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Financial Planning

What is Financial Planning?

Financial Planning is the process of meeting your life goals through proper management of your finances.  Your life goals could include buying a home, protecting your family, saving for your children’s education, managing debt or  planning for retirement.

 

Let us help you get your future in line

Everyone has heard the adage once said by Benjamin Franklin that “If you fail to plan, you are planning to fail”. This is one of the biggest reasons why people don’t succeed as they do not know where to begin in their financial journey. The majority of Australians go about their daily life, working, raising their families, trying to save a little money and hoping that everything works out in the end. Unfortunately, that is not the best path to take to achieve financial success and can lead to financial hardship, marriage breakdowns, mental stress, and emotional difficulties. We believe that proper planning is fundamental to financial success and here at Emohruo that is just what we do.

Having a clear understanding of where you are now and where you want to be is the best way to begin your financial journey. Our experienced Financial Planners will sit down with you and help you realise your goals and objectives you wish to achieve.

 

    The Emohruo Financial Planning Process:

    Step 1

    The first step to a more secure financial future begins at our consultation, which we bear the cost of. During this time, we will look at potential opportunities, learn more about your financial situation and help you discover your goals and objectives.

    Step 2

    Your planner will develop a strategy based on your financial situation and prepare your financial plan (Statement of Advice).

    Step 3

    Your planner will present you with the Statement of Advice in a 2nd appointment. During that appointment, they will discuss the recommendations with you and make sure you are comfortable with it.

    Step 4

    Once you have agreed with the recommendations, your planner will implement your financial plan. This includes helping you complete the necessary paperwork required.

    Step 5

    Once everything has been put to place, your planner will continually monitor your financial plan to ensure that your financial goals remain on track.

    Step 6

    As your circumstances, lifestyle and financial goals change your planner will continue to meet with you and reassess your financial situation.

    Some of the things our Financial Planners will help you with at the beginning:
    Budget Planning

    Do you know how much your income and expenses are?

    How much are you currently spending?

    The majority of people don’t know OR just don’t want to know!

     

    Working out Goals & Objectives

    Short Term Goals (Next 1 – 3 Years);

    Medium Term Goals (3 – 5 Years)

    Long Term Goals (5+ Years)

    Retirement Goals

    We’ll help you reach your goals

    Simply noting a goal isn’t good enough; you need to know what the goal is, when you want to achieve it and how much it will cost. Once we have these, you may find you need to adjust time frames and costs to make them more realistic based on your cash flow.

    Things to consider: Your Assets & Liabilities

    Before you plan for the future, you need to know what you have now. Are your assets and liabilities structured in the best way for YOU? Some of the things that will be looked at may include: 

      • Loan structures, including personal loans and credit cards: Are you paying too much interest? Could it be structured better? We have other professionals we will link you with to establish the best way to move forward with these.
      • Personal savings: Do you have any? If so, are they structured in the best manner to maximise any tax savings?
      • Superannuation: How many super funds are you holding? Is your employer making the right contributions? Do you have a beneficiary listed? Is it current? Are your investments in line with your risk profile? In its current form, will it help you achieve your retirement goals?

     

    Things to consider: Protecting your assets

    Do you have adequate insurance cover in place? Eighty percent of the Australian population is under-insured; are you one of them? It is one thing to get a plan in place, but what happens to these goals and your family if you or one of your family members passes away, becomes permanently disabled or suffers a serious illness such as cancer, heart attack or stroke? What if you can’t go to work for a period of time? How much of your income can you do without?

    Having adequate insurance means you can still continue living in the manner you have been without the concern of financial hardship being added to health issues.

    The financial planners at Emohruo Financial Services have been involved with the Cancer Council, providing pro bono advice to people who have cancer and are suffering financial hardship. Unfortunately, the majority of these people have limited superannuation and insurance coverage, which makes life hard. If only they had adequate insurance in place, their families would be well-positioned for these unfortunate events.

    This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.