Young Family
(AGE 35 TO 45)
At this stage you need to consider paying off debts, growing all assets and protecting them.
You've gotten married, started having children, paying off home loan mortgage and the second car, meeting all household bills or starting to saving for your children's future education needs. Having a plan at this stage is vital to help.
Issues that might apply to young families.
- Thinking of getting a mortgage or have had one for a few years. You may even need to upgrade the family home as the kids get older. You may need to consider debt reduction strategies?
- Manage your money through budgeting and start saving for your retirement. Invest for your retirement in a tax effective manner.
- You have young children and need to make sure you have enough money for all their needs in the event of your death. Education cost, living expenses and possibly a helping hand for their deposit for 1st home.
- Do you have the right levels and types of cover? Structuring the ownership of your insurance properly?
- You might have a few superfunds from past jobs and don't know what to do with them? Unsure as to how much you will require for your retirement?
- Start to organise estate planning. Do you require powers of attorney?
Most people at this stage in life considertheir only financial goal is to pay off their mortgage. However, at Quest FP we can recommend a range of tax-effective strategies to effectively use your debt, protect your family and your assets, build up an investment portfolio, and implement a super strategy to meet your retirement goals.
It's time to put all your strategies into high gear and seriously think about the future.
