I’m often told, “when I have money, then I’ll come to see you…”
I take this to mean that most people really aren’t sure about why they should see an advisor or believe that they only help people who have funds to invest. Not always true!
So, if you’re someone who isn’t really sure about when to start, here’s a few questions you can ask yourself to see how you’re tracking…
- Do you live within your means and spend less than you earn?
- Are your personal loan payments up to date and credit cards paid off monthly?
- Do you have an emergency fund for a rainy day?
- Are your personal protection plans in place, covering your life, health and income?
- Are your superannuation funds all consolidated and invested in line with your risk profile?
- Are you comfortably repaying debts like a mortgage and could still manage to do so if interest raise increased?
- Do you have a regular savings plan now?
- Is there a specific goal that you’d like to achieve with an investment plan?
If you can happily respond with a Yes! to all these areas, chances are you’re ready to roll! If not, see where you can improve your current situation before taking the leap.
Investing for many women requires a bit of soul searching. What’s the purpose of the investment? Is it just long term growth? To achieve a holiday goal? Extra savings to supplement retirement income? To save for your children’s education? Is paying down debt a higher priority? Often, these reasons or needs require different time frames for the investment and different levels of risk that you’re prepared to take.
Share market and property investments are typically viewed as long term investments (five to seven years plus) and for those with a more assertive or aggressive profile. Cash, term deposits and fixed interst styles of investment often mean a shorter term need is to be met, where preservation of capital is paramount.
An adviser can help you articulate your goals and work out your risk profile. Chances are, you may invest very differently with your superannuation savings than you would for that trip you’d like to take next year, amd each rqeuire a very different strategy.
If you’d like to find out your Risk Profile, drop me an email and I’d be happy to forward you a questionnaire to see where your levels of tolerance sit.