Total Wealth Management > Young Independents

Financial Advice for Young Adults

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.

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.

What a wonderful age to be! At this stage, you’re studying or have started your career. You have a strong focus on your immediate needs and may have aspirations to increase your assets and make your money work harder. You may be renting a property or even saving to buy your first home or a rental property. You’re possibly running a credit card, have a mobile phone account, car repayments and also gym membership.

You’re not afraid of a degree of risk financially, but are your long term investments such as super invested to suit you? You probably consider yourself to be ‘bullet-proof’, and without adequate protection, any plans you have made may come undone before your eyes.

You may feel that you’re too busy or have better ways to spend your money, however, now is the perfect time to create a financial plan to ensure your financial future is the best it can be!

Did you know?

  • Men and women from 15 to 24 years had the highest age-specific rates of life-threatening injury.
  • Spinal cord injuries were most frequent in the 15-24 year age group

Source: Australian Institute of Health and Welfare, ‘Rise in rate of Australians seriously injured in road traffic crashes’ 2011. ‘Spinal cord injury, Australia 2007-2008’, 2010.

Questions you may be asking are:

  • How do I get everything I want now?
  • Do I pay for uni fees or use the HELP system?
  • Is a credit card a good thing for me?
  • Do I continue to rent or buy a home?
  • Should I consider an investment property or borrow to invest in other assets?
  • Do I really need a financial plan at my age?
  • Is it too early to start investing more money into superannuation?
  • Does my current super fund provide me with all the flexibility, features and benefits I require?
  • How will I maintain my lifestyle if something happens to me?
  • What would happen if, because of serious injury or illness, I couldn’t work for the next 50 years?
  • Can my parents afford to support me if something happens to me?

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 working together to deliver your desired outcome. The services that may be relevant to you are:

Other services we provide are:

** Please note that The FinancialLink Group Pty Ltd is not responsible for the advice and services provided by this Third Party, responsibility for advice and service will vest with the third party.