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Starting a Family
Starting a family is a wonderful and exciting time and so it should be. Preparing for children is a wonderful thing. However with the excitement comes added financial responsibilities and commitments. Following are some of the responsibilities we suggest be taken care of prior to the birth of your child.
Wills – having an up to date and current will ensures your assets are transferred in accordance with your wishes in the event of your death.
Powers of Attorney – this document will ensure your affairs are handled in accordance with your wishes in the event you are unable to do so.
Life Insurance – making sure you have a level of cover to provide for your partner and child. Certainly enough to cover to provide for education and living expenses for the first 20 years of the child’s life, and enough to cover any debt and take the financial pressure off your partner in the event of death or total and permanent disability.
Income Protection – your greatest asset is your ability to produce income. Income protection can provide you with a regular income in the event of being unable to work due to being sick or having an accident. This will ensure that all you living expenses can continue to be covered.
Cash Flow strategies – enable you to maximize your surplus income and start savings plans for education expenses.
Debt management strategies – eliminate financial burdens and replace them with “good” debt to accelerate wealth creation.
Tax strategies – seek to minimize income and capital gains tax, and maximize potential salary packaging and negative gearing opportunities.
Superannuation strategies – consolidate your super and ensure that your funds are growing for your future.
Private health cover - as your income may now attract the government surcharge. In any case health insurance gives you a level of security in case of major health issues for you and your family.
Education Funding - starting a savings plan for the education costs of your child from their birth is a great way to accumulate the funds you will need when your commences 12 years of schooling.
To see how we can assist with getting your financial house in order, please don’t hesitate to call our
office on 02 9979 4770 to discuss.