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How do I go about making a financial plan to achieve my lifestyle goals?
Team Maddern
17/Dec/2014

Financial planning is simply a process designed to help you achieve your lifestyle objectives, by putting in place the necessary financial strategies and goals.

As with any process, there are a number of steps that need to be followed in order to achieve the desired result:

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  • Understanding where you are right now

Firstly we need to establish a current position.  This is where we look at all of the resources available to help us achieve your desired goal and objectives.  For example, what assets we have, how much income do we earn, how much money do we owe, what regular funding obligations we have, etc.

  • Creating Objectives

There are two key parts to creating objectives.  The first is writing your goal down!  Putting goals down on paper makes them real, and makes you accountable.  These can be monetary and/or lifestyle based (i.e. retirement at a certain again, additional children, Private School Funding, Milestone events such as wedding costs etc).

The second is to then, apply the Specific Measurable Achievable Realistic Time-bound principle.  This way you can actually determine the success of your actions.

  • Identify Hurdles

Now that we have established a current position and have a relative understanding of what we are trying to achieve, it’s time to see what issues could occur that may prevent you from achieving these goals.

Most of the time these issues can be overcome, occasionally you may have time to modify your goals/expectations.

  • Make a plan

Once you have successfully identified your current position, set your goals and objectives and identify any hurdles that may prevent you from achieving a satisfactory result, then it’s time to make a plan.

Just as you would hire a Real Estate Agent to help you sell a property, or an Electrician to navigate the complexities of wiring your home, the right Financial Advice can save you thousands of dollars over the course of your relationship by helping you navigate the complex world of Savings Plans and Investment Options, Interest Rates and Debt Funding, Tax Minimisation, Superannuation and Retirement Planning, as well as successful Wealth Succession and Risk Mitigation.

If you would like to come in to meet with us for an obligation free Financial Health check, please phone our office on (03) 9999 7200 and speak to Mark Maddern or Ashleigh Fox.