Financial Goal Setting for a better financial future by Conrad Francis

Goal setting for a better financial future.

www.inspiredmoney.com.au

Goal setting is an important principle when it comes to financial matters – but how do you know what goals to set, let alone where to start? Our vision at Inspired Money is to keep quality financial advice accessible to all Australians. We do this by constantly educating ourselves and passing our knowledge onto our clients through top-class education and financial skills. We can assess your current financial situation and work with you in identifying how to better your current and future financial setting. In teaching you these skills, Inspired Money hold you accountable for learning from and with these strategies. Yes, you read that right – You! Regular reviews of your financial situation with Inspired Money will ensure that we can tailor our approach to you, and we will endeavour to keep our advice honest and open. We don’t exist to spoon feed financial success to you though. We’re here to assist you in better understanding your current financial situation and provide goal setting and financial planning tips to help you improve your financial future and overall wellbeing. We’re giving you more value and education, starting with this eBook.

Want to start understanding and setting goals for a better financial future? Keep reading.

www.inspiredmoney.com.au

Identifying your financial goals. So, now that you know about Inspired Money, it might be an idea to identify what a goal is and its importance in financial planning.

What is a goal?

A Business Goal

A goal is a desired result – something that is envisioned, planned and committed to, and has a personal or organisational end-point. There is some sort of assumed development in the process of achieving the goal too.

A work or business-related goal could be centred on commencing and completing a work project within a desired period. This could be achieved through adopting better time-management practices such as concentrating more, avoiding distractions and allowing dedicated time periods (and breaks!) to work on said project.

Everybody sets goals – either for themselves or for other people. Sports coaches set fitness goals for their athletes, teachers set educational goals for their students and parents may even set behavioural goals for their children. Consider if you have ever set a goal for yourself. What motivated you in doing so? And did you receive the intended outcome? If you struggle to think of a recent and attainable goal you made, then maybe it is time to set some tangible money-related goals today. The following are some examples of everyday goals that can be easily identified, measured and controlled:

A Personal Goal A personal health goal could be lowering your cholesterol levels. This goal can be achieved through diet and lifestyle alterations such as exercising regularly and eating heart healthy foods. You may give yourself three months (a deadline) to achieve this result.

A Financial Goal Now financial goal setting is where we come in. We live in a capitalist society which sees us work to earn money, and then spend that money (income) to survive. The money we earn is commonly spent on necessities such as utility payments, transport and groceries, but also on ‘wants’ such as technology and entertainment subscriptions. Sometimes, we find ourselves in situations where we are paying for things we can’t afford. This is not excluding items that we want, but can’t pay for upfront and in full. It’s in these situations where ever-increasing debt and repayments can feel like your financial goals are quashed before even being set or are just simply unachievable.

Now that you know what goals are, want to know how to set them? Read on for tips on how to set money goals for your future, from focusing your motivations, measuring your progress and ultimately seeing your goals come to fruition.

www.inspiredmoney.com.au

Focusing your motivations.

Common Financial Goal Examples

Firstly, you’ll need to identify the financial goals you want to set, monitor and achieve.

1. I want to save for my first home deposit. I want a 20% deposit on a $400,000 property, which is $80,000. I want to achieve this goal and have this deposit within five years. (This is very specific, but also a good example of what you want, what your deadline is and what you need to do to be on the right track to achieve it.)

“To save money,” is too vague of a goal. There’s a lack of focus to this motivation of simply saving with no desired result.

2. I want to pay-off my debts – car, mortgage, personal and education loans etc.

What does a focussed goal look like?

3. I want to be able to retire early and live a comfortable retirement while still enjoying trips abroad and not living week to week. Note: these are just examples. It’s important to come up with your own financial goals based on what is important to you and your current/future circumstances. Consider what’s important to you based on your current financial situation and how you want to be living in the future. Every stage of your adult life generally has a financial goal, motivating you to allocate your income and guiding healthy saving and spending habits. Your priorities change throughout your life, from saving up for your first car, to your first home deposit. Maybe you want a Lamborghini in your 50s? Or an early retirement spent travelling to places you didn’t know how to save for in your youth – whatever your priority, a clear financial goal can help.

