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Families can face additional financial demands but with some careful planning you can grow a portfolio of investments that provide wealth and security.
Successful investing isn’t restricted to the wealthy. The ideal starting point to building a secure future for your family is setting some goals - like aiming to have your home paid off in 10, 15 or 20 years, or planning to send your children to a private school by the time they reach high school. Or you may want to own a rental property. The important thing is to discuss your aspirations with your spouse or partner so that you’re both working towards the same goals.
Next, consider how you can achieve those goals. Your budget will tell you how much you can comfortably afford to set aside on a regular basis into a savings account, another investment or to use as additional loan repayments to become debt free.
Different investments suit different goals. A high interest savings account or managed investment fund can help you accumulate funds for private schooling. Directly held shares can provide regular tax-friendly dividend income and capital growth, and a rental property can be a source of tax savings plus long term profits. The key is to match your investment with your goals, and this is an area where your financial planner can offer tailored advice.
Even the best-laid plans can be derailed if you or your spouse or partner is injured, gets sick or dies. This is why it’s so critical to have sufficient personal insurance in place to protect your family’s future. You may have some life insurance through your superannuation fund but it might not be enough. Check your level of protection now to avoid the risk of financial hardship if the unexpected occurs.
So far we’ve looked at three key features to build a secure future – setting goals to work towards, choosing and growing a pool of investments to achieve your goals, and having appropriate insurance in place. Of course there are other things to consider like ways to legitimately minimise the impact of tax, but essentially these three steps form the basic stepping stones of financial security. It’s that easy.
Speak with your Mortgage Choice Financial Adviser today to start building a secure future for your family.