Your Money

How do you eat an elephant?

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The greatest lesson I’ve learnt in my life, and that goes for my money life as well, is that you’re never too old to learn. But there’s another strange associated lesson and that is that you should never be surprised who can teach you something!

The clients taught me

Recently I learnt a lesson from a couple who came to my business for financial advice!

The lesson shouldn’t be a surprise, but it was because of the type of client I encountered. You see, most people in need of money help tend to suffer from two standout problems.

The first is that they’re chaos merchants when it comes to money and it leads to wealth accumulation failure. Of course, they have simply failed to plan.

The second challenge is the fact that about 95 per cent of us are procrastinators. This is a big hurdle we have to beat to change the bad habits that hold us back.

Total control

The clients I’ve been referring to came in so well-planned that they were able to request exactly what they wanted in their future life. It was so refreshing to see someone asking the right questions, even if they didn’t know the answers.

The checklist

The clients I am talking about asked for a plan that would help:

  • Meet short- and long-term goals
  • Cover private school fees for two children
  • Provide a cash gift for their kids when they leave school
  • Fund an overseas holiday in two years time
  • Legally reduce tax linked to investment structures, along with a full tax review
  • Retire at age 60 with their current lifestyle and a holiday each year
  • Find the best superannuation option
  • Outline an effective wealth creation investment strategy
  • Advise on inheritance
  • Look at debt management
  • Cover estate planning matters
  • Evaluate asset allocation and advise accordingly
  • Ensure maximum income protection
  • Build in ongoing reviews and advice.

Covering all the angles

As you can see, they’d thought just about everything through and it has only been visualised by them fighting the tendency to procrastinate and by putting in the time to think about what they care about. It is all about what is important.

Use the checklist

This is a great checklist for anyone who thinks that their money life is in chaos or at least unplanned.

I think when you consider this range of money questions we all have to answer, if it seems daunting then think about the question: How do you eat an elephant?

The answer of course is one bite at a time.

For advice you can trust book a complimentary first appointment with Switzer Financial Services today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Friday, June 03, 2011

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