosis of a critical illness. Insurance cover is useful to protect your wealth strategy and ensure that you can focus on recovery and spending time with loved ones rather than worrying about finances.  

This is definitely a good time to sit, reflect and discuss your financial circumstances and make a difference. Contact us today at ksingh@consciousmoney.com.au or kbaxter@consciousmoney.com.au for a complimentary financial consultation. Like us on Facebook and Instagram to get regular updates.

This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. We strongly suggest that you seek professional financial advice before action. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc. as at the date of issue.

© Star Observer 2020 | For the latest in lesbian, gay, bisexual, transgender and intersex (LGBTI) news in Australia, be sure to visit starobserver.com.au daily. You can also read our latest magazines or Join us on our Facebook page and Twitter feed.