There are always several great ways you can get to your end goals in life. Having a good understanding of the options available to you when making financial decisions for the long term is an important area of your financial advice journey. Sean Hocking, one of our Private Wealth Advisers, explains our client journey in further detail below.
Your life continually evolves over time, which can make some of your future goals either more achievable or harder to reach. Having a clear understanding of your options now and how they will change into the future will enable you to make clear and informed decisions to ensure that you can meet the important milestones you set out to achieve. These could include goals such as living in your desired forever home, helping the kids through a quality secondary education, finally attaining your dream holiday home so you can spend quality family time together or retiring a little earlier than the age 60 norm.
How to work through your options?
At Boutique, and within our “5 Pillars Journey”, we work through a number of different options with you, to provide you with an oversight of how achievable your goals are, within what timeframe and at what cost, and show you any trade-offs along the journey. We present a number of scenarios to you visually so we can decide together on what your best Life Plan Model looks like, and ensure you remain on this chosen path in achieving what is most important to you.
Some examples of variables and strategies that can provide you with differing options include:
- The timing and optimal amount attributed to large capital expenditure items such as home upgrades, holiday homes and larger overseas holidays
- Differing investment ownership structures increasing your ability to reduce any tax payable throughout your life
- How early and how much you contribute to superannuation and the trade-offs
- Your retirement and desired lifestyle at differing levels once retired
Working out what is priority for you and your family is a key part of this journey, as sometimes the best financial outcome doesn’t always align with achieving all of your long-term aspirations. This is one reason why a Collaborative approach is so important within the 5 Pillars journey. Ensuring you understand the financial trade-off in bringing your biggest goals to fruition is really important and allows you to make Confident Life Decisions when it comes to managing your wealth.
If you would like to explore your options around your Financial advice journey, please call 08 9381 8779 for a complimentary appointment.