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Empower Wealth Blog post by Empower Wealth

From Strategy to Action

In previous newsletters, we have discussed the three stages in Money Planning:

  • knowing where you are now – developing a picture of your current Financial Position,
  • deciding where you want to be (and when) – thinking about how much passive income you will need to allow you to be financially independent, and
  • deciding on the best way to get from here to there – selecting a strategy which fits with the amount of money and time you have to work with, and your personal preferences for the amount of risk you are comfortable with.

However, Planning is one thing – putting the Plan into action is another, and this is the point at which many people encounter problems.

A strategy for building wealth usually involves knowledge, skills, or activities which are new to people, and requires them to get out of their “comfort zone”.  It also generally requires a commitment of time and a level of discipline to make things happen.

This is where engaging and working with skilled professionals delivers a double benefit – chosen wisely, they will have the specialist knowledge and skills relevant to your chosen strategy, based on years of experience, to assist you with putting your plan into action, and they will also be there to monitor your progress in implementing your strategy and achieving your goals.  Think of them as “personal trainers” for your financial well-being.

Regardless of your choice of wealth creation strategy, there are some basic first steps that need to taken to get moving in the right direction.  Two important first steps are to get your existing money working as hard as possible for you, and taking control of your spending.

Deciding how much you need to spend on Bills, Car Expenses, Loan Repayments, etc. and how much you want to allocate for Living and Lifestyle spending, will give you an idea of how you are currently managing your cash flows, and how much you may be able to set aside for the future.  The information captured as part of the first stage – knowing where you are now – should provide a clear picture of this information (as described in an earlier article ).

Empower Wealth’s Personal Wealth Management Program (also known as Property Portfolio Plan) includes tools to assist with capturing and recording information about how you spend and save money, and also incorporates recommended Account Structures and money management techniques to assist with putting the plan into action, taking control of your cash flows and getting your savings working as hard for you as possible.

If you would be interested in seeing how these tools and techniques could be applied to your own personal financial situation, please come and see us for a free one hour consultation by registering at our website or just give us a call.

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