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Advice Solutions by Life Stage
As we noted earlier, naturally we feel that most people will benefit from comprehensive financial advice. So the purpose of this section is to guide you to the top priorities you should be implementing at your life stage. You may also like to consider this as a guide of where to start your journey.
This is not an exhaustive guide of all life stages, just some of the ones we see often. If you feel your situation is not represented below contact us to discuss your situation and needs.
Quick link to your life stage:
Starting Out - Young, unattached and just starting out in your working life
Young and Single - Still unattached but with some life experience, good income and some savings
Couples - Committed couple planning for the future
Young family - A family with young, pre-teen children
Mature Families - Families with teenage children and parents whose minds are drifting towards “retirement”
Empty Nesters – Your children are financially independent and you want to retire soon
Young, unattached and just starting out in your working life
It’s likely that you are enjoying having your own money. What you’re earning may not sound like much. Yet irrespective of what you earn there is never enough for all the things you want to buy and do. You perhaps feel that time is on your side and you’re too young to worry about anything long-term, like “retirement” – you just want to get rich.
Your priorities need to be:
- Always spend less than you earn. Don’t use credit to fund your lifestyle
- Set aside at least 10% of your net income (before tax) into a savings account
- Start saving a deposit for your first house as it may take years to do. This is an especially good idea if you have the luxury of still living with your folks.
- Your superannuation may be boring and seem way off, but make sure that what you have is working hard for you. If you do, you can probably afford to spend more now.
- Your most valuable asset is your ability to earn an income. So protect your lifestyle against losing your income with income protection insurance.
Seek advice on
Seek advice on a financial advice package including:
- Budgeting
- Choice of Superannuation
- A high interest savings account
- Income protection insurance
Learn more about our financial advice packages
Young and unattached but with some life experience, good income and some savings
Perhaps you’re in your late twenties or early thirties and now feel that it is time to do a little bit more with your money. This may be prompted by the realisation that you are now earning good money, more than you need to spend, and have even accumulated some savings.
Your priorities need to be:
- Make sure that your savings are working hard for you, which may include investing them in assets other than cash
- Your superannuation may be boring and seem way off, but make sure that what you have is working hard for you. If you do, you can probably afford to spend more now or quit work earlier.
- Your most valuable asset is your ability to earn an income. So protect your lifestyle against losing your income with income protection insurance.
Seek advice on
Seek advice on a financial advice package including:
- Choice of Superannuation
- A wealth creation plan to achieve your short and long-term lifestyle goals
- Income protection insurance
Learn more about our financial advice packages
Committed couple planning for the future
The wonder of combined incomes and no children gives you plenty of options for your money. Possibly, much of it is already committed to mortgage repayments on your first house together. Maybe you have already discussed starting a family and think it is worth sorting out your finances prior to embarking on that delightful experience.
Your priorities need to be:
- Repaying your lifestyle debt (e.g. mortgage) as soon as possible
- Ensuring that your superannuation is working hard for you, since it may well be your only wealth at this stage.
- Protecting your lifestyle against losing your income
Seek advice on
Seek advice on a financial advice package including:
- Debt repayment
- Choice of Superannuation
- A projection and plan of how to achieve your short and long-term lifestyle goals
- Income protection, Total & Permanent Disability (TPD) and maybe Death insurance
Comprehensive Advice is really the most appropriate advice solution, particularly if family is in your sights. If however you are adamant you don’t want insurance then a Wealth Creation plan is an ok place to start.
Learn more about our financial advice packages
Young Family
With a young family it is possible that you are surviving on one income, so money is perhaps tight. That may make you acutely aware that if anything happened to either parent the lifestyle dreams of your family will go out the window. You may also be wondering how on earth you are going to pay for education and all the other costs of raising children.
Your priorities need to be:
- Keeping your heads above water, by spending within your means.
- Repaying your lifestyle debt (e.g. mortgage) as soon as possible
- Ensuring that your superannuation is working hard for you, since it may well be your only wealth at this stage.
- Protecting your family’s lifestyle against tragedy and misfortune
Seek advice on
Seek advice on a financial advice package including:
- Debt repayment
- Choice of Superannuation
- A projection and plan of how to achieve your short and long-term lifestyle goals, including an education savings plan
- Risk Management including considering the suite of personal insurance possibilities
Due to the inter-connectedness of all of the influences in your life at the moment Comprehensive Advice is really the most appropriate advice solution.
Learn more about our financial advice packages
Families with teenage children and parents whose minds are drifting towards “retirement”
Right now almost every aspect of life is at or approaching its peak – earning, spending, dreams, and hopefully also your health. Perhaps you own most or all of your home and have few if any debts. Or maybe you’ve been using your home equity to renovate, upgrade and buy other lifestyle delights. Children are at their most costly, but also their future dreams of university and travel are coming to light. So the costs perhaps don’t seem to have an end in sight.
Your priorities need to be:
- Repaying your lifestyle debt (e.g. mortgage) as soon as possible
- Wealth creation in top gear
- Protecting your family’s lifestyle against tragedy and misfortune
Seek advice on
Seek advice on a financial advice package including:
- Debt repayment
- A comprehensive wealth creation strategy to ensure that you will be able to quit working on your terms
- Risk Management including considering the suite of personal insurance possibilities
Due to the inter-connectedness of all of the influences in your life at the moment Comprehensive Advice is really the most appropriate advice solution.
Learn more about our financial advice packages
Empty Nesters – Your children are financially independent and you want to retire soon
Phew, finally the kids have left home and are supporting themselves. Now you can focus on your life again and your dreams for the rest of your life. Perhaps you’ve already had enough of working and want to know how to achieve financial independence as fast as possible.
Your priorities need to be:
- Repaying any remaining lifestyle debt (e.g. mortgage) as soon as possible
- Wealth creation in top gear that is structured appropriately for your impending retirement
- Protecting your lifestyle dreams against serious illness or injury
Seek advice on
Seek advice on a financial advice package including:
- A comprehensive wealth creation strategy to ensure that you will be able to quit working on your terms
- Risk Management including considering the suite of personal insurance possibilities
Since you probably have a lot of balls in the airs the most appropriate advice solution for you is Comprehensive Advice with a pre-retirement focus.
Learn more about our financial advice packages
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Matt Hern trades as FINDRE
(Empowered Wealth Pty Ltd t/as)
ABN: 21 592 525 720
Phone: 08 9467 7320, Fax: 08 9463 7848
PO Box 259, Bull Creek, Perth, Western Australia 6149, Australia
Website: www.MattHern.com.au
Blog: www.Money-Guide.com.au
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