Let us help you get your future in line.
Everyone has heard the old adage that people don’t plan to fail, they just fail to plan. That is why most people don’t achieve their financial goals and often why they don’t even set financial goals, because they don’t know how to do it and are therefore scared of failing. The default for most people is to work, raise their families, try to save a little money and hope that everything works itself out. Unfortunately, that gets people nowhere fast. This can lead to financial hardships, marriage breakdowns, mental stress and emotional problems.
Having a clear understanding about where you are now and where you wish to be is the best way to get back on track. This is where our financial planners can sit down and help you quantify your goals and financial dreams. Some of the things our Financial Planners will help you with at this point include the following:
- Budget planning – Do you know what you are spending now? Most don’t and are too scared to know!
- What are your goals:
- Short Term (Next 1 – 3 Years);
- Medium Term (3 – 5 Years)
- Long Term (5+ Years)
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.
Winning the lotto as a means of achieving goals doesn’t count!!
List 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?
Protect your assets
Do you have adequate insurance cover in place? Eighty per cent 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 life 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.