REMEMBER NO FOCUS = NO MOTIVATION. NO MOTIVATION = NO FOCUS.

Financial circumstances change all the time – but being clever about financial goal setting now, can do wonders for your future financial setting in the future.

www.inspiredmoney.com.au

Be SMART about it. It’s important to remember to set realistic financial goals for yourself.

(or significant)

There’s no point in saying you want to be a millionaire by twenty-five if you’re twenty-four and six months. Unless you’re a ‘social influencer’ with lucrative brand deals or you win the lotto, chances are you’ve set the bar too high.

MEASURABLE

Remember the SMART acronym as a prompt when goal setting (see left).

SPECIFIC (or meaningful)

ATTAINABLE

This acronym can help when you are feeling that your financial goals aren’t meaningful, attainable or you’re simply lacking a direction when it comes to creating them.

RELEVANT

Remember that it’s okay to be kind to yourself. You may find you’re unable to save as much as you liked over a certain period due to your car needing an emergency service, or a birthday filled month.

(or action-oriented)

(or rewarding)

TIME-BOUND (or trackable)

Life happens – it’s okay to not progress as much in your savings in a month as you hoped, just make up for it in the next month.

www.inspiredmoney.com.au

Measuring your progress. Goal setting doesn’t have to be an arduous activity. You can make the process engaging by measuring your progress achievements.

These steps can help you in measuring your financial goals.

1. Track your net worth This is the sum total of all your assets, minus the sum total of all your liabilities. Bank accounts, retirement accounts, home equity and investments are assets. Liabilities are debts such as student loans, mortgages, car loans and credit card debt. Know your starting point!

2. Track your savings rate This is how much money you save in a year towards your financial goal(s). Don’t worry! Paying off your debt is still counted towards your saving as it is saving you from nasty interest rates later. The 50/30/20 rule of thumb is great for budgeting and can make you accountable, as 20% of your income should go straight into your savings.

As business expert H. James Harrison said:

“Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.”

By setting and measuring your financial goals – you have the ability to control and implement changes to them. Remember that goals can be altered based on measurement of progress, but it’s also wise to make your initial goal setting realistic and attainable. If you change your goal settings too regularly, there lies a chance for lack of achievement in the end result.

The completion of goals is to be met with satisfaction, not with careless effort and thinking you could have done better.

Financial goal setting paves the stepping stones for your financial success. Some of us are natural planners who already enjoy setting financial goals for the future with no need for prompting. Whether you’re planning to do some spring cleaning on the weekend, or lose a few kilos by summer – there’s an envisioned outcome with a deadline – so, you’re already setting goals whether you realise it or not. Why not add some financial goals in the mix? Financial Planners like us at Inspired Money are experts in goal setting. Nestled in the heart of Perth, we are accessible and trusted in helping our clients achieve financial freedom and endeavour for a better situation for the present and future. Whether you are interested in big or small financial goals – we can help you set, measure and achieve them.

If you’re not a natural planner, or need further financial guidance, contact Inspired Money today to see how we can help you set and achieve your financial goals today.  08 6222 7909  info@inspiredmoney.com.au www.inspiredmoney.com.au

Financial considerations for life events. The following pages outline the steps we take to help you identify what areas are affected and what you need to consider for a particular life event. Click on a title to go directly to the relevant page. Saving for a Deposit

Getting Married

Buying a House

Starting a Family

Receive a Pay Increase

Children’s Education Costs

Buy an Investment Property

Start a Business

Children Leave Home

Selling an Asset

Mortgage Paid Off

Divorce

Receive an Inheritance

Reach Age 50

Reach Age 56

Reach Age 60

Retirement

Aged Care

www.inspiredmoney.com.au

Life Event:

Saving for a Deposit. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Budget and improve cash flow to create surplus income We use your Income Plan to free up surplus funds to achieve your goal. Your income plan determines strategies to improve your cash flow through a combination of tax effective strategies and the efficient use of your income. The resulting surplus funds are then used to create wealth.

