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.
- 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