If you’re a high-income earner or you’ve been fortunate enough to come into some money from other means, rather than maintaining the status quo or even draining your bank balance over time, you’ll want to look for ways to actually amplify your wealth exponentially. It’s about making that money work for you so you can steadily increase your level of income and your bank account.
No doubt you’ll want to be able to maintain the current standard of living that you’re grown accustomed to, but you will also want to reach for even greater goals and set yourself up financially for the future.
With this in mind, let’s look at some steps you can take to improve your financial position and put yourself on the path towards true wealth building.
It All Starts With a Financial Plan
Many Australians may earn a good income, but the majority don’t know how to take their finances to the next level. Often this is due to a lack of forethought and planning. Ideally, you’ll want to seek the assistance of an expert in the field and team up with an experienced financial planner.
Tailored financial planning will effectively create a road map that details your financial goals, the timelines to achieve them, and how to achieve those goals. The advantage of tailored financial advice is it’s not a “one size fits all” approach. Instead, your individual circumstances and ideals are taken into account when formulating a plan that’s just right for you.
As you have discussions with your financial advisor, exactly what you want to achieve financially will become clearer and clearer. Likely, your advisor will discuss ideas with you that you may not have even thought of before. Many Aussies know how to earn a living but most are not experts on finance, so seeking the help of an expert is a logical step to amplify your wealth.
Even if you already have goals in mind, you may need expert help to discover ways you can make those goals a reality.
Sound Investment Advice
If you were to survey a group of people who have already achieved a comfortable lifestyle or amassed wealth, you would discover that most, if not all of them did so through savvy investment strategies. Investing is one of the most proven methods available today to amplify your wealth. The right investments can even achieve this in a relatively quick time.
Unless you truly know what you’re doing when it comes to investing, you could just end up gambling with your hard-earned money. That’s why it’s imperative that you first consult with an advisor who is an expert strategist when it comes to investing.
Every day Australians have managed to amplify their wealth by investing in the property market. Real estate is one of the safest investments you can make and produces a higher percentage of positive returns than just about any other form of investing. Not only can you make a regular income through renting out your investment properties, but you can also make considerable capital gains when you sell an investment property at the right time.
You’ll want to diversify your portfolio as you grow, adding in things like blue-chip shares and other sound and proven investments. True wealth building comes from having a strategy that includes a variety of investments.
Investing not only increases your financial security now but also sets you up for the retirement years and this is something you’ll want to discuss with your financial planner as you work out your investment strategy.
Create Multiple Sources of Income
Another way to amplify your wealth is to create multiple sources of income. For example, you’ll have your regular income source (your job or business), dividends from investments, money coming in from your rental properties, and possibly other forms of passive income.
Having more than one source of income gives you more financial security, as well as supplying the vehicle to truly increase your wealth over time. The more sources of income you have, the better chance you have of amassing wealth.
The first step towards amplifying your wealth is to talk to an investment advisor and financial planner. They will steer your finances in the right direction and help you achieve your goals.