Transitioning from a single source of income to actively seeking wealth with multiple sources of income can be a daunting time.
We work with lots of clients who know that they want to take steps towards wealth creation but don’t know where to start.
It begins with a relationship, communication and thorough personalised planning. We ensure our clients understand the strategies we use to create wealth opportunities.
Turning bad debt, such as a home loan that is not tax deductible, into good debt such as an investment property, which is tax deductible, is one example.
When we talk about clients who are successful, financially, they generally have their employment income and at least one other source of income. Whether that’s equity in another business, an investment property, a share portfolio or something else depends entirely on the individual’s circumstances.
More often than not, someone with active wealth aspirations has a goal to acquire assets that at some point in time will allow them to fund an income that improves their lifestyle. It might be they want to reduce or cease their employment, for a spouse to drop their job or even early retirement.
At Fennell West it starts with getting cash flow right and then running at a profit. At that point when you have reliable data around your financial position, you might decide to pay the mortgage down more or do something else with that money such as commencing your wealth creation.
