Tips to build your wealth
- Consider having part of your salary regularly deducted from your savings account and transferred to investments with a higher rate of return
- Invest for the medium to longer term which will help smooth out the short term volatility of some investments
- Growth investments such as property and shares, although higher risk, generally offer a higher return over the longer term than lower risk investments such as cash and fixed interest
- Avoid investments that sound too good to be true, as this is often the case
- Consider investments that are more tax effective such as Australian shares
- Contribute more to super as this is one of the most tax effective investment structures available
- Diversification helps to reduce risk by investing across a range of asset classes
For more tips on how to build your wealth view the Bridges online videos? They cover a variety of topics including 'Getting to know your super', 'Investment fundamentals' and 'Protecting your assets'.
Bridges Financial Services Pty Limited. ABN 60 003 474 977. ASX Participant. AFSL No. 240837. Part of the IOOF Group.
This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner. In referring members to Bridges, Horizon Credit Union does not accept liability or responsibility of any act or omission or advice provided by Bridges or its authorised representatives.