The Life Cycle

Looking at saving for your first home, your trip around the world or your dream first car??

Now is the perfect time to get into the right financial habits...

There is no doubt that at this stage in your life, you have some idea of what your personal goals are for the future. So it’s a great idea to start matching up your personal goals with your financial goals now. The financial decisions you make now will build the foundations for your future.

Your early years of employment are a great time to start a financial plan, allowing you to utilise the quality advice that will never forget as you grow older.

At Corias Financial Planning we can show you how to:

• Manage debt and credit
• Budget
• Maximise investments and effective use of compound interest
• Save for a home, holiday, car or investment
• Take advantage of Government Initiatives like the Co-Contributions scheme and First Home Saver Account
• Arrange cost effective life and income insurance
• Get the most from your Superannuation contributions
• Incorporate super into savings

Are you at a time when things are starting to get more serious in your life both personally and financially??

This is the time in your life where your personal and financial goals can start to take shape. It's a time when considering ways and strategies to optimise your exposure to growing wealth, minimising tax and securing assets is important. Additionally, protecting the things you care about becomes an important consideration

Some of the things that may be important to you at this stage of your life would include:

• Family of growing children
• Children's school fees
• Home needing renovation or extension
• High daily living expenses
• Married, with dual income
• Children's health expenses
• Owning an investment unit
• Forecast baby in near future
• Planning a home purchase
• Single parent with children
• Parental support
• Career demands may mean relocating
• One or both high-income self-employed
• One or both part-time employed

Most of us will be working through large costs of paying off a mortgage and possibly raising a family. During this extended period of time, strategies such as strict budgets and debt consolidating become most important.

Key strategies to consider:

• Building your wealth inside and outside of super
• Financial strategies to fund child education
• Debt management, lending finance and mortgage solutions
• Gearing and borrowing alternatives
• Risk insurance (life insurance, trauma, income protection)
• Investment Strategies

Hitting your fifties is a milestone and the next decade or so can represent another period of great change...

You have toughed it out over the hardest parts and behind you is the bulk of your mortgage, school fees and other expenses. You can now focus on how you want to structure your lifestyle and maximise your efforts in trying to prepare yourself for retirement.

• High outgoing expenses
• Reducing a large debt
• Long term household responsibilities
• Retirement within 10 years
• Voluntary redundancy
• Single parent
• Supporting children
• Suddenly asset rich (Divorce settlement)
• Planning a home purchase
• Planning significant life changes
• Low outgoing expenses
• Health issues

At this stage of your life, retirement planning and wealth accumulation becomes a major focus.

Key strategies to consider:

• Salary sacrificing as a means of tax effectively growing your Superannuation.
• Assess your Risk Insurance to see if you are have sound insurance cover in place. You may be under or over insured.
• Maximise investments in a tax effective structure which suits your personal situation
• Consider Transition to Retirement Strategies and determine if it could benefit you

Good financial advice can help by answering questions like:

• What specific strategies should I consider as I approach retirement?
• What role should superannuation play in my retirement plans?
• Should I transfer other assets into Superannuation?
• Am I eligible for 'Transition to retirement'?
• What are the main features and benefits of a transition to retirement strategy?