Have you heard about the building blocks to wealth? A building block is an area of wealth strategy which enables you to build your wealth. Some of these building blocks are outlined below.
Income
Refers to the money earned from various sources, such as employment, investments, or business activities.
Savings, budgeting & debt
This involves managing personal finances by setting aside money for future needs, creating budgets to allocate income and costs – and effectively managing and minimising expenses and debt.
Structuring & tax
Relates to the organisation and optimisation of your financial affairs, including tax planning strategies to minimise tax liabilities and ensure compliance with relevant regulations.
Property investments
Acquiring, owning, and managing real estate properties as an investment to generate rental income, potential capital appreciation, or both – usually in the long term.
Shares & other investments
Encompasses investing in shares (stocks), ETFs (electronically traded funds), bonds, mutual funds, and other financial instruments to generate income and capital gains in the medium to long term.
Superannuation
Refers to the Australian retirement savings system, where individuals accumulate funds in a superannuation account at a reduced tax rate, to support their retirement needs.
Insurance & wealth protection
Involves obtaining insurance coverage to protect against potential risks, such as life insurance and income protection insurance, to safeguard wealth and mitigate financial loss.
Retirement planning
Focuses on preparing for a financially secure and comfortable retirement, including setting retirement goals, estimating retirement expenses, and creating a plan to accumulate the necessary funds.
Estate planning
Entails the arrangement and distribution of assets, wealth, and properties during and after a person’s lifetime, including wills, trusts, and powers of attorney, to ensure the desired transfer of wealth and minimise taxation or disputes.
This information is of a general nature only and does not take into consideration your objectives, financial situation or needs. Before acting on this information, you should review the Wealth Maximiser Financial Services Guide and Wealth Maximiser Terms & Conditions and consider this information having regard to your own objectives, financial situation and needs. Wealth Maximiser is operated by NobleOak Services Limited ACN 112 981 718 AFSL 286798.
