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The Four Stages of Life Planning.

Life Stage Driven Financial Planning.

Starting Out
You may be typically in your first or second job and perhaps paying off a student loan and perhaps married. To acquire assets you will be going into debt leaving you with very little disposable income.The most important asset you have at this stage is your potential future income. Needs are Life Cover, Income Protection and Medical Aid.
Family
Your priority is to care for your family & dependants. Income will go to funding your lifestyle & the care of your children. At this life stage you will be most economically stressed as you will be funding education and will be responsible for all the financial demands of the family. If you are the main breadwinner protecting your income is critical. You will need to prioritise Medical Expenses, Income Protection, Family Protection and Wealth.
Empty Nest

You now have the opportunity to look back at what you have achieved over your lifetime and what still needs to be achieved in the years to come. This is one of the most important stages of your life. You will be reviewing your Retirement Savings and hopefully assessing whether you will have enough in the future. Here it is important to prioritise Wealth Creation and Medical Expenses now and in the future. And to a lesser extent Income Protection and Family Protection.
Retired
In Retirement you will be affected by inflation and possibly volatile market movements. This can impact on your income and reduce your capital that you have accumulated. You must have your assets properly managed. Medical and Lifestyle advances are increasing the likely hood of long life, increasing the the period of retirement. Ensure your assets are properly managed so that they outlive your retirement. Medical Expenses and wealth Creation remain the priority.

What is Financial Planning.

Financial Planning is the process of determining how an individual can meet their life goals through the proper management of their financial resources. Life Goals can include a comfortable retirement, buying a home, saving for a child’s education or starting a business.

The Financial Planner is a trained and qualified professional who uses the Financial Planning process to help clients figure out how to meet these goals. He will take a “big picture” view of your financial affairs and make recommendations based on your needs, lifestyle, - such as budgeting and saving, taxes, investments, insurance, business assurance, asset protection and retirement saving.

Financial Planning consists of six distinct steps. It is this six step approach that sets financial planners apart. Call today for a free six step analysis.

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