A way to help efficiently plan for your financial future is to focus on how best to handle what are sometimes called life’s financial turning points.
These might typically include:
- getting your first job,
- buying your first home,
- raising a family and
- eventually retiring.
While any financial planning should take careful account of our unique circumstances, it should not be overlooked that many of us have the same broad financial experiences. Just think about the experiences of your friends of a similar age.
Perhaps open a new document on your computer and jot down 10 or 15 turning points that are ahead of you and think of how to deal with each to your advantage, and allow for some less anticipated or unexpected events along the way – this may convince you of the benefit of setting aside some contingency money if possible.
Being ready for financial turning points can assist you in concentrating on what really matters, like focusing on your long-term goals without the short term distractions of higher share market volatility for example.
Additionally, having financial turning points in mind may encourage you to save and invest in a more disciplined way.
Common turning points
These include earning your first pay, joining your first super fund, entering a personal relationship, buying your first (second or third) home, beginning to seriously invest, creating your first financial plan, raising children and eventually retiring.
Other turning points
These include losing your job, coping with serious illnesses in your family or the death of a spouse, overcoming a marriage breakdown, investing an inheritance, handling a sharp downturn in values of investment assets and perhaps downsizing to a small home after the children have left.
WANT MORE INFORMATION?
Speak to us about how we can assist you to secure a bright financial future for you and your family by contacting Fionne McKillop at McKillop Financial Planning on (02) 9542 2904 or email firstname.lastname@example.org
Fionne McKillop is principal financial planner at McKillop Financial Planning and owns her own law firm McKillop Legal, which is expert in estate planning, business succession and commercial law.
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This article was prepared by Integrated Planning Systems Pty Limited ABN 21 051 429 184 trading as McKillop Financial Planning, an Authorised Representative of GWM Adviser Services Limited ABN 96 002 071 749 trading as MLC Financial Planning, Australian Financial Services Licensee, 105 – 153 Miller St, North Sydney NSW 2060, a member of the National Australia Bank Group of companies. The information is current as at 01 October 2018.
The article does not take into account your personal objectives, financial situation or needs. Accordingly, you should consider how appropriate the information is to you with regard to your personal circumstances. You may wish to obtain an adviser’s assistance, tax and/or legal advice to make this assessment. Before buying any financial product, you should read the Product Disclosure Statement (PDS) for that product and consider the contents of the PDS before making a decision about whether to acquire the product.
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Written by Robin Bowerman, Head of Corporate Affairs at Vanguard.
Reproduced with permission of Vanguard Investments Australia Ltd via ClientComm