“IF only…. we had sought advice and implemented Financial Strategies earlier…”

“IF only…. we had sought advice and implemented Financial Strategies earlier we would be more focused and better off Financially.”

We recently met a young man with a young family not long returned to Melbourne after a six year overseas posting. There were a number of questions and decisions for consideration;

What would be the best options for the current rental property under lease until early 2019. Should they sell to purchase a new home for the family?

If they did sell what would be the tax implications for the rental property? How much could they borrow to buy a home for the family rather than renting? This would then determine the price range for house hunting, but would it match their expectations? In the long term what education planning for the young family is desired? Is private schooling of say $30,000 per year per child a goal? Is this a financial commitment they as a couple are prepared to make and if so what is the best way to plan for this?

Could they afford to pay for a mortgage of 1.5 to 2 million and then future private school fees?

The first stage of our advice was for completion of our Lifestyle Priority Planner TM. This helps to focus spending on what is really important to the couple and family. Then a full report is prepared which ‘crunches the numbers’ and shows a number of strategic options for the couple to consider.

The gradual implementation of the financial strategies and the time lines are put forward to help clarify goals and a step by step process over time. Tax planning is an important strategy and need as the career path for advancement up the pay scale means tax bites harder.

Once the options are in ‘black and white’ it is easier to make decisions when one is well informed. Yes, this couple could achieve their goals with our assistance and guidance along the way, provided proactive and regular discussions for decisions are carefully reviewed each year. Circumstances change as do tax rules, family situations, employment, health, financial and economic opportunities. This is a long-term game of chess that requires regular strategic reviews annually. Knowing where you are at with focus creates EMPOWERMENT.