Couple in their 30’s with young children
Brad and Angelina were in their mid-thirties when they contacted Assure Wealth. Brad was earning $195,000 and Angelina was a stay at home mum with a 2-year-old and a 6-year-old. The 6-year-old had just started school at the local public school for her primary education. Brad and Angelina were considering private schooling for both of their children’s secondary education. Brad and Angelina wanted to save $15,000 per year for each child for every year of high school. They also had a $750,000 mortgage and a $40,000 personal debt for a car. Their home was worth $1,300,000 and they didn’t know what interest rate they were paying on their mortgage.
Brad and Angelina’s goals were to;
- Pay off their mortgage as soon as possible
- Angelina to return to part-time work once their youngest child started primary school
- Bring more structure and order to their financial lives to reduce their money worries
- Build wealth for the future in a tax-effective manner via superannuation
- Review their life insurance needs and consider how premiums are funded considering their cash flow position
What did Assure Wealth do?
We took the following steps with Brad and Angelina to get their financial house in order;
- Determined their current monthly cash flow position
- Identified an opportunity to consolidate debt and save on interest costs
- Established a regular investment plan to save for each child’s education costs
- Conducted a full review of Brad and Angelina’s superannuation funds to identify expensive and unnecessary funds to consolidate and save on fees.
- Developed a plan to save towards starting a self-managed superannuation (SMSF) fund with the view to purchase an investment property via an SMSF in the future.
- We conducted a full insurance review and identified some significant gaps in their cover.
- A full insurance recommendation was provided, with some of the premiums being funded via superannuation to minimise the impact of their monthly cash flow and household budget.
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Assure Wealth Pty Ltd ABN 31 965 466 780 Corporate Authorised Representative no. 1244817, Patrick Casey Sub-Authorised Representative no. 1244748 of Walker Lane Pty Ltd ABN 70 626 199 826, an AFSL holder No 509305.
