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Time to Review

Happy New Year to you all!  I hope you and your family had a wonderful Christmas and New Year!

Most of us would have had a well earned break over the Christmas and New Year period.  Having had time to rest our minds and feel re-energised, we look forward to the New Year with anticipation, motivation and wanting to improve our lifestyle.  We would also have set ourselves goals or made new year resolutions.

For all of us, our goals (or new year resolutions) for 2011 should include taking steps to improve our financial position and saving ourselves thousands of dollars in the process.  I urge all my clients to make a positive start to the New Year by taking small and simple steps which could improve your lifestyle and achieve financial well-being.

Surprisingly, it doesn’t take much for your financial position to improve quickly.  I urge you all to get off on the right foot in 2011 with the following financial tips:

• Calculate your net worth.  Make lists of assets and liabilities.  Compare them with last year’s lists.

• Think about your financial assets and liabilities.  Should you be acquiring new investments this year?  Should you be focusing on reducing debt?  If you answer “yes” or “maybe”, we should talk.  My assistance will help ensure your overall strategy is sound, that specific actions are correctly structured and financed, and that you fully understand the taxation and financial planning consequences.

• Think about your business.  During 2010, what were your most successful actions?  What were your least successful?  Let me help you know the difference, do more of the successful, less of the unsuccessful, and retain the benefits in 2011.  Talk to me.

• Think about your superannuation.  If you have more than $150,000 in total superannuation assets and would like to manage them yourself, it is cost effective to do so.  Let me help you to set it up correctly and then run it correctly for the least total cost, financial as well as emotional.

• Ask yourself, “What happens to my family if I die or become disabled right now?”  If you are not completely happy with your answer, and are concerned about your level of debt that could burden your family if something was to happen to you, then call me immediately to discuss, and to ensure that your affairs are in order so that your family is not left with both an emotional and a financial burden.

• Check your insurance.  Make sure that your home and other belongings are adequately insured.  Don’t go for the cheapest deal without first carefully checking that it offers sufficient protection. And if you have not increased your level of cover for a number of years, then you should have it reviewed now.  Underinsurance can end up being a whole lot more expensive if the unexpected happens.  Talk to me, I can arrange a complimentary review for you now.

• Start saving now, no matter how little, if you do not have a savings plan or investment strategy in place.  Saving money is not easy, but it’s essential to achieving financial well-being. One of the best and easiest ways to save money is to pay yourself first. Every time you receive a paycheck, save a certain percentage of your income before spending money on anything else.  Talk to us at Baggetta & Co. We are professional Accountants in Perth and we can show you how.

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Establised 1989. Over 25 years. Advice you can rely on.

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For more information about the services we provide, or to find out if you are eligible for a free no-obligation consultation, call us now on 9317 7300.

The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained. Liability limited by a scheme approved under Professional Standards Legislation

Paul Baggetta is the Founder & Principal of Baggetta & Co (ABN 68 786 233 813).

Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.

Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.


Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.