Could you build a structurally sound house without building plans? Impossible! The same goes for your building business- running a successful company without proper accounting is impossible! The construction industry contributed to 9% of all goods and services produced in Australia in 2022. This statistic highlights the industry’s significant role in the economy, meaning there’s …
Wealth Creation Strategies
Pherrus Financial advisors also specialise in wealth creation. Our Sydney tax consultants, accountants and tax agents have a firm understanding of the global economy and are well-placed to give you advice on getting the most out of your investments. We are passionate about helping our clients plan for their financial future and are dedicated to providing high quality and reliable advice that will enable you to grow your investments while protecting your current and future wealth.
With a reputation as one of the best business tax accountants in Sydney, we consistently deliver valuable advice that enables you to achieve your objectives. This includes strategies that will lead to the best results at tax time, as well as loan consulting services when you need to make a significant financial decision. We’ll talk you through your options, educate you on what different loans will mean for your future and help you make the right choice based on your needs, aspirations and financial situation.
Additionally, we are well-equipped to assist you when things go wrong, including providing insolvency advice and bankruptcy advice. We know that company liquidation and personal bankruptcy can be an incredibly confronting and harrowing time, and we endeavour to make this process as stress-free and inexpensive as possible. Using our extensive knowledge and specialised skills, we’ll empower you with a comprehensive understanding of your options so that you can make informed decisions and choose a path that will lead to the most beneficial outcome.
Wealth creation is the process of generating a supply of anything material, in this case, money. Creating wealth often involves utilising specific investment strategies to increase your income for various purposes. Maybe you’d like to make an early repayment of your mortgage, or perhaps you’d like to retire as soon as possible. Wealth creation works by helping you make more out of your current money by using specific methods to increase your money over time.
Wealth creation involves a range of strategies and processes, some of which may have more risk than others. Standard options to increase wealth include using tax strategies to lower income tax, property investment and share investment to build your money over time. Wealth creation can be used for short-term goals and long-term financial stability, depending on your personal goals.
The most common wealth creation strategies involve using investment to gain income, which requires you first to put your own money into the strategy for success. Some of the options for wealth creation strategies you are likely to encounter include investment into property, investment into shares and fixed income investments, such as bonds. Other less widespread wealth creation options include investment into commodities and cryptocurrency.
Alongside investment, cash assets are another common medium for wealth creation as a relatively risk-free strategy. This practice involves cash placed a savings account or similar service to gain interest, resulting in compound interest over time and a stable return. The exact strategy you use for wealth creation may depend on the advice you’re given by an expert, the amount of money you have access to, and how much risk you’re willing to accept.
Finding a wealth creation accountant is a pretty easy task, with hundreds of accountants across Australia offering wealth creation services to their clients. Finding the right wealth creation accountant is a different thing entirely. If you want to make the most of your investment and get personalised, expert guidance on your circumstance and goals, finding the right accountant can make all the difference.
At Pherrus, we work one-on-one with our clients to offer tailored advice and guidance for wealth creation based on our clients’ circumstances. We take your goals, plans and level of acceptable risk into consideration to provide strategies that suit your needs perfectly. With many different financial options and strategies available, leaving your finances in expert hands is always a good idea. Get in touch with our specialist team today to discuss how we can help you create wealth.
If you’d like to know how to build wealth, there are a few things you can do. If you prefer to take a more reliable route with less risk, you may want to opt for holding a balance in a savings account, allowing you to make compound interest over time. If you have short-term goals to achieve, opting for share investment or similar short-term investments may be a better fit for you.
The method you use to build wealth will depend entirely on your comfort levels and the amount available to you. Property investment, for example, maybe well-suited to individuals with enough free cash to purchase properties outright. Others may prefer to increase their wealth by reducing their income tax or paying more into the superannuation for long-term growth. The best way to build your wealth is dependent on your personal circumstances and goals.