Financial planning for life stages

At various points in our lives, we all experience events that symbolise a transition from one stage of life to another. While these important milestones are cause for celebration, without proper financial planning, anxiety, stress and doubt can marr these life stages.

When you’re adequately prepared for these important milestones, you can embrace these transitions with confidence, ease and clarity.

Whether you are just beginning your career or coming to its end, buying a house or selling, you can benefit from professional advice when it comes to managing your finances.

Many people in the early stages of their career believe that financial planning advice is reserved for those more ‘mature’ individuals who are managing large investment portfolios, buying properties or looking to retire.

The early stages of your career, however, can be some of the most important years for establishing healthy money habits, laying the foundations for wealth accumulation and setting yourself up for a secure financial future.

Whether it’s advice about budgeting and cash flow management, HECS/HELP repayments, or choosing the right superannuation fund, a financial adviser can mean the difference between scraping by and getting ahead.

Entering the property market can be one of the most exciting – and daunting – events of your life. Whether you are buying as a single or couple, it is vital that you have a clear understanding of your situation before you take the leap.

Talking to a financial planner can give you a clearer understanding of the home-buying process and provide valuable information about:

• Costs associated with buying and maintaining a property
• Your existing financial responsibilities and borrowing capacity
• Navigating home loans, insurance policies and CGT
• Relevant government schemes, grants and/or assistance.

When you start a new family, it is so easy to be caught up in the  day-to-day… life is a whirlwind of changing nappies, driving to appointments and organising playdates. But while this is a time of great happiness, it’s also a time of increased financial responsibility. Making sure you are in a position to provide for and protect your kids is one of the most important things you can do for your family.

And if there is one thing you can expect in life it is the unexpected… whether you lose your job, your child breaks their arm or your car breaks down, it’s important you are prepared for these inevitable bumps in the road. By investing in appropriate insurance cover, like income protection, life insurance, disability or trauma cover, you can rest easy knowing your family is prepared.

Because you really never know what tomorrow may bring, it’s also important that you don’t defer writing a Will. By speaking with an experienced estate planner or solicitor, you can enjoy peace of mind, knowing that your family will be taken care of.

Talking to a financial planner can help you navigate these early years of starting a family with insurance advice, investing strategies, superannuation options, estate planning and asset/debt consolidation plans.

Preparing for retirement can feel like stepping into the unknown. Your retirement years could last for 20 years… or they could last for 40 or more! Letting go of the security of a regular salary can seem overwhelming, so it’s important to set yourself in the best financial position before you take your well-deserved step into retirement.

You will need to answer important questions about what retirement means to you… What does retirement look like to you? Will you be a ‘grey nomad’ or will you be moving closer to your grandchildren? Will you require aged-care services?

A financial planner can take some of the burden away by helping you navigate the complexities of finances in your later years, like superannuation strategies, investment options, aged-care advice and estate planning.

Here at First Financial, our team of professional financial advisers can help you, no matter what your life stage. We can help you make smart decisions with your money so you can build wealth, protect your family and secure your financial future.

If you’d like to know more about how we can assist you, please contact us today. Read more Financial Planning articles.