Are you financially fit?



According to investopedia, 20% of the population have 80% of the wealth, 20% of the population also seek financial advice. Coincidence?

With the riveting finale of I’m a celebrity, get me out of here being a distant memory, it’s time for channel 10 to roll out yet another classic from its seemingly endless stable of reality TV shows, The biggest loser or TBL for us diehard fans. For those of you not familiar with this iconic piece of cinematic brilliance, it takes a group of overweight and unfit individuals who are in a pit of despair and proceeds to make them slog their guts out and eat properly until they reach a point of health even they didn’t think they were capable of. To me it looks like the never ending boot camp session from hell. But really, the people going on this show should be given credit for having the courage for saying, I can’t do this alone and I need professional help.

Ultimately, those competitors who make it through to the final weeks of the show have not only lost an amazing amount of weight, they have regained their self-esteem and emerge ready to take on the world. TBL is just one example, although extreme of showing how getting a professional in to do what they are qualified to do gets the best results. You wouldn’t unblock your own toilet, you would call a plumber as they know what they are doing. So why when it comes to our finances, do most of us think we know more than a trained professional?

Visiting someone with the knowledge of investment and allowing them to do what they are trained to do is like visiting a personal trainer for your finances. Like a good workout, a good financial planner should take into account a number of different areas for investment. Depending on your investor profile, a balanced mix of investments will be considered and compared with other investment choices.  

Some of the many areas a financial planner can offer advice include:

·         Wealth creation, using a number of different investment strategies to increase your wealth.

·         Debt management, using a number of strategies to pay-off any debt you have.

·         Tax minimisation strategies.

·         Property financing.

·         Future proofing your wealth.

·         Investing.

As with hiring a personal trainer, for many of us the most difficult part of commiting to see a financial planner is thinking am I ready? Just like when it comes to visiting a trainer and the thought of I will commit when I get fitter or I will lose some weight, the excuses are similar when it comes to seeing  a financial adviser,  I will do it when I pay off some debt or I just need to tidy up my finances.  I would have thought these were the very times you needed to see a professional and begin your journey to success.

Who knows, it might be the most financially rewarding hour you ever spend.

 

AMP's retirement simulator

How much can you spend in retirement? A free, easy to use tool that will give you an indication of how much you can spend in retirement and how long your funds may last.

Calculate now

Manage your money in retirement

Learn more

AMP's Budget planner calculator

Assess your current financial situation to see what you may be able to invest.

Start planning your budget

Want to keep up to date with the latest news?

Sign up now

Important information

Show more

Although this information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.