Frequently Asked Questions
- Where does all my money go?
- Why should I have a financial plan?
- When do I need to get started
- How can I effectively invest my surplus income?
- What risks are associated with creating wealth?
- How can I plan to minimise my taxes in future?
Wealth creation is an ongoing process. It requires a pragmatic approach with a clear strategy taking into account your goals, objectives, timeframes and risk tolerance.
Accumulating wealth requires a strong commitment and perseverance. The following aspects have to be considered in the process of creating wealth:
- Generating Income
- Managing Expenses
- Maintaining & Growing Assets
- Managing Liabilities
- Managing Risks
“Do not save what is left after spending; instead spend what is left after saving.”
When Yasmin’s marriage ended, she was understandably upset. To add to her distress, Yasmin’s husband had always looked after their finances and she didn’t know how she would manage now.
After the settlement money came through, Yasmin came to see one of our financial consultants at WPA. Having helped many women in similar situations, our financial adviser knew it was likely that Yasmin’s income earning years had been interrupted by raising a family and she probably had less super than many men of the same age.
“The financial adviser helped me feel comfortable about my situation,” Yasmin says. “We talked about my priorities and how important it was for me to take control of my financial future.”
With the help of our investment adviser, Yasmin used the settlement money to invest in a home, with a little bit of money set aside for emergencies.
Yasmin also started a savings plan to grow her emergency funds and our financial consultant reviewed her super. After working with us for three years, she has started looking at an investment property and is considering buying some shares.
“Thanks to the help of WPA, I’m a lot more financially independent,” Yasmin said. “I feel confident now that I can manage my money and make plans for my future.”