Event enforces the power of financial literacy

Knowledge is power, according to Brett McAlleese from Grow Well Financial.

Brett was the guest speaker at The Hills and Districts Chamber of Commerce’s most recent networking event.

He presented 10 tips in 10 minutes to those who gathered at the Arana Leagues Club for the chamber’s monthly Drinks on the Deck event.

Brett and wife Cassandra Dittman, who founded Grow Well Financial, support people with their personal, investment and business-related goals and have each worked in the finance industry for more than 20 years.

Brett’s tips for chamber members and guests included the importance of knowing your interest rate, understanding the best available rate in the market and being aware of the size of the deposit you need.

“Borrowing can be your biggest expense,” Brett explains.

“Once you know your own rate, compare it with other banks to see if you can save money.”

Brett says knowing how much you can borrow is important.

The importance of accurate records

“Is the market going up quicker than you can save – we can help you determine how much you need to get into property right now.

“At the same time, we have a legal obligation, particularly with living expenses at the moment - just because you can afford something doesn’t mean you should.

“It’s not going to be someone’s dream house if they can’t make the repayments.”

Brett says it’s crucial for business owners to keep clean and accurate books if they intend to borrow more money.

“We have a lot of customers who say they’re really profitable, but they can’t prove it,” he says.

“The best tip is to run your books really well – the banks will look at it over the years. Profit is the key, not turnover.”

The next networking on the deck event is on Thursday, April 18.

Stay up to date with all events run by The Hills and Districts Chamber of Commerce here.