Chambers General Manager, Greg Devine, provides you with a brief guide to the financial matters you should be thinking about at the different stages of your life;
20 - 30
Having fun while you are young is a good thing, but you are never too young to start to think about saving.
- Set a budget you can live with
- Start a regular savings plan for a deposit
- Put a few dollars away each week for superannuation
- take care of your health and take out income protection insurance
- take financial risks on agressive, growth orientated products
31 - 40
By this time many people are in serious relationships and are looking to establish a family and home.
- Look at maximising your career and earning potential
- Seriously think about mortgage reduction
- Start planning for your childrens education
- Make sure your will and insurances are in order
41 - 50
With the mortgage mostly paid off and the children starting to leave home, this is the time of financial freedom.
- Increase your super contributions
- Diversify your investment portfolio
- Reduce and pay off the mortgage
- Look at your health and increase life, disability and income insurances
- Use the equity in your home to fund other investments
51 - 60
Time to start thinking about retirement and easing up on the workload.
- Consider switching investments to more secure options
- Ensure wills and other legal documents are up to date
- Talk to a Chambers Financial Planner
61+
Time to enjoy your golden years and a well funded lifestyle!
- Explore your pension entilements
- Arrange tax effective income streams
- Continue increasing your super contributions until retirement
- maintain health insurance but reduce the rest
Greg Devine, General Manager