Young Families

What’s your biggest asset? The answer may surprise you… It’s YOU!

If you are on an annual salary of $35,000, and you spend the same amount of time in the workforce as the average Australian male (around 43 years), you would have a lifetime earning capacity of $3 million, for a working couple that’s $6 million.

Source: Men Not at Work. An analysis of Men Outside the Labour Force, Productivity Commission, Australian Government, January 2007. Assuming their average salary increases each year by 3% due to CPI and other increases.

Your life as a family has started and there are many changes compared to when you were young and independent – the most obvious being more responsibility. You now don’t have just yourself to look after, but there’s also now a partner and small children as part of your mix. Your focus and priorities are different and you’re starting to think about and plan for the future.

You’ve probably bought a home and increased your debt. You really need to think about how your partner and children would cope financially if something unexpected happened to you and you were unable to work and provide for them.

With spare time and spare cash at a minimum, you may feel that you’re too busy and have better ways to spend your money, however, now more than ever before, is the time to create a financial plan to ensure your financial future is the best it can be!

Did you know?

More than one in five working age parents will die, become seriously injured, or ill enough to prevent them from working.

Source: Lifewise/National Centre for Social and Economic Modelling, 2010.

Many people at this stage believe their only financial goal is to pay off their mortgage, however some questions you should ask are:

  • Who do I want to care for my children if something happens to my partner and me? How do I effect this?
  • Is this the best mortgage for me? What debt reductions strategies should I be utilising?
  • Should I be borrowing more money to invest in property or other investments?
  • Should I be reducing my debt as quickly as possible, or should I be investing extra money into superannuation?
  • I have multiple super funds, which one, if any is best for me? What do I do with them all?
  • Does my current super fund provide me with all the flexibility, features and benefits I require?
  • Is a self-managed superannuation fund for me?
  • How will I maintain my family’s lifestyle if something happens to me?
  • Is it OK, or irresponsible to think, “It won’t happen to me”?
  • What would happen if, because of serious injury or illness, I couldn’t work for the next 30 years?

How can Total Wealth Management help you?

Our professional and holistic approach to financial planning centres around creating and managing valued partnerships between you, Total Wealth Management and other specialists, all wording together to deliver your desired outcome. The services that may be relevant to you are:

  • Centrelink Maximisation Strategies
  • Superannuation fund and strategy advice
  • Self Managed Superannuation Funds
  • Personal Risk Insurance
  • Wealth Accumulation
  • Tax Minimisation Strategies and Tax Planning
  • Debt Management
  • Lifestyle Expense Planning
  • Estate Planning
  • Business Planning & Insurance
  • Salary Packaging
  • Property Valuation**

Other services we provide are:

  • Pre-retirement and Retirement Planning

** Please note that TFLG Adviser Services Limited is not responsible for the advice and services provided by this Third Party, responsibility for advice and service will vest with the third party.