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When it comes to clients it is important to understand their Financial Goals, Interests, Expenses, Revenues and Income.
For example one of my clients who was in need of be s/he was interested in property investment wanted to achieve the following:
- Wants to pay off all debts so no money is owing
- He wants to invest in a house and use the rent to pay of the mortgage
- Wants to save up for a good car
- Wants to save up to go on an overseas trip in the future
- He is more a conservative investor - May consider Term Deposit but doesn't want to go into stock market
- He is a saver and doesn't buy any unnecessary items
Notice how these all interelate with saving and paying of debts. Additionally, he needs my help and my advice including to help him buy rental properties Brisbane. My client, who shall remain unamed due to the Privacy Act Commonwealth/Queensland our decade, wants to purchase a great and excellent rental property for investment and creating wealth. Would you like help and property investment tips like we have given to our clients? If you would then make sure we are the right company for you.
After identifying the goals set by our client before providing we need to understand the personal cash budget. For example, the unamed client refered to above had the following expenditure:
EXPENSES
Rent, Rates, Electricity, Food Costs, Car Insurance, Rego, Internet, Home Phone, Mobile Phone, Transport Costs, Clothing, Gym Membership, Entertainment Expenses (e.g. Movies and Dining Our At 5 Star Restuarants).
We then broke them down into Essential and Non Essential Payments.
Non Essential Payments included:
Entertainment Expenses (e.g. Movies and Dining Our At 5 Star Restuarants)
Essential Expenses include:
Rent
Rates
Electricity
Food Costs
Car insurance and car rego
Internet (used for work)
Home Phone (used for private phone calls to or from landline - usually from parents)
Mobile Phone (used for work and private phone calls)
Transport Costs (used for work)
Clothing (clothing is essential - client needs to be clothed)
Gym Membership (to keep client healthy, fit and looking good).
If you think that none of these expenses are essential then maybe you should contact us and tell us not to worry about life.
REVENUE
The revenue includes the income:
Wages, Superannuation
(Did you know that Profit/Loss = Revenue Less Expenses? This is a very interesting fact.)
After identifying expenditure and revenues, there are a few more things that we need to know about before creating . One of these things is The Known Assets.
KNOWN ASSETS INCLUDE:
Savings Account 1 - For daily purchases
Saving Account 2 - For saving (long term)
Old Car
Furniture
Superannuation Account
Clothes
Computer
Mobile Phone
Another thing that we need to know about is the liabilities.
LIABILTIES INCLUDE:
Credit Card
Personal Loan (for car stere)
After determining this information the beginning of our advice is to follow these steps:
STEPS TO FOLLOW:
1. Pay off debts
2. Make up a 12 month budget
3. Make up a 12 month investment plan
After that I went about determining how to satisfy my clients property investment goals:
1. Buy a good car for about $20 000.
2. Get a better deal on Internet, Telephone, Mobile Phone and Car Registration Bills.
After reading the above do you think that we are worthy to provide you with ? If you do believe that we are worthy enough to help you out and provide reputable, reliable, accurate and up-to-date then contact us, your local financial investment advisors, today.
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