- Make a Will
- Choose a credit card with no annual fee, low interest rate, and a long interest free period (eg: 55 days) as credit cards with an annual fee and a rewards program often have higher interest rates and are rarely worth having
- Always pay off your credit card balance before its due (with cash not another credit card!)
- Take out a basic level of Private Health insurance to cover you for dental, optical, physiotherapy etc
- Get Life Insurance if you’re married, have kids or other dependents
- Make regular voluntary contributions to your Superannuation (retirement) fund
- Buy a house if you want to live in one, but only if you can afford the loan repayments if interest rates rise
- Keep 6 months expenses in the highest earning at call internet savings account you can find to cover for medical or other emergencies
- Invest the rest of your spare cash regularly in an index shares fund and don’t touch it until retirement
- If any of these are hard to understand or you have special circumstances (retirement, existing loans/debts etc) pay a fee based financial planner to do the research and explain the options to you, typically first meeting free and then paying a few $1000 for a detailed customised plan to be created for you.
Don’t choose a financial planner with no initial fee who charges a percentage of your investment eg: 2% because they’ll take this commission from your money every year for doing nothing and probably get kickbacks from the company whose product they sold to you as well.
There are more tips to help you choose a financial planner at my new article: Trustworthy Financial Planners Hard to Find: Commission vs Fee For Service