Growing it: Determine an investment strategy to achieve your deposit goal We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Protecting it: Explore investment risks and life insurance options We use your Risk Plan to protect the things that are important to you. Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

“ Begin with the end in mind.” — Stephen Covey

www.inspiredmoney.com.au

Life Event:

Getting Married. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Budget and improve cash-flow to save money We use your Income Plan to free up surplus funds to achieve your goal. Your income plan determines strategies to improve your cash flow through a combination of tax effective strategies and the efficient use of your income. The resulting surplus funds are then used to create wealth.

Growing it: Explore investment options for your savings We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Protecting it: Implement life insurance early if you are contemplating a family We use your Risk Plan to protect the things that are important to you. Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these

risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Enjoying it: Understand how to use superannuation for life insurance and estate planning We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

Preserving it: Implement a Will to reflect your new circumstances We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

“ Reach high, for stars lie hidden in you. Dream deep, for every dream, precedes the goal.” — Rabindranath Tagore

www.inspiredmoney.com.au

Life Event:

Buying a House. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Understand and budget for your ongoing financial commitments

Protecting it: Be prepared if interest rates go up or your income stops

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Risk Plan to protect the things that are important to you.

Your income plan determines strategies to improve your cash flow through a combination of tax effective strategies and the efficient use of your income. The resulting surplus funds are then used to create wealth.

Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through; implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Leveraging it: Evaluate your debt options for purchasing your home We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

â&#x20AC;&#x153; One half of knowing what you want is knowing what you must give up before you get it.â&#x20AC;? â&#x20AC;&#x201D; Sidney Howard

Preserving it: Determine what happens to this asset if you pass away We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

www.inspiredmoney.com.au

Life Event:

Starting a Family. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Cater for a drop in income if someone stops working for a while

Protecting it: Understand the importance of life insurance to protect your new family

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Risk Plan to protect the things that are important to you.

Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Leveraging it: Explore ways to restructure debt to reduce financial stress We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Preserving it: Evaluate if the guardianship of your children should be in your Will We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

“ The thing about goals is that living without them is a lot more fun, in the short run. It seems to me, though, that the people who get things done, who lead, who grow and who make an impact … those people have goals.” — Seth Godin

www.inspiredmoney.com.au

Life Event:

Receive a Pay Increase. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Understand how much tax you now pay

Leveraging it: Understand if negative gearing is an option

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Debt Plan to eliminate your mortgage and create wealth.

Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Growing it: Explore investment options for any surplus funds We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

“ The greater danger for most of us isn’t that our aim is too high and miss it, but that it is too low and we reach it.” — Michelangelo

Protecting it: Evaluate your income protection insurance needs We use your Risk Plan to protect the things that are important to you. Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

www.inspiredmoney.com.au

Life Event:

Children’s Education Costs. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Determine how much of your income needs to be invested in education

Leveraging it: Determine if debt should be part of the investment strategy

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Debt Plan to eliminate your mortgage and create wealth.

Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Growing it: Understand what investment plan is best given the timeframe We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Protecting it: Provide for education costs in your life insurance We use your Risk Plan to protect the things that are important to you. Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

“ Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” — Pablo Picasso

Life Event:

www.inspiredmoney.com.au

Buy an Investment Property. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Understand how this will impact your cash-flow

Protecting it: Identify and mitigate risks where possible

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Risk Plan to protect the things that are important to you.

Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Growing it: Determine if this is the best investment option for you We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Leveraging it: Structure your debt for best effect We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

“ I think goals should never be easy, they should force you to work, even if they are uncomfortable at the time.” — Michael Phelps

Preserving it: Determine what happens to this asset if you die We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

www.inspiredmoney.com.au

Life Event:

Start a Business. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Evaluate ownership structures and income distribution options We use your Income Plan to free up surplus funds to achieve your goal.

possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Enjoying it: Understand small business rollover relief rules

Leveraging it: Explore debt options to provide a cash-flow buffer for emergencies

Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Protecting it: Determine if you need more life insurance We use your Risk Plan to protect the things that are important to you. Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where

We use your Retirement Plan to help you achieve your ideal retirement.

