Banking and Finance – Financial Planning Perth
Financing the acquisition of assets through borrowing can be a constructive part of a financial plan. Buying or renovating a home, buying a business or investing in property, are all positive actions and all have the potential to be progressive steps forward in your financial life.
A word of caution here though.
The lending institution gets paid to sell you a lending product. There is a service wrapped around that, but it should not be confused as a service that will necessarily consider all the issues that serve your interests. The representative of the lender can get tunnel vision, focused exclusively on getting the finance in place, inadequately considering the best advice around how to structure the finance. This can include details of the loan term, interest only or principal and interest, fixed or variable rate and other features such as the use of mortgage offset accounts, particularly where there is a combination of tax-deductible and non-deductible debt.
Your financial life planner will always know you better than the lending officer and with your personal situation and goals in mind, is well-placed to guide you when making investment decisions with borrowed money. Then after the loan is in place, it is important that there be a regular review of your finance to ensure it continues to meet your needs in the context of your broader financial life plan.
Financial Planner Tips For Banking and Finance
- Efficiency is intelligent laziness: Building a banking and finance plan that makes your money do the work is the goal. Make sure your accounts are structured to give you the best of all worlds according to your needs.
- Don’t do it because you’ve always done it that way: Change is necessary, and often good. When your financial planner discusses a new strategy, consider it carefully. Don’t reject it because it requires change. Small and simple changes can offer great gain over time.
- Fail to Plan, Plan to Fail: It’s a cliché, because it’s true. If you don’t plan your finances, and if you don’t manage them with a specific goal in mind, you are unlikely to achieve anything meaningful. Anything that requires money should be included in the plan, and the more specific and intentional your goals are, the more specific your plan can be and the more likely you are to achieve those goals.
- Credit is not a bad word: Credit can be used to work for you. Even a credit card may be useful. If you use it infrequently and pay it back assiduously, you can build your credit score and your standing with a bank which may support your acquisition of a future asset. There’s a place and time for every instrument.
Why HPH Solutions Can Help With Financial Planning Perth
At HPH Solutions, we are experienced financial planning advisers with the benefit of evidence-based practice at the heart of our planning. We can help you navigate the banking and finance world, find the best financial planning solutions for your needs, and instigate a plan to achieve all of your goals for the future. Get in touch with our Perth office today to discuss what you really want from your financial planning.
Financial Life Planning is a holistic process
that puts your interests first and focuses
on increasing your sense of financial
well-being and life satisfaction.
It sounds like a strange thing to say that your financial adviser would be talking to you about how you feel, about those sorts of emotional choices and decisions about where you’re going to live and how happy you are in the place that you’re living, but they’re equally as interested in talking to us about that as they are about how good our super is going ..…” Fleur and Kym Wilkinson
“When we were separating, splitting assets and all that kind of stuff, Michael was much more than a financial adviser, he was a confidante, a marriage counsellor to a certain degree, but more importantly, a trusted friend.” Craig Buchanan
“If somebody asked me about financial planning and they were considering it, I would without hesitation recommend HPH” Philip and Kate Smith
“I think what great financial advice offers is peace of mind and particularly if you’re the sort of person like me who’d rather be out sailing than in reading about the latest investment strategy, so it’s great to know you’ve got someone who’s across all that stuff and working on your behalf. It takes the worry out of it for you.” Penny Walsh
“I think the last meeting that we had with the guys I actually cried because I was so happy with how everything was going and so appreciative of everything that they had set up for us.” Dr Fleur Davey
“We were initially very cautious, but they were terrific because they listened first and offered suggestions second. They asked lots and lots and lots of questions about our lifestyle and our ambitions for the future and all those sorts of things and then subsequently came back and said here’s a series of suggestions that we think might be of value to you and we appreciated that style.” Shaun and Lina Ridley
“If it wasn’t for HPH, I think I’d still be worried about money” Craig Buchanan