Build your wealth
5 STEPS TO BUILDING WEALTH:
1. Know your financial
If you don't know your current financial position,
how will you know if your wealth is growing?
If you want to build your wealth, making a list of all your
assets and liabilities is a great place to start. You can revisit
the list every year to see how much progress you're making towards
building a wealthier future.
Review your current financial position.
Net worth calculator
2. Clear your credit card
Getting your debts under control is an essential step
towards a wealthier future.
If you don't pay off the full balance on your credit card each
month, the interest you are charged will increase your debt and it
may take you longer to pay off your card.
Work out how you to reduce your balance fast and save on
Credit card calculator
Video: Ron takes control of his
Video about credit cards.
Ron explains how he's reduced his stress levels by getting his
debts under control.
3. Sort out your super
For many people, super will be the main source of income in
retirement, so it makes sense to have a pretty good idea of how
much you've got and how it's performing. The earlier you take
control of your super, the more you'll have in retirement.
Work out how much super you'll have when you retire.
If you are not on track for the kind of retirement you want,
focus on ways to boost your super now.
4. Consider getting financial
Financial advice can help you clarify your goals and create a
plan to achieve them. Depending on your goals and personal
circumstances, there are different types of financial advice
options available, and various things you should consider when
choosing and working with a financial adviser.
Navigate the financial advice process with confidence.
Financial advice toolkit
Video: George and Mary get financial
Video about financial advice.
George and Mary have worked hard all their lives and want to be
sure they invest their money wisely. Check out their tips on how to
ensure any financial advice you receive is right for you. You can
also read our Financial advice and you
5. Plan your
No matter what type of investment you're considering, it's
important to understand the risks involved so that your investment
decisions match your goals, timeframes and risk tolerance.
Start planning your investments.
Video: Sophie wants to invest without too much
Video about investing.
Sophie is keen to build an investment portfolio but wants to
ensure she grows her money without taking on too much risk. Check
out her approach to smarter, safer investing. Read our Investing
between the flags booklet.
Whatever financial goals you have, we have the
tools and guidance to help you.
Last updated: 03 Dec 2018