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Top 10 Worst Money Mistakes Anyone Can Make

At Contact Lawyers, we aim not only to be your legal advisors in your business and personal affairs, but to partner with you and your business in all facets offering a wide range of commercial and financial services.

For that reason, we are closely affiliated with financial and accounting specialists in your local area offering specific and personalised accounting, taxation, financial planning and SMSF advice.

In a recent article* re-posted from Business Insider, amongst the top ten listed “worst money mistakes” we note some items in particular that we can either directly or indirectly offer some assistance with:

  • Number 9 – ‘Neglecting to make a Will‘: Please refer to our recent article to determine which Will suits your personal situation best.
  • Number 8 – ‘Not having enough insurance‘: Many clients do not like to think about what happens with life takes a turn for the worst, however that is the time when advice and assistance is most sought out after. While dealing with estate and probate matters, we regularly face clients whose only life and TPD policy embedded into an outdated superannuation cover that has not been revised or looked at since the day they commenced employment many moons ago. We are closely affiliated with Futura Financial  Groupwho can offer to review your current insurance policies and help you decide on a policy that reflects your current and projected lifestyle.
  • Number 6 – ‘Not saving‘: Many Australians are failing to take advantage of voluntary contributions as a measure of savings. Whilst all employees should (and ought to be) receiving the statutory 9.5% (with gradual incremental increases to follow over the coming years), there exists many options for saving measures that may significantly affect the total amount a person ends up with at retirement. Closely partnered with Contact Accountants and Advisors, we will be able to put you in touch with an expert to advise you on superannuation strategies including SMSF advice to suit your personal circumstances.
  • Number 5 – ‘Buying too much house (sic)‘: While the general advice from the article is to “never purchase a home that requires a mortgage that is more than twice your household’s annual realized income”, if and when your finances are ready to do so, Contact Lawyers can look after your entire settlement process, from the moment you sign the Contract of Sale, right up to Settlement. We also advise on investment structuring which helps our clients with asset protection and tax minimisation. Watch this space for our Conveyancing article to be released soon.

At Contact Lawyers, we strive to provide you with a range of holistic business services so that we can better partner with you to make great business decisions moving forward.

 

*This is a re-post from a Business Insider article.
**This post was originally published on ESI Money. ESI Money retired at age 52 with a $3 million net worth. Read the original article on ESI Money. Follow ESI Money on Twitter.
***This article is not legal advice and is only general in nature. Should you require legal advice, or have any queries regarding the aforementioned services, please contact us at info@contactlawyers.com.au.
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