Life can throw you all kinds of curve balls and it’s not uncommon to find yourself in a position where you need to plan to recover from financial loss.
The good news is, whether you’ve made a bad investment, been divorced or are drowning in credit card debt, there are ways to get your wealth back on track.
In this article, we’ll discuss some strategies and resources that can help you make a fresh start.
Understand your position
The first thing you should do in the event of a major financial setback is be realistic with yourself and make a clear assessment of exactly where you’re at.
This could involve sitting down with a financial adviser and working out what assets you have and what debts you need to repay.
It’s only once you’re clear on the situation you’re confronted with that you can move onto doing something about it.
Make a plan
At this point, you should sit down and write down a plan that factors in your short and long-term goals.
If you don’t already have one, you should set yourself a budget that allows for spare funds to be put towards paying off debts. For help with this, you can use an online budget planner tool or talk to a financial planner.
Consider selling assets
Selling assets can be a crucial way to make a wealth recovery, especially if you’re facing significant debt.
By selling assets you no longer need or that are not generating income, you can generate cash that can be used to pay off debts or cover other expenses.
However, it’s important to carefully choose which assets to sell and to be aware of any potential tax implications or other costs that may be involved.
A financial adviser can help with making these major financial decisions.
Boost your income
Depending on your circumstances, you may need to find ways to increase your income, such as taking on extra work or looking for a higher-paying job.
During this time, however, it’s important to only take on what you can manage. Increasing your work hours, for example, could further impact your physical and emotional well-being.
Always make sure to eat well, exercise, and get enough sleep. Surround yourself with supportive friends and family members who can help you through the challenging period.
Seek professional help
When planning to rebuild your wealth, it’s likely that you’ll feel stressed and overwhelmed.
However, a financial adviser can help streamline the process and provide you with expert strategy, guidance and support that is tailored to your individual circumstances.
With Heard Financial, you’ll get a plan that will bring you fresh focus, clarity and protection, so you can have peace of mind that you are back on the right path.
Our financial planners can help you re-design your life, and create the future you’d always hoped for.
For a no obligation discussion about your wealth recovery strategy, contact us today.
This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information.
Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.