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Building and protecting your wealth

How Did You Fare Financially in 2018?

At the end of every year, it’s always good practice to step back and evaluate how you’ve fared in every facet of your life. Have you achieved the goals you set out to conquer in January? Did you resolve to get healthier? Start saving more? Take more risk in your life? Take some time to look back on your decisions and the results in 2018.


This does not constitute advice and advice should be sought in all instances before acting on it.


Arguably, one of the most important critical aspects to review is your financial situation. Are you any better off than you were at this time last year? Are things worse? Have your accounts become stagnant – not growing, but not really dwindling either?

If you’re ready to see your savings increase and become more confident in your finances, we recommend a full-frontal financial assessment, focusing on your mortgage and loans, savings and investments, wealth building and income protection, and last, but certainly not least, taxes.


Mortgages and loans

A mortgage is a huge financial commitment and as with any responsibility, assessing how well your provider has performed and deciding whether or not you’re happy with them, is important.

If one of your goals this year was to buy a home, how did that process go? Did you take advantage of government schemes to help your dream come true? Maybe you wanted to pay down a personal loan – was your strategy successful?

If you currently have a mortgage and the end of your initial term is approaching, or if you lucked out and secured a loan without massive fees for early repayment, consider remortgaging in the new year. You could end up saving thousands in the long run.


Savings and investments

Perhaps one of your resolutions this year was to save more. Whether your savings are going towards something personal – like a holiday, or a new gadget – or practical – like retirement, it’s a worthy endeavour, regardless.

Take stock of what you were able to contribute to your savings this year. Were you too eager? Putting away more than you could reasonably afford to the detriment of other areas of your life. Could you have saved more? If you received a pay rise or your financial circumstances changed, did you adjust your contributions?

How about your investment portfolio? Consider the performance of your assets and prioritise for the year to come, or mix up your investments to keep your portfolio diverse and performing to your standards.


Wealth building and income protection

Work-related insurance is of the utmost importance for dental and medical professionals and often unavoidable. But it’s not without its merits, and many choose to take out insurance personally, as well. Do you currently have life insurance or supplemental health insurance? It’s always a good idea to consider all your risks and what options you have to insure for these.

How are you protecting your income? There’s a variety of options to choose from if you want to ensure your family won’t struggle with money should anything happen to your income. Review your current plans and talk to your financial advisor about ways to improve your protection.


Taxes

At the beginning of each new tax year, you need to acclimatise to all the changing tax schemes, relief, and legislation and adapt accordingly. As we enter the final quarter of this tax year, don’t forget to review all these developments and if they apply to your situation, ensure you have a plan in place to deal with.


Next steps

How do you think major financial shakeups like Brexit affected you in 2018, or may impact you in the future? Do you think you’ve learned anything this year?

There’s so much to account for when tackling an evaluation of your finances, but now that you’ve reflected back on the closing year, it’s time to look ahead.

Start 2019 right by meeting with your financial advisor for a complete financial appraisal and to solidify your plans for the year to come.


Want to build & protect your wealth?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

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