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Financial Newsletter Sunshine Coast

Welcome to Unique Financial Partnerships, keeping you up to date with all financial planning, self managed superannuation funds, tax minimisation, life insurance, on the Sunshine Coast and around Australia.

The information in this newsletter is current at the time of printing. Contact us for updates.

Reconsider your financial goals

TIME TO REFLECT

The new financial year or any time of the year is a good time to reconsider your financial goals.

Many people use the Christmas/New Year period to reflect on the year that has just passed, often in a blur, and begin thinking about the future and how to achieve their hopes and dreams. Similarly, the new financial year is a good opportunity to reconsider financial strategies and goals.

Below is an easy-to-follow guide to getting your finances tidied up for the year ahead.

1. Have your key financial goals changed?
Many clients find that their goals change slightly from year to year. Also, major life events such as serious illness, the birth of a child, inheritance, marriage and the death of a parent or spouse can all result in significant changes to an individual’s wealth management goals.

2. Prioritise your goals.
Not all goals are equal, and to ensure you aren’t overwhelmed with the task ahead of you, it is important to rank and prioritise your goals and to decide what timeframe you want to achieve them in. Being realistic about your timeframe is essential to ensuring that your goals will be achieved.

3. Be clear about timeframes.
Most industry experts agree that a short-term goal is one that can be achieved within a year or so. Mediumterm goals typically require two to five years, and long-term goals usually take longer than five years. For example, reducing credit card debt is likely to be a short-term goal, whereas saving for a home deposit would often be a medium-term goal. Providing for retirement is a very common long-term goal.

4. If your financial goals have changed, how will this affect your financial strategy?
This is where the advice of a financial planner is critical. They have the tools and knowledge to create projections that take into account changes to your goals, and changes to your timeframes for achieving them. These projections will help you to see where your plans for savings, investment contributions, or assets, may need updating.

5. Be investment savvy.
Make sure that your investments support your level of risk and your goals. Your financial planner can develop a tailored analysis that best suits your individual risk preferences and goals. They can also provide you with a review of your portfolio and advise on any sell-downs or top-ups that would benefit you. Your adviser can also work with your accountant to ensure changes are implemented in a tax-effective manner.

Reflecting and thinking about your financial position and setting a clear path is critical in making sure you reach your goals. Your Futuro adviser can help guide you and make sure you are always on track.

 

Disclaimer: This document was prepared by Futuro Financial Services Pty Ltd ABN 30 085 015 (AFSL number 238478) without taking into account any person’s particular objectives, financial situation or needs. It is not guaranteed as accurate or complete and should not be relied upon as such. Futuro Financial Services Pty Ltd does not accept any responsibility for the opinions, comments and analysis contained in this document, all of which are intended to be of a general nature. Accordingly, reliance should not be placed by anyone on this document as the basis for making any investment, financial or other decision. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain financial advice specific to their situation before many any financial investment or insurance decision.

Disclaimer
All representations and information contained in Futuro in Focus are made in good faith and are believed to be correct at the time of preparation. Articles are of a general nature and they do not purport to be specific investment advice. Individual needs or other considerations have not been taken into account, thus information contained herein should not be relied upon as a substitute for detailed advice. Futuro Financial Services will receive fees or brokerage from the provision of advice or placement of investments. You may, by contacting our Privacy Officer on 07 3018 0400 or by writing to Futuro Financial Services Privacy Officer GPO Box 942 Brisbane QLD 4001, request not to receive further editions of Futuro in Focus.