Wealth - Maximise your time on money

Financial literacy #2: Maximise your time on money

3 weekly tips to help you plan for the future

18 Jan 2024
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Financial literacy #2: Maximise your time on money
DIY investment: empowerment or unnecessary risk?
1. DIY investment: empowerment or unnecessary risk?

Choosing to invest on your own offers control and potentially saves on fees.

But it also means navigating the intricate world of finance solo. So while cutting out intermediaries provides autonomy, it requires a deep understanding of financial instruments, market dynamics, and investment strategies. Without this knowledge, DIY investors risk making uninformed decisions that could negatively impact their portfolios. It's essential to evaluate one's expertise and willingness to continuously educate oneself before diving in.

For those uncertain about their proficiency or the time commitment, seeking professional guidance might be a safer, more informed route to building wealth.

 

Credit card wisdom: maximising rewards, minimising debt
2. Credit card wisdom: maximising rewards, minimising debt

Credit cards can be a double-edged sword. On one hand, they offer enticing rewards, cashback, and convenience. On the other hand, they can easily lead to mounting debt if not managed wisely.

To harness their full potential, always pay your balance in full each month, avoiding hefty interest charges. Understand your card's rewards program and use it to your advantage, but never spend just to earn points. Keep in mind, unchecked credit card debt can spiral quickly, damaging your credit score and future financial prospects!

Appoint a Lasting Power of Attorney
3. Appoint a Lasting Power of Attorney

A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more people—known as 'donees'—to make decisions on your behalf should you become unable to do so.

LPAs can cover either financial decisions, health and welfare decisions, or both. It gives you the security of knowing that your interests are looked after, by someone you trust, when you're not in a position to manage them yourself.

Without an LPA, things can get difficult! For example, your loved ones might not be able to access your bank account or insurance payouts to look after you.

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