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Having children and starting a family is one of the best things you will ever do but there is a catch you are responsible for more than just yourself. The income and the freedom that you and your partner used to have is no longer the case. However bills still need to be paid, mouths need to be fed. This is a time where responsible financial management is crucial.

Case Study

Clients in their late 20’s and early 30’s married and recently started a family. Family life has resulted in many changes to the way things used to be including a change in priorities and goals.

Goals

  • Regular annual family holidays.
  • Renovations to home.
  • Have more children.
  • Protect family. (Make sure if anything happens the house is paid off and the kid(s) are looked after).
  • Pay out mortgage.
  • Minimise tax.
  • Grow wealth including superannuation.

How Did Elliot Help?

Elliot worked with his clients to identify options available to fund the renovations and in doing so put in place strategies to get the ball rolling.

We established an automatic mechanism to fund annual holidays.

We established a wealth protection plan (life, total and permanent disability, income protection and trauma) to protect the family.

We reviewed and consolidated their superannuation funds and put in place an aggressive portfolio that has the potential to grow significantly over the next 30 years.

Value of Advice

By making changes we were able to fund the renovation to the family home much sooner. The house is now bigger and ready for additional children.

The clients know that every year they will have money to travel and have annual holidays together as a family without having to rely on credit cards.

By implementing a wealth protection plan this has provided a sense of security knowing that if either of them ever suffer a major sickness or accident there will be funding available to meet medical costs, replace lost income and payout the mortgage and most importantly look after their family. We also funded the cover through superannuation which provided tax benefits and didn’t impact on the family’s household budget.

By consolidating super and investing in a way in which the clients were comfortable they have peace of mind knowing their super is growing and we are taking advantage of the compound benefits of 30 years.

Testimonial

“We thought it was going to take us years to do the renovations. Elliot helped it happen so much quicker. We have a holiday planned that is already paid for. If anything happens to us we know our child and future children will be looked after”.

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