Pursuing a Passion

How will you fund the thing that gets you out of bed in the morning? Have you even stopped to think what that thing might be?

We all have dreams and passions. Things we love to do… travel, a hobby, sport, something artistic, indoors, outdoors, with family or on our own. These are the things that drive us. But they usually cost money, and sometimes a lot. It would be a shame for money to get in the way of pursuing your passion, but you can take steps to make your passion a financial reality.

Have you thought about:

  • What is my passion and how much money do I need to enjoy it?
  • What steps am I taking to put aside money for it?
  • How will I enjoy my passion without it affecting the rest of my financial life?

At Accrue Financial we can help you to plan your passion, fund your passion and continue it on through retirement. Whether it is riding a Harley, overseas travel to exotic destinations or volunteering and philanthropic pursuits (or any number of ideas in between), we want to assist our clients to enjoy their passion and set a plan so that money doesn’t stop you.

Managing your cashflow

Cash flow management is about harnessing your cash flow to help you meet your financial and persona goals. Besides, do you have any idea how much you spent on coffee last year?

If you are currently living beyond your means, and have no additional money to oput to work for you, you’ll never be able to build wealth. While that may seem obvious, lower wage growth and increases in costs of living have stretched the budgets of even high ioncome earners. There is a lot of truth in the saying that the more you earn the more you spend.

At Accrue Financial we don’t want to restrict peoples spending, rather, we want to ensure that you understand what you are spending your money on, and consider separating your lifestyle expenditure from your debt spending and investment spending. The process can be illuminating and learning how much you currently spend on certain items can be eye opening.

Once we have an idea of what you are spending, we can consider the benefits to your debt or your investment’s of finding an extra amount regularly. Saving thousands on debt, or putting your self into a position to retire earlier may be worth skipping a few lunches out and taking something from home.

Again, effective cash management isn’t about restricting your expenses, but it is about giving you information to make an informed decision about how you use your money.

Being Debt Free

Should you consolidate your loans into your home loan? What’s an offset account? What difference will extra repayments make? Some strategic decisions on your debt can save years off your loans and thousands of dollars.

The price of debt is usually a lot more than the purchase price of the product. In the case of a house to live in, it is usually in the hundreds of thousands of dollars more.

Effectively managing your debt can save years of your loans, and save you thousands of dollars.

There are any number of strategies to assist with your debt including using an offset account, making additional lump sum payments, consolidating debts, increasing your regular payments and debt recycling. All of these can work in certain circumstances, but what will work best for you depends on your particular goals and circumstances.

If you have debt you’d like to clear, why not give us a call to see how we may be able to help.

Retiring in style

Can you afford the retirement of your dreams? Have you ever stopped to think about what retirement might look like for you? We help you to define your goals and work together to head towards them.

Over years of experience, the advisers at Accrue Financial have seen a lot of clinets that are so busy working, paying bills and looking after their family that they have never stopped to consider what they’ll need to retire, and what they’d like their retirement to be like.

We have a lot of innovation in the financial services industry and just as much choice. You can choose from a myriad of superannuation and investment options, construct your portfolios with exotic investments, view it online and trade when you like.
But is the pot of money enough?

At Accrue Financial we take time to understand what a good retirement will look like for you, and work on what level of funds would be required to provide. We then consider what steps need to be taken to bridge any gap. This is all taken with your goals in mind, to ensure the best chance for you to have the retirement you choose.

Building your wealth

Building your wealth is simple, but not easy. We help our clients make smart decisions about their money, so they can achieve long term, sustainable wealth creation.

There are three simple steps to building your wealth;

  • Keep debts under control;
  • Spend less than what you earn; and
  • Doing something smart with the difference.

But, what is the something smart?

The answer to that depends on a lot of things, including your starting point, what you are building wealth for, and how you tolerate uncertainty and volatility.

It is important to develop a strategy to build wealth, and it is equally as important to be realistic in what you can achieve by way of returns, and importantly, your current situation. There may be steps to take, like reducing non productive debt (or bad debt) before looking to create wealth. Further, unrealistic expectations of what you can achieve by way of returns sets you up for disappointment, or worse. Remember the old saying, if something appears to good to be true, it probably is.

At Accrue Financial, we help you identify your current position, consider your priorities and goals, as well as your tolerance to risk, and put you on a path to creating the wealth you need to meet your goals.

Protecting the ones you love

Few things can disrupt your lifestyle like sickness or injury. Most people have ‘some’ insurance, but is it enough to meet your needs, and structured to meet your budget?

People know that often they have ‘something in super’, but is it enough. Have you ever stopped to consider the impacts and likelihood of being off work for an extended period of time as a result of sickness or injury?

How about the cost of putting your kids through school if you cant work? A recent study showed that it would cost parents nearly $500,000 to put a child through a Private School but even send your child to a Government run school will cost parents nearly $70,000 over the period.

How will that get paid if you can’t work? No one likes to thing of the worst case scenarios, but if something did go wrong, can you afford not to be covered?

At Accrue Financial we aim to give our clients the best chance to achieve the goals they have. We feel that it would be a breach of our duty of care if we did not consider how we were going to protect our clients income, before we looked at the fun things that you wanted to do with it.

Taking out a protection plan, and maintaining it, can help you navigate life’s curve balls, and make it more likely that you will continue to be able to have a sense of normalcy, at least financially, while you recover.