Unemployment in New Zealand is expected to reach between 13% and 26% according to a recent Treasury scenario report. Economists from both ANZ and ASB expect the country’s GDP to shrink 6% by the end of the year, while the IMF has forecasted a drop in national average house prices of around 7%. Setting the right goals is critical to your financial success.
There’s no point in sugar coating it. We should all expect some economic pain in 2020 and 2021. Right now, more than ever, you need good financial advice from a qualified, experienced expert who knows their stuff. Here’s why.
Peace of mind & reassurance
There’s a lot of uncertainty right now. You might have lost your job, you might be worried that your property’s value is decreasing, your Kiwisaver balance may have taken a hit or perhaps it’s getting difficult to make mortgage repayments. Even if your job hasn’t been affected, you’re probably a little stressed and concerned about your financial future – everyone is right now!
In exceptional situations like this, the peace of mind you’ll get from having a close relationship with a financial adviser is invaluable. It’s all about having a personal relationship with a real person who you can call any time and getting the right advice to ensure you’re making the best possible financial moves to protect yourself from this shock and thrive once it’s over. The end goal is to take your finances off your list of things to worry about; a list which we’re sure is long enough right now!
The biggest benefit of having a relationship with a financial adviser is personalised advice. When you work with Money Empire, we’ll sit down to understand everything about your financial situation, then make a plan to safeguard and grow your wealth.
That might mean restructuring your mortgage, creating a tight budget and assessing your insurance to cut costs and protect your wealth. Or it might involve advice around investment property to grow your net worth and take advantage of the opportunities that present themselves at a time like this. Whatever you need, we’ve got your back.
Taking advantage of opportunities
Several expert forecasts say we’re going to see a change in property prices in New Zealand. No one knows to what extent, but the potential to become a buyers’ market is a real possibility for a period of time.
If your employment hasn’t been affected by COVID-19, this could be an opportunity to buy property at true value then enjoy capital gains over time. People will always need a place to live and property has historically been one of New Zealand’s best performing investments (even after the last global financial crisis).
Good financial advice will help you build more wealth but it’ll also help you protect what you’ve already got with insurance. This is more important than ever in times of uncertainty.
Usually, that means tailoring policies to your needs so that you’re not spending more than you need to, but you’re fully covered if something unexpected happens. It’s also all about making sure you know exactly what you’re covered for, and having an expert on your team to help get your claims over the line with the insurance companies. Make sure you’re covered for exactly what you need to be, and nothing more.
The economic shock from COVID-19 is going to hurt New Zealand but you don’t need to feel the pain. With a financial advisor on your team, you’ll be equipped to weather the hard times and thrive long after this is over – and the best part is our service is usually completely free.
Give us a call today to get started.