Don’t take a gamble: put a plan in place.

Written and accurate as at: 30 October 2015

Most people have goals in life. Whether they be small ones, such as eating healthier and exercising more, or large ones like buying a home or starting a business. 

We all know that sometimes we need to start acting today to realise our goals in the future, however sometimes it can be hard to know what action to take. Our goals can seem too far away to matter, or too overwhelming to think about. It is in these situations that it is most important to plan ahead and know which milestones you need to reach along the way.

Having a plan means understanding how you can contribute to your future goals, through the things you do today. When it comes to money, planning could be something small, like putting together a budget and tracking your expenses, or something big, like creating a retirement plan for the long-term or doing a comprehensive insurance review.

Depending on the nature and complexity of your situation, you may need assistance. Some people simply don’t have the time or expertise to put a financial plan in place, whilst others just need help getting started and someone to refer back to every now and again at critical points.

For many people a change in career or a significant life event may trigger a need for specialist advice. A relationship commitment or separation, the birth of a child, ill health or the death of a family member or friend are all events that may result in a significant change in your financial circumstances, or simply make you realise that you need to assess your own arrangements.  

Instead of making a decision based on emotions at the time of such an event, your adviser can help you make a choice based on an unbiased view, while bringing relevant knowledge and expertise to help you think clearly so that the decisions you make are rational and well-considered. Having a plan in place helps to create a sustainable financial resource so that before, during and after the event, the needs of you and your family continue to be met. 

Whether assisting you to meet small day-to-day goals through to handling emotional life changes, purchases of large assets, or assisting your family with their needs over time, financial planning is a step you can take today to alleviate the stress for your future self.

12 reasons why you may need to talk to your financial adviser:

  • Buy or sell a major asset
  • Manage your debts
  • Fund your children’s education
  • Plan for career change or retrenchment
  • Invest a large sum of money such as a divorce settlement or inheritance
  • Maximise superannuation and tax strategies
  • Review your insurance arrangements
  • Build wealth for your retirement
  • Plan your transition to retirement
  • Buy, sell or start a business or succession plan for a family owned business
  • Get your estate in order
  • Set up care arrangements for aged parents or a child with special needs.