People don't plan to fail, they simply fail to plan !
Understanding the concept of financial independence and ultimately wealth, is of fundamental importance. The better prepared you are for the many "Lifecycle" changes of today and tomorrow, the better and more enjoyable your retirement years will be.
Where do you currently fit into these financial Lifecycles?
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Up to 25:
- Single, first financial commitments (rent, car repayments etc)
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The more you accumulate, the better off you will be
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Try to save at least 10% of what you earn
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25 to 40:
- Start settling down with partners (marriage, mortgage, kids)
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Preparation of Will, Estate protection, Insurances
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Consider using any extra money to reduce mortgage
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Education expenses will sap income - these are family times
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40 to 50:
- Dual income may help ease the continued burden (eg education fees)
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Peak earnings during these 10 years
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Savings and investments become a priority
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Consider the use of Diversified Funds, Shares, Property, Fixed Interest
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Consider "topping-up" your superannuation
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50 to 60:
- Review the balance of investments
- Consider Fixed Interest type Funds
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Consider your superannuation position
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Pre-retirement analysis
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Over 60:
- Review your investment strategy
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Know what you're going to have when you retire
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Consider investing in more conservative type funds
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Understanding pensions and retirement requirements
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Time to start to relax and enjoy the lifestyle you deserve
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