5 Ways to Build & Protect Your Wealth

Couple paddling on the ocean under a Cairns sunset

Published on: 19 September, 2018 by Foster B. Lee

BECAUSE I CARE: I am horrified / astonished, almost on a daily basis, to see Cairns clients take so much time and energy earning money and building wealth, yet not ever protecting it! People are so quick to insure their cars, boats, houses and contents first before ever considering these 5 important ways to build and protect your wealth:

1. Wills, Health Directive, Enduring Power of Attorney and general Estate Planning matters:
Many do not have a current Will, Health Directive and/or Enduring Power of Attorney (EPOA). No estate planning at all! I urge you to immediately take a good look at your current Wills and EPOA’s and have them reviewed, if they are older than 5 years. See your trusted solicitor to have your Wills and EPOA’s reviewed ASAP. If you do not have a trusted solicitor, I can refer you to one. 

2. Trauma and/or income protection insurance:
Many people do not have trauma and/or income protection insurance to safe-guard their lifestyle – should they not be able to earn a regular income. How would you manage if you had little savings and significant fixed commitments? For those of you with children, consider trauma insurance for their precious lives. See your trusted Cairns financial advisor to have your trauma and/or income protection and all other insurances reviewed ASAP. If you do not have a trusted financial advisor, your Cairns accountant can refer you to one.

3. Re-financing and/or debt consolidation:
Many people I meet are just “bopping along” year after year unaware of the ever changing financial scene around them. With interest rates at a record low (still!) and a number of competitive Cairns home loans and business loans on offer – it has never been a better time to start shopping around for a better deal ASAP. Ask your bank manager or trusted finance broker to re-visit your current loans / overdraft facility and lines of credit, etc. If you do not have a trusted Cairns finance broker, I can refer you to one.

4. Putting excess cash just sitting in the cheque account to use:
The banks just love people who let excess cash sit in their accounts! It is not in their best interest to advise you to “work” this money because they are paying minimal interest, if any – on it! So, why should they bother? Contact me to see how to develop better financial strategies for putting that excess cash to good use – ASAP!

5. Setting up a regular savings plan: 
Do you have a regular savings plan? If not, why not be part of the growing proportion of my clients who see the benefits of this as a safety net and especially for taking holidays!

Well – those are my 5 ways to build and protect your wealth that you many never have thought of! For those of you who have at least done 1-2 especially, my hearty congratulations!! You have indeed done well for yourselves, yes yourselves, and nobody else because….nobody else really matters. Time is “ticking”!! 

Get your Cairns accounting and finances into shape. Call me TODAY and book a free 1/2 hour consultation to discuss these 5 ways (and others!) that will build and protect your wealth.

Share This Artcle:

About Foster B. Lee

Foster is a specialist in aspects of income tax, from the individual to companies and family discretionary and/or unit trusts, bringing together those over thirty (30) years of experience.

He prides himself on quality work at a very value-based fee, meeting the needs of all his clients on a timely, accurate and meaningful basis to protect them. His easy, approachable manner and personalised attention makes all the difference and Foster’s experience in the management of people and their skills is an advantage to you. He genuinely has your interest at heart to maximise your financial/business goals and objectives.

Specially tailored fees can be structured to suit your personal needs and circumstances.

Book Appointment Now Foster Lee – local Cairns accountant