Financial planning is about developing strategies to help you manage your financial affairs and meet your life goals – and the first step is to make sure you have access to the right advice. It is applicable to all stages of your life from when you are young right up until retirement. An effective financial planner or tax accountant in Sydney can make all the difference as you start out in life or business in Australia.
Young Independents
You are just starting your career and you spend a lot of time on work and trying to set yourself up for the rest of your career and your life. Whilst you may be time poor, you should always start to think about the following questions as they concern you:
Superannuation
Whilst you may not be eligible to take out your super in a long, you should think about where your employer’s super contributions are going and how many accounts you might have if you have changed jobs.
At the end of the day super is designed so that it growths in value for your retirement and as such you should check whether the super is being managed in an account which matches your investment strategy.
A tax accountant in Sydney can help with organising or consolidating your super and advise on the right investment strategy. A planner may also help you find ways to increase your super through Government Co-contributions.
Cash Flow
You are always thinking about how much money you need to fund your lifestyle choices in the future. That might be saving for a car or travelling or you might be thinking 10 years ahead (perhaps a house or business). A financial planner or tax accountant can help you know where your money is going and make it work harder for you to achieve these goals.
Insurance
Whilst you are young and healthy it should always be important to consider:
- What happens if I get sick or injured and cannot work for some time? How can I fund my lifestyle?
- Does my family have a history of serious illness and how can I prepare myself if that prevents me from working for a long time?
A tax accountant at Calibre can help you with an insurance strategy that mitigates the above risks.
Important Disclaimer: Readers should not act solely on the basis of the material on this page. Items herein are general comments only and do not constitute or convey advice. Legislation and proposals of legislation are also subject to constant change. We therefore recommend that formal advice be sought before acting in any of the areas. This news article is issued as a guide to the readers. Calibre Business Advisory Pty Ltd and its associated entities disclaims any losses that may be incurred as a result of the reader undertaking any action based on this article.