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5 Foundations essential to build a great financial plan

24.03.2018 by GTC Financial

These foundations – cashflow, debt management, superannuation, personal protection and estate planning form the basis of a great financial plan.

 

Cashflow

  • Making sure that you have a budget in place and have a process of monitoring this on an ongoing basis.
  • Understanding how to use your money to the best of its ability

Debt Management  

  • Understanding your debt levels, the good debt and the bad debt and having plans in place to reduce the bad debt and manage the good debt.

Personal Protection plans  

  • Is your family protected if something unforeseen happens to you for example, being sick or injured and you can’t work.
  • This is also an important part of the foundations of a financial plan, as it can help protect what you have worked hard to achieve.

Estate Planning  

  • Your estate is comprised of everything you own.
  • Ensure you have a will and power of attorney in.
  • Superannuation doesn’t form part of your will so you to state where your superannuation is going to be left.

Superannuation

  • Super funds invest your money to grow your nest egg over your working life. Most super funds let you choose a range of investment options. The difference between investment options is mainly how much investment risk you are willing to take on.
  • Take control of your super and so you understand:
    • Where it is invested
    • The level of risk
    • Fees paid
    • What insurances you have

 Once you have your foundations in place you can now concentrate on building your wealth. This means, using your money to the best of your ability, so you  can retire early or achieve  your goals.

 This is where GTC Financial can help you. Our purpose is to help every client achieve their goals so they become financially independent.

 Are you financial foundations in place? Call 07 4972 5177 for an obligation free appointment.

 This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.

 GTC Financial Services Pty Ltd ABN 94 010 624 914 (t/a GTC Financial Services) is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit License No. 236523

 

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Topics Retirement Planning, Personal Financial Planning

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