For many people, a big cash injection such as an inheritance could mean the difference between a comfortable retirement and a stretched one.
It can be easy to spend cash on things you have always wanted such as a pool for the backyard or a home renovation or you may decide to tuck all the money away into a term deposit, but there are other options available to help make the most out of what you have.
There are varieties of superannuation funds available with each having varying features. In most cases you can choose where your contributions go, but if you do not choose, your employer will generally pay your super contributions to their default provider1. It is important to make the right choice when it comes to your superannuation provider as this can make a big difference to your retirement future. There are four key features to consider when choosing;
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Like most investments, property prices can fluctuate over time2. Careful planning and research can help you make the right decision when it comes to property investment. If you are certain about this option, you should have determined your goals for investing and talked to either a financial planner or a home lending specialist about how much you can afford to spend on an investment property. Finding the property itself is by no means the easiest step, but it doesn’t have to be the most difficult either. And, remember, this is an investment decision, not a lifestyle decision so the decisions you make need to reflect that. Here are five important things to consider when evaluating an investment property:
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It’s important to keep your financial goals in mind. Don’t settle for something you’re not sure about or get caught up in the excitement of the house hunting process. Need to know more about wise financial investments? Contact the IMB Bank Financial Planning team.
1 Australian Securities and Investments Commission (ASIC), MoneySmart: 'Choosing a super fund', Accessed: 5 October 2017
2 Australian Securities and Investments Commission (ASIC), MoneySmart: 'Property Investment', Accessed: 5 October 2017
DISCLAIMER: IMB Financial Planners are Representatives of IMB Financial Planning Limited ABN 23 094 730 195 AFSL 234 660. IMB Financial Planning Limited is a wholly owned subsidiary of IMB Ltd trading as IMB Bank ABN 92 087 651 974. Australian Credit Licence/AFSL 237 391.