At this stage of your life, your chosen career path or profession is progressing and so too is your remuneration and the complexity of your finances. For many, you have ventured into business for yourself whether that be on your own or with partners.
As your income stream grows you begin to have more surplus income and with it more choices and opportunities. Your asset base and super is growing and now is the time to start thinking of the best way to utilise this income and wealth so that it is working for you and working towards your long term goals and financial security. Further it is important to ensure everything you are working hard for is protected as best as possible and structured appropriately.
So what can you do and what should you be thinking about at this stage in your financial life and how can we help you achieve your financial goals?
- Investing any surplus cash and advice on current investments. It is important to have your money working for you long term. Any surplus funds or cash may be better suited for your goals if they were invested rather than just sitting idle and earning interest. Or perhaps you already have some assets which you want advice on or managed
- Structuring your investments so that they are both tax effective and provide an appropriate degree of asset protection and diversification
- Ensuring your superannuation is invested appropriately and aligned with your attitude towards risk. Financial markets change regularly and by now your super is growing, so it is important to have this regularly reviewed to monitor it’s performance
- If you have not setup personal insurances by now such as life insurance or income protection insurance now is the time to seriously start considering these. If you have a spouse or any dependants life insurance is imperative to protect them from any unforeseen events if they rely on your income to survive. And even if you don’t have a spouse or dependants income protection insurance is vital to protect your income stream so that even in the event of injury or disablement you can at least have the peace of mind in knowing that you will still receive an income stream to meet essential needs and lifestyle goals. The more you earn the more you have to lose and personal insurances are an effective way to protect your loved ones and what you have worked so hard for
- Even if you have personal insurances like life and income protection insurance these should be reviewed as what was originally put in place for you may need to be updated or adjusted to reflect any changes in your circumstances such as increased income, the addition of a spouse or dependent etc. You may even be able to achieve cost reductions in your premiums so feel free to ask for a quote
- If you are in business and have partner’s have you ever wondered what you would do if something happened to your partner? Could your business survive? What would happen to your partners share in the business? Would you be willing to go into partnership with your partners spouse or beneficiary to their estate or would you rather just pay them out for your partners share? How would you fund this? These are all valid questions for those in business and it is important to know that there are options for structuring such scenarios and for funding buyouts through insurance known as ‘key man‘ insurance which we can assist with
- If you are in business and needing to finance business assets or require overdrafts/working capital – knowing the most effective and tax efficient way to structure these and get the best interest rates in the market
- Budgeting and managing cash flow so that you can make the most out of your income stream and work towards saving for those financial goals that you have set for yourself
- Managing/structuring your debt in the most effective and cost efficient way
- Managing/structuring your investments and earnings in the most tax effective way
- Using Super to minimise tax and build your retirement savings
- Using borrowings to maximise exposure to particular investments
- If you are looking to finance any assets such as a car or home – ensuring you structure this in the best way and get the best rates on offer