Plan
No matter what life stage you are at, whether you are:
- Studying
- Working
- Living at home or with friends
- Saving for a holiday, car or a house
- Have a mortgage
- Close to retirement
- Retired and need help accessing Centrelink benefits:
Find out how to manage your money to help you get everything out of life that you want.
If you could achieve your financial goals by simply putting money away in the bank, you wouldn’t need a financial plan.
Financial planning is a specialist profession. These steps will help you to understand what you can expect when seeing a financial planner.
- 1. Identifying your goals.
You need to put some thought into your short, medium and long term goals. TFS Canning Vale will help you with this and it will form the basis of your financial plan.
- 2. Assessing your financial situation
You will need to take a good look at your position, assets, liabilities, insurance coverage, investment and tax strategies, and estate planning needs. You may need to do a budget for the first time to find out where your money goes.
- 3. Preparing your financial plan
Now that you know what your goals are and what your financial situation is, TFS Canning Vale can recommend a strategy and product and services to assist you in reaching your goals.
- 4. Implementing the recommendations
Once you’re ready to go ahead, your plan will be put into action.
- 5. Reviewing the plan
Your circumstances, lifestyle and financial goals will change over time, so it’s important your financial plan is reviewed regularly to make sure you keep on track.
“A survey of Yale University graduates in 1953 showed that only 3% had written down their financial plans for the future. Twenty years later a follow-up survey of the same graduates showed that the assets of the 3% who had written down their plan exceeded the combined assets of the 97% who had not.”
Source: Money Tree/Wealth Adviser
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to obtain a Budget form