It’s never too soon to put a financial plan into action. Goals, no matter what they might be, are the building blocks of success. Take the first step. Dream up your future and talk to a Merideon Wealth Strategies about how to get there.
Here are some ways we can help :
- Debt structuring
- Cashflow management & budgeting
- Savings plans
- Income Protection
- Illness & Accident Insurance
- Tax efficient investment strategies
- Getting the right superannuation
- Consolidating superannuation
See how these young people are trying to have it all while planning for their longer term goals.
After nearly ten years moving up the ranks in retail jobs, Blake has just taken his most significant job opportunity and promotion ever, earning an increase of nearly $18,000 pa plus commissions. He shares a rental flat with two mates and recently bought a new Mazda3 MaxxSport. With a rising income and low expenses except for his $20,000 car loan, Blake wants a financial plan that will make him save but give his lifestyle breathing space. He also wants to protect his income should an unexpected snowboarding accident put him out of action.
Blake was wise to meet with a financial adviser to see how he could optimise his sudden income windfall. Not only did he discover a variety of Investment options to dovetail with his interest in starting off in the share market, he also found some advantages by consolidating his different Super plans from his previous employers. Blake saw the advantage of adding property purchase to his ‘must do’ list within the next few years while reducing his non-deductible debt (like his car loan or rent). Blake learned that he could use debt positively (with an investment loan) to give him a potential tax deduction which may add to his overall investment return. He is also considering a Managed Funds investment to help save for a home deposit. Blake is now also at a stage where he may wish to consider Income Protection Insurance given his steady rise in income.
This recently married couple barely has time to plan dinners together, let alone all their hopes and dreams. Both working professionals, Craig left his unit (which he now rents out) when he married Diane to live in a leased house in a suburb they both love closer to their jobs. They are scoping the neighbourhood for a potential home purchase suitable for the family they plan to start within a few years. Their only drawback is that Craig’s employer may ask him to relocate to set up an interstate office –a commitment which could last two years. This has put a dampener on their house-hunting.
Craig and Diane spoke to a financial adviser to understand what effects a major mortgage might have on their lives should they live elsewhere. They quickly got a sense of financial impact should they have to rent interstate while leasing out their home. While Craig’s employer is expected to cover the rental expense, there were certain advantages to looking at other forms of salary adjustments to optimise the arrangement. Most importantly, the adviser illustrated some holes in their plans if they switched to one income should Diane leave work to have a child. With thorough debt-analysis, Craig and Diane recognised the need to have adequate Insurance covers –like Life Insurance, Trauma Insurance and Income Protection—to provide for one another should circumstance demand. They also received important insights intoSuper and Investment strategies to more aggressively build assets.
