Breaking it down…
The topic of financial planning is as interesting to most of us as quantum mechanics so the motivation to learn more or even pay for it, generally falls on the lower end of our day to day priorities.
Understandably.
That doesn’t, unfortunately, negate the need for us to ensure we have a bit of a handle on some elements of our financial situations (now and for the future) and so, like ensuring we have a few greens on our plates once in a while, we should endeavour to know enough so that we can safely say we’ve got the following covered:
1. Financial protection in the event of a health incident
I’m not talking Medicare and Health Insurance here… I’m talking something big’s happened to your body and now you can’t earn an income or are restricted to work because of it. Despite lots of great support programs available through State and Federal government bodies, they’re typically for severe and ongoing cases and the journey there can create massive financial and relationship breakdown along the way.
2. Financial security for later
We live in an incredible country with great arrangements like Superannuation Guarantee and the Aged Pension that are designed to help us to not have to work until we have a health event… Considering how long we can live for, however, we really need to know for sure if we are on track to be able to fund that well-deserved retirement.
3. Options for the stuff that makes life worth living
Holidays, boats, bikes, kids’ education, holiday homes, bucket list experiences… Saving/investing for these helps keep us out of the debt cycle and living life to the full.
4. Solid decision making when buying a home or investment property
With the property market going haywire and many people spending more time on Netflix in a day than they would inspecting the property they’re making an offer on, it pays to have help.
Some of these things are probably predicated by the need to sort out your day to day finances… debt, mortgages, carer expenses… and having someone to talk to, hear you, understand your situation, play it back to you and help devise a plan to navigate through is invaluable.
And if you’ve read this with many an eye-roll because, frankly, you find that quantum mechanics and financial planning are thrilling topics, kudos to you. Never underestimate the power of an expert opinion, though. Google can’t customise information to your personal circumstances.