Do you know that, when your personal life changes or when you reach important life milestones, your financial life changes with you?
Seeking advice at those crucial life changing moments can have a huge impact on your financial situation, and you want to be able to make smart financial decisions with confidence to enhance your life further, and not hinder it.
When your life changes or when you experience certain life events or milestones, this is when you want to collaborate with a planner.
A financial planner can be your ‘sounding board’ to discuss your changed circumstances or they can be your financial coach. They can explain the different financial choices available to you, and help you make smart financial decisions.
Top 10 Life Events when you might need advice
As you grow up, finish school, get your first job, marry, have a family and then retire, these are the life milestones when financial advice can help you to be prepared financially to celebrate your important moments with confidence.
1. Starting Work
Why do I need advice when I’m young, healthy and carefree?
Getting your first job is an exciting time, and an important milestone. Even when you think you may not need advice at such an early stage of your life, knowing how to protect your income, or how to save and invest your surplus income is all about getting ahead, and planning for a brighter financial future.
2. Getting Married
When do we want to start a family?
It’s a wonderful time in your life, bringing about big changes for you and for your new partner. It’s also a great time to start planning your future together, and working out what your ‘big picture’ future might look like. Talking to a planner may help you to define your goals as a couple, and careful consideration will help you map out your long-term financial success.
3. Buying your first home
How do I save for a deposit?
When thinking about buying your first home, it’s a huge financial decision you will make. A new home equals a major milestone as well as one of the biggest investments you will make. Collaborating with a planner on important financial goals like saving for a deposit, budgeting and knowing how to best manage finances, can definitely give you financial confidence.
4. Starting a Family
How can I send my kids to private schools?
When sounds of ‘pitter patter’ can be heard, it’s also a timely reminder for you to start planning and thinking about your family needs in the future. Things like how to manage finances and budgeting especially when two incomes can drop to one, and knowing how to start an education fund, and how to protect your family especially with the arrival of your ‘precious bundle’.
5. Protecting your family
How will I look after my family if I lose my income?
When you’re working hard to look after your family, and to build a better future for later, this is an important time to think about how to safeguard your family, and your financial assets like your home. A planner can minimise your financial concerns if and when unexpected events affect your family. Being prepared for unforeseen events means protecting what matters most in your life.
6. Mature Family
Can I afford to retire comfortably?
When your children are ready to leave the ‘nest’, it’s a great time to put the focus back on you, and to think about planning for your retirement. Reviewing your personal and financial situation with a planner at this critical time can help you understand what you need to do to get your retirement plans in place. Planning early can mean being able to secure a lifestyle you want later.
7. Receiving an Inheritance
Do I invest my inheritance or do I pay off my debts?
Inheriting money can be an unexpected surprise, and at the same time it can bring some financial stress. What to do with the money? How do I best invest or utilise the money? These are some of the questions you may face but it doesn’t mean you have to suffer them alone. Seeking advice from a planner who understands your situation and your future goals can help you to make the right financial decisions.
8. Job Loss
How can I be financially prepared if I lose my job?
In today’s ever changing corporate environment, being made redundant or losing your job is a reality you may be faced with. It is at this point, you need to be able to assess your situation and discuss your circumstances with a planner who can help to put an immediate action plan into place. Being financially organised and knowing how to manage your situation will give you the assurance you need to overcome the difficult life challenge, and focus on your future goals.
9. Getting ready to retire
Can I afford to retire now?
Don’t leave it to the last minute to start thinking about your retirement. The earlier you think about it, the better prepared you will be to give yourself the best chance of actually realising your retirement goals. Talking to a planner at this crucial time in your life can help you to understand the clear steps or actions you need to take now for a better future down the road. Being able to visualise what you need to do now, and what you could actually achieve later will definitely give you the motivation to stick to your retirement plan.
How can I help secure my children’s future?
You have worked hard all your life so knowing how to pass your assets to your children or family members is an important part of the financial planning process. Talking to a planner who can give you specific advice on the importance of Wills and other estate planning issues to consider may mean you can help your children and other beneficiaries with clarity and with minimal financial disruption.
As you can see there are countless reasons why advice is an important factor throughout your life. Having a long-term values based relationship with a trusted planner can make a difference in the quality of lifestyle you achieve today and later.