5 Steps to Financial Security and Independence

Step 1

Managing your cash flow effectively

• Starting < monitoring a realistic budget
• Consolidating all debt (loans)
• Creation of a cash flow ‘hub’ (bank account, credit card)
• Re-investment of surplus cash into income-producing assets

Step 2

Protecting your lifestyle < assets

• Protecting your income
• Lump sum provision in the event of trauma or critical illness
• Covering all debts and lifestyle maintenance in the event of death
• Lump sum provision in the event of Total < Permanent Disability

Step 3

Maximising your wealth potential

• Appraisal of your current asset value
• Utilising your asset value for wealth creation
• Identifying tax-effective strategies
• Implementing a plan for financial independence

Step 4

Planning for a “stress-free” retirement

• Analysing your retirement goals (today vs tomorrow)
• Consolidation of all of your super funds
• Consideration of salary sacrifice < other tax effective (super) strategies
• Self managed super considerations
• Income streams – maximising centrelink benefits

Step 5

Estate Planning

• Current will < nominating executor
• Enduring Power of Attorney
• Nominated beneficiary’s on all life and super funds
• Review of testamentary trusts
• Funeral fund and access to relevant documents

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