Preserving it: Understand how business assets are treated on death We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

â&#x20AC;&#x153; Success is the progressive realization of a worthy goal or ideal.â&#x20AC;? â&#x20AC;&#x201D; Earl Nightingale

Life Event:

www.inspiredmoney.com.au

Children Leave Home. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Complete a budget to identify surplus income

Protecting it: Determine if you can reduce life insurance and save money

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Risk Plan to protect the things that are important to you.

Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Leveraging it: Evaluate the benefits of downsizing your home and clearing debt We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

“ If you want to be happy, set a goal that commands your thoughts, liberates your energy and inspires your hopes.” — Andrew Carnegie

Enjoying it: Re-evaluate your retirement goals We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

Preserving it: Determine if you should re-visit your Will to cater for your new circumstances We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

www.inspiredmoney.com.au

Life Event:

Selling an Asset. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Identify options to reduce capital gains tax We use your Income Plan to free up surplus funds to achieve your goal. Your income plan determines strategies to improve your cash flow through a combination of tax effective strategies and the efficient use of your income. The resulting surplus funds are then used to create wealth.

Growing it: Explore options for investing funds We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Leveraging it: Determine whether debt reduction is your best option We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Enjoying it: Decide whether super contributions is your best option We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

“ The trouble with not having a goal is that you can spend your life running up and down the field and never score.” — Bill Copeland

Life Event:

www.inspiredmoney.com.au

Mortgage Paid Off. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Determine how much surplus income is now available

Protecting it: Determine if you can reduce your life insurance cover and save money

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Risk Plan to protect the things that are important to you.

Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Growing it: Explore investment options for surplus funds We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Leveraging it: Evaluate re-borrowing for investment purposes We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

“ In between goals is a thing called life, that has to be lived and enjoyed.” — Sid Caeser

Enjoying it: Evaluate salary sacrifice for retirement wealth creation We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

www.inspiredmoney.com.au

Life Event:

Divorce. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Budget for your new financial circumstances We use your Income Plan to free up surplus funds to achieve your goal. Your income plan determines strategies to improve your cash flow through a combination of tax effective strategies and the efficient use of your income. The resulting surplus funds are then used to create wealth.

Growing it: Understand your options for surplus funds We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Leveraging it: Determine your debt needs and how much you can borrow We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Protecting it: Evaluate if (and how) life insurance should be considered in your settlement We use your Risk Plan to protect the things that are important to you. Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Enjoying it: Review your retirement plans given your new circumstances We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

Preserving it: Review your estate plan given your new circumstances We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

“ If you aim at nothing, you will hit it every time.” — Zig Ziglar

Life Event:

www.inspiredmoney.com.au

Receive an Inheritance. We take you through the following steps to help you identify what areas are affected and what you need to consider. Growing it: Explore investment options for these funds We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Leveraging it: Determine if you should reduce your debt We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Enjoying it: Evaluate the impact on your retirement goals We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

Preserving it: Understand if you should discuss estate planning with elderly parents We use your Estate Plan to ensure that the right assets, go to the right people at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

“ It is not enough to take steps which may someday lead to a goal; each step must be itself a goal and a step likewise.” — Johann Wolfgang von Goethe

www.inspiredmoney.com.au

Life Event:

Reach Age 50. We take you through the following steps to help you identify what areas are affected and what you need to consider. Growing it: Evaluate the benefits of salary sacrificing We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Leveraging it: Explore debt reduction strategies We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

Enjoying it: Determine realistic retirement goals and strategies We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

“ All who have accomplished great things have had a great aim, have fixed their gaze on a goal which was high, one which sometimes seemed impossible.” — Orison Swett Marden

www.inspiredmoney.com.au

Life Event:

Reach Age 56. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Understand the benefits of a transition to retirement strategy

Protecting it: Determine if your investment strategy should become defensive

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Risk Plan to protect the things that are important to you.

Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Growing it: Evaluate the benefits of salary sacrificing We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

“ You have to set goals that are almost out of reach. If you set a goal that is attainable without much work or thought, you are stuck with something below your true talent and potential.” — Steve Garvey

www.inspiredmoney.com.au

Life Event:

Reach Age 60. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Explore tax free withdrawals from superannuation

Enjoying it: Understand the benefits of a transition to retirement strategy

We use your Income Plan to free up surplus funds to achieve your goal.

We use your Retirement Plan to help you achieve your ideal retirement.

Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

Protecting it: Determine if your investment strategy should be more defensive

Preserving it: Implement a comprehensive estate plan

We use your Risk Plan to protect the things that are important to you.

We use your Estate Plan to ensure that the right assets, go to the right people, at the right time.

Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

â&#x20AC;&#x153; If you want to live a happy life, tie it to a goal, not to people or things.â&#x20AC;? â&#x20AC;&#x201D; Albert Einstein

Life Event:

www.inspiredmoney.com.au

Retirement. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Evaluate your income needs in retirement and access to Centrelink benefits We use your Income Plan to free up surplus funds to achieve your goal. Your income plan determines strategies to improve your cash flow through a combination of tax effective strategies and the efficient use of your income. The resulting surplus funds are then used to create wealth.

Growing it: Determine if you should transfer non super assets into superannuation We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Leveraging it: Eliminate debt with available funds We use your Debt Plan to eliminate your mortgage and create wealth. Your debt plan analysis your current debt structure, determines mortgage reduction strategies and explores how debt can be used to build your wealth.

“ Setting goals is the first step in turning the invisible into the visible.” — Tony Robbins

Protecting it: Re-visit your investment risk profile We use your Risk Plan to protect the things that are important to you. Your risk plan looks at what could go wrong in your financial circumstances and seeks to identify and where possible mitigate these risks. Some of the ways these risks can be managed are through; implementing life insurance, recommending appropriate investments and possibly fixing interest rates.

Enjoying it: Understand how long your superannuation will last We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

Preserving it: Determine if you should revisit your wills to cater for your new circumstances We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

www.inspiredmoney.com.au

Life Event:

Aged Care. We take you through the following steps to help you identify what areas are affected and what you need to consider. Making it: Identify your eligibility to any government entitlements We use your Income Plan to free up surplus funds to achieve your goal. Your income plan determines strategies to improve your cash flow through a combination of tax effective strategies and the efficient use of your income. The resulting surplus funds are then used to create wealth.

Growing it: Decide whether to sell or keep your home We use your Investment Plan to explore your investment options and empower you to choose what’s best for you. Your investment plan explores the different options available to you and applies the income plan and debt plan analysis to help you meet or exceed your goals.

Enjoying it: Determine how your income needs will be met as you age We use your Retirement Plan to help you achieve your ideal retirement. Your retirement plan identifies your income needs in retirement and the level of assets required to provide this income. We work with you to achieve and sustain the lifestyle you require.

Preserving it: Evaluate the suitable distribution of your assets We use your Estate Plan to ensure that the right assets, go to the right people, at the right time. Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.

“ If you set goals and go after them with all the determination you can muster, your gifts will take you places that will amaze you.” — Les Brown

I’M INSPIRED BY THE FINANCIAL FUTURE WE’RE BUILDING If you’re not a natural planner, or need further financial guidance – contact Inspired Money today to see how we can help you set and achieve your financial goals today.  08 6222 7909  info@inspiredmoney.com.au www.inspiredmoney.com.au

Financial Goal Setting for a better financial future

Articles inside

Reach Age 60

Aged Care

Reach Age 56

Retirement

Reach Age 50

Receive an Inheritance

Divorce

Mortgage Paid Off

Selling an Asset

Children Leave Home

Children’s Education Costs

Start a Business

Receive a Pay Increase

Starting a Family

Buy an Investment Property

Saving for a Deposit

Getting Married

Buying a House