I don’t think you will find any real surprises here. When we discuss goals and objectives the top three priorities we hear time and time again are:
But, did you know that we can actually help with all 3?
Helping Family: Families are unique and varied and we can help in a number of ways, the most common are:
Personal insurance – if something unexpected happened to you, do you want your family to be able to maintain their home/lifestyle? Some clients also choose to pay for trauma policies for their adult kids that way, if something happened to their children’s health, they know that this policy could provide the financial assistance that they may not be able to afford (or that would jeapordise their retirement savings). Most family members would do anything to help their loved ones but this can create pressure when affordability is an issue.
Education funding – private schooling or tertiary education is expensive, planning and funding this can be done in a number of ways to suit you.
Intergenerational wealth transfer – baby boomers have created enormous wealth in Australia and some of the common concerns we hear are: “ I don’t want them to get a large amount and just blow it” “they don’t know how to manage money and won’t know how to make it last” “I want this wealth to create a legacy for my grandchildren, how do I protect that?” By discussing your goals with us, we can help structure your wealth (together with your estate planning specialist) to meet your goals. We also love to work with your adult children in guiding them to make smart decisions with their money and in turn, gain experience in managing wealth over time.
Helping Health: We believe that health and wellness are linked to financial success in a number of ways – they require discipline, focus, action and coaching. Some of our product providers offer health discounts on personal insurance, health insurance, gym memberships etc to encourage a healthy lifestyle. We also look for insurance providers that reward healthy clients with discounts when appropriate. We also know that mental health issues can arise from financial pressure, financial focus and guidance can help keep this to a minimum.
Helping Wealth – this word has a different meaning for everyone. We define wealth as having enough nest-egg assets accumulated that can fund your desired lifestyle. If you do not have any assets that pay you a passive income stream, then you are going to have to work forever. Not a popular choice!! Depending on your life stage and age you can start small or large but there is the magic word – START!
This information contained in this document has been provided as general advice only. The contents of this document have been prepared without taking account of your personal objectives, financial situation or needs. You should, before making any decision regarding any information, strategies or products mentioned in this document, consult with your GPS Wealth Ltd financial adviser to consider whether it is appropriate having regard to your own objectives, financial situation and needs