Are you ready for a financially fit 2024?
The New Year — what a wonderful time for reflection, resolutions and setting new goals!
Just like aiming for a healthier diet or prepping for your first full marathon, we understand that committing to new financial goals feels like a brilliant fresh start.
But it's not just about making resolutions; it's about crafting a plan.
So as your financial coaches, here are 5 tips to help you achieve your peak financial fitness in 2024.
Stay informed and be realistic:
If you hardly get off the couch these days, you’re probably not going to run a full marathon in three months’ time. Similarly, it’s important to approach your financial goals realistically.
Last year saw some economic challenges and geopolitical issues that are expected to persist in 2024. With that in mind, its essential to assess how the economic environment may impact your overall financial position and investment prospects.
At DP Wealth, we pride ourselves on staying informed and proactive, offering bespoke advice based on your financial situation in the current economic landscape. Our goal is to empower you to make informed decisions to work towards your financial goals.
Bulk up your financial resilience:
If there is one thing the last 5 years has taught us, it’s that life is unpredictable.
No matter how much you have in assets, developing a robust emergency fund is incredibly important and plays a vital role in safeguarding your financial well-being when unexpected challenges arise, such as job loss, health issues, or unforeseen accidents.
Our team at DP Wealth suggests aiming to build an emergency fund that could cover approximately three to six months' worth of living expenses. Talk to us about how we can help.
Customise your investment strategy:
Look at tailoring your investments to match the timing and risk level of each of your financial goals. Think low-risk options for short-term needs and growth-oriented strategies for long-term financial goals like retirement.
In today’s markets, cost-effective portfolio implementation is also important, so it could be time to consider Exchange Traded Funds (ETF’s).
Compared to mutual funds or actively managed funds, ETFs typically have lower expense ratios, which means investors can keep more of their returns. And they can be bought and sold throughout the trading day, just like individual stocks, so adjustments can be made quickly and easily.
Check-in with your beneficiaries:
The current economy is impacting each generation differently, so it may a suitable time to check in on the kids' financial fitness. Consider starting the discussion around your own and your family’s financial and lifestyle goals, including family legacy, wills, trusts, tax and distribution timing with your loved ones and a DP Wealth financial advisor.
This ensures the protection of your hard-earned assets and the desired distribution to beneficiaries, whenever the time comes.
Strengthen your retirement and aged care plan:
Do you have enough to fund your retirement? And how can you maximise benefits and minimise tax when you eventually go into care?
Remember, it's never too early to start planning for retirement and aged care, especially if you're envisioning a certain lifestyle for your golden years.
Our team can help you plan for the retirement you want. And our very own aged care specialist can walk you through the ever-changing aged care landscape including accommodation, fees and taxation – essential considerations when planning your golden years.
Disclaimer This blog contains general information only and should not be relied on as a substitute for financial or other professional advice. The information and opinions contained in this blog have been obtained from sources believed to be reliable, but no representation or warranty, express, or implied, is made that such information is accurate or complete and it should not be relied upon as such. Information and opinions contained in the blog are published for the assistance of recipients but are not to be relied upon as authoritative or taken in substitution for the exercise of judgement by any recipient and are subject to change without notice. Except to the extent that liability cannot be excluded, DP Wealth Advisory does not accept any liability for any direct or consequential loss arising from any use of material contained in this blog.
