Quoted in the Australian Financial Review on life events
In this Financial Review article, I spoke about the financial planning I recently undertook for a Sydney couple who were looking to start a family and plan for the future. This included saving money to purchase a property, budgeting better, sorting out their super accounts and getting some basic income protection insurances to protect against the unforeseen.
As a result of the financial advice, they felt much better as they had a plan, guidance and clarity on what they needed to do to work towards their goals in a structured way.
Life events such as starting a family, getting married or getting a new job are all catalysts for seeking financial advice in my experience. When there is change, people often stop and reassess what is important and make an assessment as to whether they are on track to achieve their goals. For those who feel they could be doing better, and for those who simply wish to confirm that they are on track, seeking financial advice can be very beneficial.
Here are my quotes from the article:
“Having children is a big event. James Gerrard, PSK Financial Services adviser, recently helped two young clients planning a family and a house purchase to consider the impact of one less income for an extended time.
“We worked out that even with paid parental leave and the Baby Bonus they would need a cash buffer of about $15,000 to cover the mortgage and other expenses while one of them was on leave,” says Gerrard. He also advised them to increase their private health insurance to cover the obstetrics, and to register for the Medicare safety net to claim out-of-hospital costs relating to the baby…
…Older people feeling insecure might look at whether, if they lost their job, they could afford to retire. “Some people are happy to pick themselves up and look for another job whereas others might look at their superannuation and the redundancy and plan to see if they could afford to retire,” says Gerrard.”
Below is a link to the full article: