Do you know where your money goes?  You need to! You must be earning more than you are spending – this truth is fundamental for financial success. Sometimes this balancing act is thrown into chaos with unforeseen expenses or losing a job.  Don’t worry.  Your Chrysalis adviser is there to help you.  Talk to us.  Together we will come up with a plan of action to get your through any turbulent periods and back on track to your goals.  Your Chrysalis adviser will also investigate how you allocate your money to see if there are better ways to go.  Sometimes you can create a surplus by just adjusting how you do things or the spending choices you are making.

Your Chrysalis adviser will explore and discuss with you the role of debt, if any, within your financial plan. It is important to target ‘good debt’ as opposed to ‘bad debt’ and apply strategies to remove bad debt as quickly as possible.  We apply strategies to achieve this outcome.  Of particular concern to us is credit card debt.  All debts must be reviewed and regularly reassessed for structure, interest rate, need and risk.  We are all about the effective management of necessary debt which will afford you leverage and promote a sense of accomplishment.

Investment is a key element in building your wealth.  Financial freedom comes when your lifestyle is delivered at the hands of a reliable passive income from investments.  However, wrong investment choices can have the opposite effect.  There is much to consider here such as; risk comfort level, timeframe to invest, funding targets, gearing (borrowing to invest), asset quality, investment characteristics, diversification, income requirement, ownership & tax.  Your Chrysalis adviser will consider all these aspects and make recommendations designed to achieve your lifestyle destination.

Preparing for the ‘rainy day’ as we call it must be considered at the outset of your plan.  Would you build a house without first preparing a solid foundation?  Risk management refers to the take up of a necessary amount of insurance to provide that solid foundation for you and the wealth structure you are about to build.  The amounts of cover you need should be constructed, not just guessed.  All your insurances should be reviewed intermittently to track changes occurring in your life.

These two go hand in hand.  The Government established super in the 1980s as the mechanism to fund retirement.  As such, super is the most tax effective and appropriate structure to provide for retirement.  When you approach retirement age, super becomes more and more attractive as the home for retirement savings.  There are multiple strategies that can be utilised to accelerate retirement savings such as; salary sacrifice, recontribution and transition to retirement.  Your Chrysalis adviser will identify your retirement income target and implement relevant strategies to allow you to ‘Create the Life You Want’ in retirement.

For many Australians, the Centrelink Age Pension (or DVA War Veteran’s Pension) is a great benefit and worth pursuing.  Just $1 of Age Pension will qualify you for the full suite of benefits such as the Pharmaceutical benefits (PBS), pensioner concession card and free car rego.  Aged Care will also be a consideration for most at some point.  This is a complex planning area and you will need specialist help.  For most people Aged Care represents unchartered waters and is often highly charged with emotion. Also there can be significant financial implications with Aged Care but all these issues can be navigated successfully with the skilled guidance of your adviser.

Estate Planning is a broad and crucially important discipline covering matters both in life and death.  It is a central consideration in all our advice to you.  We will be making Estate Planning recommendations to you covering topics such as; ownership structure of investments (personal, company, trust), asset protection, insurance policy ownership, Wills, Powers of Attorney, Guardianship, super beneficiary nominations and tax effective wealth transfer to name just a few!  When you’re gone, how will you distribute your wealth? At the end of your life’s journey, what is the legacy you wish to leave?