A Financial Health Check is a simple process of working out the current state of your financial affairs and your overall financial position.

We look at:

• Your attitude to money;
• Your financial goals and objectives;
• Cashflow management;
• Tax planning;
• Superannuation planning;
• Investment strategy;
• Risk management;
• Debt management;
• Estate planning.

When should an athlete complete a Financial Health Check?

Thankfully it’s always a good time to complete a Financial Health Check, especially if you’ve never done one before. The best time is definitely now.

A lot of athletes actually try to tidy things up or get things ready for their accountant, but there’s no need for that. We like to see where you’re at, so that we can work out the best path forward for now and in the future. If you’ve already had a Financial Health Check completed for you before, you’ll understand how important it really is when planning for the future.

How often should you complete a Financial Health Check?

Completing a Financial Health Check should become an annual event. It’s an easy way to identify any issues and set in place a plan to keep your finances ‘on track’.

Once you’ve completed it for the first time and you’ve got a plan in place then you can use this as a tool and adjust to ensure you stay on the path to reaching your financial goals.

What are the benefits of completing a Financial Health Check?

The Financial Health Check provides a thorough understanding of your attitude to money, where it is coming from and where it is going. Once we understand all of your financial obligations, we can then review and put your financial fitness plan in place.

Does it help form your wealth creation & protection strategy moving forward?

In terms of wealth creation and wealth protection, we start to look at your discretionary spending and whether a portion of that could potentially be invested. Is that surplus cash being utilised in the best possible way to give you the best returns and to grow your wealth?

A Financial Health Check really helps you identify opportunities, but it can also help to identify how risky your spending habits are and/or where you’ve got your wealth situated. If you’ve got a lot of your finances situated in a country which has some political or financial risk, it may be worthwhile moving your funds as part of your protection strategy (outlined in our International Payments and Relocation article) or ensure that you have appropriate insurances to cover off the repayment of those debts should something unforeseen occur.

The first step we take with every new Archer Sports Advisory client is to complete a Financial Health Check so that we have a really well-rounded understanding of your attitude to money and your overall financial position. From there we can start to put strategies in place to grow and protect your wealth in the future. If you’re interested in more information, book in a time to chat.