Financial Planning: worry less, enjoy more

This blog post was written especially for Essential Me by Harry Goldberg, Financial Adviser, Coach and Mentor at Purpose Advisory.

How financial planning can help you worry less about money and enjoy the journey

We see it all the time when a new bub comes along.

The feeling of pride, the unmatched smiles, the tears of joy and the infectious laughter.

We also see all the costs. These (mostly necessary) expenses come through often when your mortgage is at its highest and just when the family is losing out on an income.  The last thing that most families need at this stage is to be worried about their finances.

So how can a financial adviser help?

Contrary to popular belief, a holistic financial adviser does not just focus on your shares and managed funds in super and investment portfolios.

A financial adviser worthwhile engaging with will address, at minimum, the below three points.

  1. Understanding your cash flow

  2. Protecting your family’s lifestyle

  3. Planning your future

Harry Goldberg discusses the top three things you need to consider when hiring a financial advisor to help plan for your future. Be secure in the knowledge that your future for your family, and when planning for another baby, is in good hands. Written specially for Essential Me Sydney Birth Doula Services.

1. Understanding your cash flow

Whenever we help our clients, the first and most important part is to take a step back and look at what costs you expect to face compared with the income you expect to receive and for how long.

This task is not to tell you how much you can or cannot spend. We can provide guidance but each client will be different in this area. We are focused on how to enable you to live life at the standard you desire!
(Purpose Advisory tip: The two biggest expenses in life are taxes and mortgages).

We will also then know what your cash flow position is. Are there ways to reduce taxes paid? Can you decrease the impact of mortgage repayments? Is there scope to build wealth with any excess cash flow?

2. Protecting your family’s lifestyle

In the past it may have just been the two of you and if anything went wrong you could probably “get by” if something happened to your health or well-being. But now you have another mouth to feed.

With all the joy and love that parenthood brings it also brings a whole lot more responsibility! (and “sometimes” headaches too?) What would happen if either of you were to pass away or suffer a serious injury or illness?

Fortunately, there are ways to protect your family if such an event occurred. First, we take into account what assets you have right now and what sources of income you have which don’t depend on your health. Often our parents will be willing to help if something went wrong, but would you want them to have to reduce the length or enjoyment of their retirement years?

If you would need more than you have, one way is to build up enough savings to make sure you’re safe. But with the expenses that come with a young family, this is often not 100% viable. Another way is with life insurance policies. These pay you enough to keep your family’s lifestyle going should such an event occur.

While most Aussies have some level of insurance inside their super, these policies are often not high enough levels of cover and they are rarely comprehensive policies appropriate to your needs.

At Purpose Advisory, we help families understand their insurance needs and, only if there is a shortfall, we will assist with obtaining the necessary cover for your family.

3. Planning for your future

While we are so focused on everything that is happening at any given moment in our extraordinarily busy lives, so many of us forget to stop and plan for our future.

The time for planning is always now (and not later!) and, once again, this is where a holistic financial adviser can become invaluable. Understanding your cash flow allows you to plan for what growth strategies you can put in place. Understanding your goals allows you to focus these strategies on where they truly matter.

You may want to send your children to private school, be debt free within 10 years, buy a larger home (or renovate your current home), take a beautiful 4 week holiday every year, stop working in 20 years or any combination/variation of the above.

The strategies you implement now are not just for your children’s future, they are about your future too. Children may seem like the centre of your world (and perhaps, right now, they are), but they are unlikely to be dependent on your forever.

When it comes to what you want to achieve, there are no right or wrongs. You may be surprised at what is possible when you have a plan in place.

You can’t hit a target you cannot see, and you cannot see a target you do not have.
– Zig Ziglar

Harry Goldberg, financial advisor / planner, wrote this article for Essential Me, Amanda the Doula, Sydney birth doula services

About Harry’s Services:

Simply put, Harry has become immensely passionate about helping clients, not just with their investments or insurance products, but more so with helping them identify their goals and true purpose and empowering them to manage their finances to allow them to live the life they dream of.

There are so many resources out there in the world that it can be exceptionally difficult to cut through to what is helpful and what isn't. Harry shares his experiences, learnings and knowledge with clients to provide them with the most appropriate information and strategies to not only manage their finances the right way, but to mentor them to be empowered to know it for themselves.

If you're thinking about what's best for you and your family when it comes to debt, finances, insurance, superannuation and planning for your future, why not get in touch with the team at Purpose Advisory or call Harry directly on 0431 291 411?  We'd love to help.



About Essential Me

Hi, I'm Amanda.  I support women and couples during their pregnancy, birth and postnatal journey as a Doula, Ka Huna massage therapist and Pilates instructor.  I'm Based in Sydney and would love to help you.  Please check out my Top 10 Tips for the best possible birth experience here.  I'd love to meet you for an obligation free interview to see if you feel we're the right fit.  Contact me here. Thanks, Amanda x