Page 21 - Tropic Magazine Issue 37

TROPIC • FINANCE

Wealth of 2. Prioritise money goals 4. Make smarter decisions

knowledge Sit down and summarise your money Be conscious of the various financial
goals into short, medium and long-term products you have and what each is
ADVICE goals. Create a plan to work towards and costing you. Work towards clearing
keep yourself accountable. Be realistic debts that attract high interest rates like
As the cost of living continues when setting your goals as to not feel credit cards. Given the rising interest rate
to rise, long-respected local overwhelmed – you’ll be more inclined to environment, reassess your home loan
financial planning gurus stick with the plan this way. to determine whether your current rate
is competitive or if there are better rates
Fowler’s Group have teamed 3. Protect your risk offered with other lenders.
up with Tropic to provide some Floods, cyclones and other natural
timely, practical guidance. disasters are something FNQ is familiar 5. Overcome analysis paralysis
Here are Paul and Jason Fowler’s with. We mitigate this risk by taking out It’s easy to feel overwhelmed by the
appropriate insurances over our houses
amount of information out there on
tips for navigating the five and other treasured assets. Premiums, money management that it can often
biggest financial pitfalls. however, have skyrocketed and this stop you from moving forward. Should
puts pressure on the household budget. I salary-sacrifice? How do I invest in the
1. Pay yourself first Increasing the excess on your cover stock market? A financial adviser can
Many small business owners in FNQ can lower your premiums and really help discern fact from fiction and
operate with a ‘pay everyone else first’ free up cashflows. be the sounding board to help you take
mentality. They want to pay the suppliers, But what about insuring ourselves – that next step.
employees and everyone in between the biggest asset we often overlook?
often before paying themselves. This can How long could you keep paying the MORE: fowlersgroup.com.au
be to the detriment of their own wealth mortgage and put food on the table if you
accumulation goals. Make the decision suddenly couldn’t work? You may want to
to pay yourself first. This could involve consider personal insurance to provide
prioritising the payment of your own you with peace of mind and a way to
superannuation, rather than treating it as reduce the financial stress that can occur
an afterthought. following a significant life event.

Money talks
Improving your own financial literacy will help you to make smarter
money decisions. Fowler’s Group podcast Wealth Radar can help you
navigate the noise through entertaining and light-hearted conversations.
Join hosts Paul and Jason in their no-holds-barred discussions that lift
the lid on the questions burning a hole in your minds and pockets. It’s
available on most streaming services, or via wealthradarpodcast.com.au.

21 • tropicnow.com.au