If you are new to financial planning, don’t feel bad; you have company. There are plenty of people in WA who haven’t taken control of their finances yet. Luckily, Approved Financial Planners can get you started on the right path.
Recently, the Financial Planners Association of Australia published a blog post discussing how to develop a financial plan and what factors should be taken into consideration. All of the factors they cited are factors that we like to take into consideration when helping a family develop a financial plan. Here are five crucial factors that we consider.
Your Priorities
Everyone’s situation is different. Everyone has different dreams and goals. Everyone is starting from a different position. Some people want to create more family time now. Some want to ensure their family’s future. Many figure out a way to carve out a good future without sacrificing their entire present.
Your Cash Flow
Since it is called “financial” planning, your financial position will mean a lot concerning the direction and scope of your plan. How much money do you currently make? How much can you afford to invest? Do you have a “buffer” in case something forced you to go without income?
Your Tax Position
Different investments are taxed differently. Knowing your situation fully can help us recommend investments that provide tax benefits appropriate to your current situation.
Your Children’s Ages
You may be saving to help out with their college education. You may be trying to help them get their first home. Children play a large role in how your financial situation is going to eventually turn out.
Your Retirement Date
What date do you plan to retire? How much money do you require to fund the lifestyle you want?
Approved Financial Planners
We have been providing financial services in Perth since 2005. We know the right questions and the right strategies to get you where you want to go.
Call 08 6462 0888 today.
