What is financial fitness?
Financial fitness means having the money you need, when you need it. Typically this consists of a combination of wealth generation, debt reduction and retirement solutions. Some detailed examples of wealth generation may include reviewing investments and assets, and determining how these can yield better returns. Debt reduction has long been a core focus of financial fitness, as it contributes the most to financial failure and struggle. Learning how better to avoid or limit debt, significantly improves a households overall financial health for the long term.
Household debt is fast becoming a major uphill struggle globally. In particular, Australia’s household debt to income ratio has hit nearly 200 per cent, a level UBS analysts have called “extremely elevated” and “one of the highest in the world” according to google. The Australian Bureau of Statistics claim that in 2015-16, around three quarters (74%) of households held debt, and the average household debt of all households was $168,600. The most common form of debt is credit card debt, held by 55% of households.
With Australia’s personal debt being the highest in the world currently, it has never been more critical to consider a financial fitness program, and enlisting help in this area to help improve a household’s overall debt. There are organizations that specialize in this area, and these are definitely well worth the time and investment to help get debtors on the right track financially; potentially saving them from a disastrous financial situation that could be irrecoverable. Suddenly being laid off at work, with a huge mountain of debt, is an unfortunate position nobody wants to find their self in. This can all be avoided by using effective financial fitness practices.
Multiple award winning Infinity Group Australia Reviews provides a financial fitness program to help get struggling debtors back on their feet and on the road to a better financial future. The group offer a unique debt reduction service to help pay off debt and pay off home loans quicker. Among other services included are custom wealth strategies. Typically this consists of a debtor’s assets and investments review with an evaluation on how ROI can be improved. IGA also provide retirement solutions, ensuring that debtors have a way to secure a substantial and comfortable living at a later age. Whilst considering these services, debtors will have the opportunity to take a free 5 minute financial health test to determine their financial fitness condition. At this point, they may wish to consider how to better their position, financially. Judging by the returns, it may be the best life decision ever made. Learn more: https://infinitygroupaustralia.com.au/customer-experience-management-award-2018-winner/