Financial planning is about looking ahead. It is about creating financial security for you and your family – this year, next year and particularly in the decades to come.

The demands of the present can seem overwhelming and it is easy to say you are too busy with work and family commitments to think  about such matters. But think you must, because no government will provide everything needed for us to be financially secure.

Making wills, choosing insurance, managing investments and household budgeting; these are some of the elements that can make up a financial planning strategy. There is no one-size-fits-all approach. Everyone is different. But good financial planning will give you clarity about what you want and where you are going, and provide a way to build wealth to achieve your goals and protect your lifestyle.

What is included?

A typical financial plan will combine a range of elements depending on your individual circumstances, earning capacity and life goals. Many financial plans include:

• Investment - buying into an asset class on the open market - cash, fixed interest, property or shares - with the expectation that the value will increase so you can sell for profit in the future
• Superannuation - putting enough money aside now and investing that money wisely so you can live comfortably when you are retired
• Insurances - protecting your family’s financial security through life, income protection and trauma / critical illness insurances
• Budgeting - working out where you money goes each month and maximising what you have free to invest so you can build wealth for your retirement

The value of financial planning

• It assists in achieving the retirement you want. This is perhaps the single strongest argument for financial planning. Your chances for a secure retirement increase when you develop a plan and stick to it. A good plan is based on a sound investment strategy suited to your needs, and also anticipates risks such as disability or illness
• It helps prepare you for sudden change. Planning finances tends to be forgotten whenever a major unexpected event happens in our lives. So make sure you have a plan in place sooner rather than later. People who are engaged with a financial plan and seek ongoing advice tend to cope with life’s inevitable breakdowns - both financial and non-financial - better than those who don’t
• You know where your money is going. Good planning includes tracking your present spending. Do you really know where your monthly household expenditure is going? Are you coming up short each month and frustrated as to why? Ignorance can hold you back from saving and investing more money for the future

Want more information on how your can increase your wealth, protect your assets and build a strong financial plan for the future?

Instantly download the FREE Lantern Advisory Ebook "Introduction to Financial Planning and Market Update" by clicking the image below. We provide you with information on what should be in your financial plan, how to set one up, the benefits, pitfalls to avoid and some market opportunities.

You are also welcome to contact Ian Walker or James Cavanough from Lantern Advisory on 07 3002 2690 for a free and confidential discussion regarding your personal situation.

Our promise to you - your contact details will remain confidential at all times. You will receive approximately one email per month with valuable information to improve your financial situation, however you can subscribe from this correspondence at any time.

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