Welcome to our September Newsletter.

WHERE ARE YOU ON YOUR JOURNEY

Are you financially motivated?

We’ve all heard the saying money motivates but is this true or is it the peace of mind, the carrying out of an action plan and the lifestyle attainable that are the real motivators.  

Many of us have set goals this year; to lose weight, get fit, buy a new car, all of these goals are motivators in their own right,  but are they the right goals?

The average Australian will earn between $2,080,000 and $2,920,000 during their working lifetime.  How do you plan to spend your hard earned millions?

Age 25 – 45              Create and Build  

This is a great time to get your finances off to a flying start. At this stage of your life, you have an extremely valuable commodity at your disposal - time. Being a long way out from retirement means that saving, even small amounts, can make a difference through the power of compounding (earning interest on interest).

As you progress further through this life-stage, you’re likely to take on a significant amount of debt — primarily through a mortgage. A key focus should be paying this down quickly.  Do you have the best mortgage for you?              

ACTION :  Review & speak to a mortgage expert

But don’t discount the opportunities presented by other forms of investment. What’s available, what’s best for you and your plan?               

ACTION: Speak to a financial planner

Put strategies in place for today and more importantly for tomorrow!

Age 46 – 65              Manage and Maximise  

This is normally when most people are earning their greatest income.  Your career is likely to be reaching its peak and your salary hopefully reflects this.  At the same time, you may find that some of your expenses are decreasing.  The kids may be starting to leave home and you may be reaching the end of your mortgage.

Where should you be investing your freed up cash?           

ACTION: Speak to your accountant or financial planner

Given that retirement is just around the corner, its vital that you use this period of increased income and lower expenses to set your self up for retirement.  Now more than ever you need to be sure you have the right insurance cover in place.  All your retirement plans will quickly unravel if you find yourself unable to work for an extended period and you don’t have insurance to fill the gap.

Review your insurances, are you fully covered?                   

ACTION: Speak to an insurance expert

Put strategies in place for today and more importantly for tomorrow! 

Age 65+                   Enjoy

 This is the time to enjoy the rewards of your hard work.  You’re aiming to lead a long and healthy life so it’s important to make sure your finances keep pace.

It may be time to reconsider your investment options in your super and other investments.  As you need to access your money on a regular basis and for the occasional one –off expanse (e.g overseas trip) you may want to reduce the level of growth assets in your portfolio.  It’s important to get this balance right – your investments may need to fund the next 20 years or more.

Are your investments working for you, is it time to review? 

ACTION: Speak to your accountant or a financial planner

Make sure that you take advantage of all the government benefits you are entitled to.  This can include pensions, health cards etc.  It is also important that you carefully plan what will happen to your nest egg when you’re not around by implementation of an Estate Plan if you do not already have one in place.

Do you have a Will in place, have you considered a testamentary trust?        

ACTION: Speak to a solicitor.

Put strategies in place for today and more importantly for tomorrow!

As always we are here to assist so if you have anything you wish to discuss please don't hesitate to get in touch with us.