Nathan Cutts is good at saving money.
Nathan Cutts is good at saving money. Christopher Chan

Put your money to work

SO. YOU'RE working in Gladstone and, maybe for the first time in your life, you're on a good wicket.

Now what?

Director of Sothertons Gladstone, Steve Marsten, said seeking professional help was a must, especially for those unaccustomed to having money to spare.

"People in that position should contact an accredited financial adviser, and ensure the adviser conducts an in-depth discussion on their circumstances, identifying financial and lifestyle goals," he said.

"Agree on a strategy of implementation, agree on a time frame for implementing the strategy and review the financial plan either monthly, or quarterly or as necessary.

"They may need to confer with other professionals, like an accountant or legal adviser."

Mr Marsten said there were plenty of investment opportunities in Gladstone for those interested.

"Gladstone's property market is fairly robust at the moment," he said.

"Though it appears high-priced compared to other areas in Queensland, it still seems as though there is a considerable way to go before the supply of units and housing accommodation meets demand."

Someone who has learnt that is 25-year-old boilermaker Nathan Cutts who is about to buy his own unit

Mr Cutts said the secret of managing money came down to budgeting.

"Every bill that comes in, I sit down and figure out a budget to make sure everything is accounted for," he said.

 

No-nos:

  • Get rich quick schemes
  • Over committing to an investment portfolio
  • Do your due diligence, especially on property
  • Not rich?

Try:

  • Good budgeting and cash flow
  • Low-risk gearing into blue chip shares
  • Investing in property may also not be out of reach