Interest rates are so low, that you may feel you need to consider other forms of investment to increase your financial security.
Rachel Waterhouse, CEO of the Australian Shareholders Association says with thorough research, awareness of risk, and a financial plan, investing in shares can help you achieve your financial goals.
The first step is to really think hard about those goals. Do you need to top up your super, earn more income or put aside money for your grandchildren? Whatever your reason, Rachel says you need to make a written plan.
She agrees people are wary about engaging a financial planner they can trust.
Do your research, find out the fee structure and check they are properly licensed through Moneysmart financial advisers register.
She suggests putting your financial plan, estate plan and will altogether in one place and consider them together, with an annual review. Make sure you are comfortable with the level of risk being proposed. Take the time to really understand the details of investing before you dive in.
Rachel suggests that the best way to help grandchildren before considering leaving them money is to help build their financial literacy skills.
More information:
- How do I start investing?
- Choosing a financial planner
- Moneysmart financial advisers register
- Australian Stock Exchange: Start Investing
- Consider this before giving children financial help
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Older Women’s Network NSW
The Older Women’s Network in NSW believes in a society rich in social capital, where mutual respect and trust are paramount, where diversity and debate are valued and where people and their networks have a legitimate voice.
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Older Women’s Network NSW
8-10 Victoria Street,
Newtown NSW 2042, Australia.
+61 – 2 – 9519 8044
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We acknowledge the traditional custodians of the land on which we work and live, and we pay our respects to Elders past and present.
We acknowledge the sorrow of the Stolen Generations and the impacts of colonisation on Aboriginal and Torres Strait Islander peoples.
OWN NSW supports the Uluru Statement from the Heart, the call for a First Nation's Voice enshrined in the Australian Constitution and a Makarrata Commission to oversee agreement-making and truth-telling.