How to decide on strategy

Forget it...most financial planners will push you in the direction of shares.

You are better off developing a plan...and vetting with a few of the experienced people on this forum. Just posting on this site will give you a lot of insights.

 

OK mate sounds good. I would just be very careful if your going to go down the Financial Planner route. I would make sure if your taking property advice from them, make sure they have their own property portfolio, they understand your risk profile and strategies you want to peruse. Don't let them take you down a path/strategy that's too conservative for you, if indeed it is.

I have strong reservations listening to someone behind a desk about how to build wealth with property if they aren't wealthy themselves from it.... just my opinion.

But good on you mate.

 

I agree.

 

Not true. I interviewed three and all were positive about property but did discuss diversifying some of investments into other areas.

 

Were they successful themselves from property? I just don't see any practical value in listening to someone about how to build wealth if they are not wealthy from the very vehicle they want to advise on themselves. I just don't buy it.

 

Did you ask the financial planner how much wealth they have?

I have had some pearler responses..

 

Please share....

Same goes for accountants

 

Waiting to hear......

 

When I ask them...the best one was ..I am saving to buy my PPOR....this came from a 35 year old FP....go figure.

They want me to spend money with them..take their advice when they have not got their house in order...

 

I think @Leo2413 and @sash have just given your first free* financial planning session!
*hunjy on the bar at the next meetup

Get a good broker first and how to play with that cashola. You'll need a new pad, so rent v buy PPOR to be looked at.
Work out how much you want to devote to property ie go hard with property now and invest/diversify later or a split. Financial planner could come in handy of you want to diversify
set some goals - short, medium and long term (done). eg kids (they hurt serviceability and income), part time work in the future, any career changes. check out the psychology page for resources

 

Leo2413 BPAY#: 345654378
Amount: $5,500

 

Both accountant and financial planners are also property investors (amongst other things).

Get where you are coming from @sash but like everything, you need to do your due diligence.

 

Are you able to recommend either?

 

Both of mine are semi retired and unfortunately stopped taking on new clients a few years back.

 

No wuken worries......I only charge $300 per hour instead of the $3000-5000 dollar for a plan asked for some of the planners....

 

Each to their own...

 

Hey Ardi, I'm a similar age to you and appear to have a similar mindset. I have interviewed 2 financial planners and was underwhelmed by both of them. Both are very well respected by clients and peers, one has been successfully handling my mother in laws affairs for decades.
They know their stuff and have some great ideas and solutions but nothing that you can't work out for yourself. If you are not disciplined and likely to make silly decisions when markets boom or crash then they are useful to keep you in check. i.e. not selling all your shares after Lehmann brothers fell over. Also later in life if you have a large amount of funds to invest the fees become justifiable.

Agree with others on here, if you have a reasonable level of financial know-how then set your goals and work backwards. The fees you pay them are more than likely better invested elsewhere.

A good accountant on the other hand, I consider essential. The amount of free advice I get out of mine is invaluable. I do run my own business which pays all the bills, but he saves me thousands of percent more than I pay.

 

Under cutting me are ya. .....