Your New Year’s Resolutions may have included a plan to get in shape or improve your physical fitness... but have you considered your financial fitness?
Like exercise, setting aside time to review your finances is important, and the time to start is now. We believe achieving financial independence starts with just 7 fundamentals.
Whatever your current financial position or stage of life, using our proven financial planning model we’ll break down the complexity of financial planning into 7 easy to understand plans.
We also know that when it comes to financial planning there are often more questions than answers. So here are a few we thought may help you to decide if 2016 is the year you get financially fit.
1. Income Plan
Does your income match your current living costs?
Have you considered your children’s education costs for both school and university?
Do you invest any surplus income?
Is your employment and income secure?
Are you using salary sacrifice or other income arrangements?
2. Investment Plan
Do you have a short term or long term investment plan in place?
Have you considered the tax implications of your investments?
Does your investment strategy address your risk profile for this stage of your life?
Are your investments achieving your financial goals?
Are you worried about your investments?
3. Debt Management Plan
Is your debt structured for your circumstances?
Do you have the right mix of personal and investment debt?
Have you got a strategy in place to manage and reduce your personal debt?
Do you look at your current levels of debt on a regular basis?
Has your personal situation changed? Could that affect your debt levels?
4. Risk Plan
Do your insurances cover your current circumstances?
Are you paying competitive premiums?
Do you actually know what your insurance covers you for? Do you need more/less?
When was the last time you reviewed your insurances?
Would your family continue to have the same lifestyle if something were to happen to you?
5. Retirement Plan
Have you thought about what you want your retirement to look like?
Do you know how much income you will need in your retirement?
Are you on track to retire when you want to?
Will your retirement savings last throughout your retirement years?
Have you considered tax implications for your retirement?
6. Aged Care Plan
Is your family aware of your medical and lifestyle wishes?
Have you considered the financial implications of you and your spouse entering aged care?
Does your aged care plan take into account your Estate Planning wishes?
Should you rent or sell your home if you need to enter aged care?
Are you assisting ageing parents who may need to enter aged care?
7. Estate Plan
Is your Will up to date and does it reflect your current circumstances?
Have you considered the tax implications for your beneficiaries?
Is someone able to make financial decisions on your behalf if you are unable to?
Would your executors or beneficiaries be able to locate relevant documentation and information and have contact information for your relevant financial professionals?
If your answers don’t stack up, it’s time to get advice. Whether you are new to financial planning services or perhaps you have a plan and you’ve strayed off course, please accept our invitation to attend a Complimentary Discovery Meeting. Our free initial consultation can help you to articulate your financial goals as the first step in creating a financial plan that suits your circumstances.
Matthew and Chris Lane are financial advisers at Lane Moses Pty Ltd ABN 56 092 186 117 trading as Wealth Fundamentals. Wealth Fundamentals and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306.
This information is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Wealth Fundamentals strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.