As you move into the middle stages of your life, many of your constants are changing. Your children are growing up quickly, your career is in full swing and you’re likely approaching your peak earning years.
Family holidays, renovating, a bigger home, or saving for children’s education are likely top priorities at this stage. Your financial structures may now be more complex than before, your investment portfolio and strategy may need adjusting. No matter your circumstances or goals, we are here to tailor a wealth strategy that suits your needs.
Things change. Is your plan tailored to your current needs?
Taking charge of your future means aligning your financial goals with the life you have and the life you want to create. By breaking down your needs into short, medium, and long-term considerations, and adopting a holistic approach, you can continue working toward achieving your ultimate goal.
What are your plans for the next 2, 5, and 10 years? Is a major holiday with the family on the cards, will you be renovating your house, paying off your mortgage, or paying for private schooling?
Short-term: Focusing on the now
Investing funds into house renovations, mortgage repayments, an investment property or the share market now can set you up to grow your wealth over time. As your parents age, they may need your help in building or maintaining the foundations of retirement. You may need to help them to downsize or sell the family home, help them assess their income needs in retirement, or discussing their care needs as they get older.
Medium-term: What's next?
Your life and career should be relatively stable, which means you can shift some of your focus toward preparing your children for their future life. As they enter their teenage years or early adulthood where they will finish their schooling or start university, you might find yourself exploring what role you can play in investing in their future and setting them up for success in this ever-changing world.
Long-term: Preparing for the future
Whether retirement is still a long way off, or just around the corner, using this peak earning period of your career is critical for establishing long term wealth. Will you have enough in superannuation to retire comfortably? Consider whether you could be contributing more to your super or your spouse’s super. Could you take on more risk with how your super is invested to build wealth more quickly now? If you would you rather more control over how your super is invested – then perhaps setting up a Self-Managed Super Fund could be the right approach. Talking to an experienced advisor about these and other strategies will help shape the financial future you envisage.