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Starting Out – Case Study

It’s the start of your career?

So, now is the greatest opportunity you will ever have to get the financial foundations in place to create wealth and set yourself up for a great and rewarding life.

Case Study – Summary

John had recently finished his apprenticeship and became a carpenter. His income increased dramatically. John was sensible enough to realise that if he squandered the extra money on partying, and having a good time with his mates, he would never get ahead and end up like his parents, always struggling and never having enough money.

Goals

  • Develop and implement a financial plan for the future.
  • Travel and see the world.
  • Buy a house
  • Create wealth and get ahead.
  • Plan, in the future, to possibly start his own business.

How Did Elliot Watson Financial Planning Help?

We developed an income and expenditure budget, which was ultimately incorporated into a financial plan.

From the budget, which verified all income and identified both one-off and ongoing expenditure, a cash flow analysis was undertaken which subsequently identified a net surplus amount that could be applied to the savings strategies identified within the financial plan.

Working with John, we identified four expenditure categories that required saving plans;

  1. Fixed expenditure – fuel, car, food, rent, phone etc.
  2. Leisure – coffee, entertainment, dinning out, dates etc.
  3. Short term goals – future holiday(s) and emergency fund
  4. Long term goals – buy a house.

The second strategy established a superannuation fund to ensure John’s long term financial goals are met.

A wealth protection plan was put in place to ensure appropriate indemnity for any possible risks associated with health, well being and unforeseen accident.

Value of Advice

As a result of the professional advice and plan that was implemented, John had certainty and clarity in terms of his financial position and future goals.  John can now make informed decisions about his financial goals and strategies as life goes on.

The wealth protection plan, John has implemented, provides a sense of security. He can be confident that should a major sickness or accident, inadvertently occur, at any time in the future, there will be adequate funding available to meet medical costs and replace lost income.

John has put in place one superannuation fund that has a clear strategy for accumulating and building wealth over the long term.

Client Review

“Thanks to Elliot Watson Financial Planning I have a plan in place to help me get ahead, grow my wealth and still have fun along the way.”

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