Tips to growing wealth
Is there a formula to successfully building wealth?
For most of us, there is no instant lottery ticket to being wealthy, but commitment and discipline are paramount for a strong wealth creation strategy. We share some valuable tips to assist your clients in successfully building wealth and finding financial direction.
Using cash reserves more efficiently
Cash held in an offset account can be an effective way for your clients to manage cash reserves, by allowing them to earn a higher after-tax return than a traditional savings account does. It also allows them to repay the loan balance off quicker while retaining access to their cash. As money begins to stockpile in a loan’s offset account, the balance in which interest is charged, reduces. Maintaining the same level of loan repayments despite the reduction in accrued interest costs will help with the loan being repaid sooner.
If you'd like to educate your clients on how to learn discipline for financial growth, feel free to give me a call.