Financial Life Stages
Financial planning adds structure to the stages in your life. We believe that it is never too early or too late to plan your financial future and start living your lifestyle of choice. We understand that as you go through the various stages of your life, your goals and priorities will change, let alone the competing interests of your individual needs and your family needs. We are here to reassess your financial plan and strategies throughout the stages in your life.
1. Foundations
This is the stage of life where you are gaining your financial independence and saving for things like a home, car or holidays. You will generally have no dependents and will be furthering your career to support savings as well as an your probably expensive social life. This is the best time to start practising sound financial habits including preparing a budget, saving, setting goals and following a wise borrowing strategy.
Considerations for this stage of life will generally include:
- Starting a savings plan and/or an investment portfolio
- Wealth protection strategies
- Ensuring you have a valid will and enduring power of attorney
- Superannuation strategies to ensure long term goals are achieved
2. Asset Building
During this life stage you will likely spend the majority of your time working and need to start considering your lifestyle goals including buying your first home, saving for children's education and saving for retirement. It is important to remember that during this life stage, growing your net wealth position will come from early investing activities, savings plans and debt management.
Things to consider for this stage of life include:
- Debt management
- Strategic asset allocation
- Diversified strategies
- Wealth protection strategies
- Ensuring your estate plan protects your beneficiaries
3. Wealth Generation
During this financial stage your income is rising, although your home, car and children often consume this increasing income. Your lifestyle of choice will be significantly impacted unless managed correctly during this stage of life.
At this stage of life you should consider:
- Debt management
- Wealth protection strategies
- Superannuation contribution amounts
4. Retirement Planning
The retirement planning stage of life will see most of your working years behind you. On current demographic data and trends, you are likely to spend 25 years or more in the retirement stage of life so it is vitally important to develop a plan to ensure that all your hard work will last the duration of your retirement.
At this stage of life you should consider:
- Retirement savings plan
- Transition to retirement
- Estate planning
- Income protection
- Reviewing wealth protection strategies
5. Retirement
Retirement is the stage of life that you should be looking forward to and not having things to worry about. Even though you should be enjoying the lifestyle of choice that you have achieved, there are still financial considerations that need to be addressed.
At this stage of life you should consider:
- Ensuring your estate planning is up to date
- Investment protection
- Continual managing of investments and superannuation
Our focus is on understanding where you are today, where you want to be and how to get there.
Contact us today to see how we can provide you with the financial planning services to ensure your and your family's financial security
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