The Foundation Group - What is financial planning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Formative Stage

 

 

 

The Starting out Stage

 

 

 

 

 



 

 

 

The Accumulation Stage

 

 

 

 

 

 

 

 



 

Pre-Retirement Stage

 

 

 

 

 

 

 

 





The Retirement Stage

 

 

Financial planning is the process of meeting your life goals through the proper management of your finances. It helps you take a "big picture" look at where you are financially and where you need to be in the future and how you can achieve these goals.

Life goals can include:
- buying a home
- investing for a “rainy day”
- saving for your child’s education or
- planning for retirement.

Through professional advice and planning, peace of mind can be achieved and unforeseen and often traumatic events can be cushioned. This relies on trust and the establishment of a relationship as you set out trying to reach your goals and continuously examine your financial status and strategy. And the sooner you start planning, the more likely you'll be to achieve financial independence and peace of mind.

 

 

 

The first step is to make sure you have access to the right advice. It's difficult to understand the intricacies of investment, taxation and the ever-changing rules and regulations, so you need help from a professional and qualified advisor. Financial planning is a specialist profession and, just like you wouldn’t diagnose yourself if you had a medical problem, so should you employ a professional financial advisor to assist you in your financial matters.

 

A financial planner's main function is to prepare a financial plan which encompasses all aspects of your personal finance with a goal to protecting your lifestyle. This includes a financial needs analysis covering death, disability, and retirement. It should also include selecting or reviewing products to ensure your lifestyle is suitably protected.

 


 

Regardless of which stage you are at, it is important to make a financial decision based on the assessment of the risks and opportunities that exist in your life and be able to overcome the uncertainties. These change with time and circumstance. Consider the information below to figure out which financial life-stage you are at.

 

 


Formative Stage:

Characteristics:

dependent on an adult for financial care

Financial focus:

education planning, money management and money sense

 

 

Starting Out Stage:

Characteristics:

young, possibly single and recently completed studies, full-time employment and receiving an income

 

Financial focus:
- Protecting your ability to earn an

   income
- Investing for future purchases (car,    house)
- Budgeting and possibly settling    student loans

 

 


Accumulation Stage:

Characteristics:

Achieving a comfortable lifestyle and thinking about managing long-term future. It is at this stage that we start to accumulate (house, car, spouse, children) and define our career path.

 

Financial focus:
• protection of lifestyle
• healthcare
• investments
• tax management
• education planning
• estate planning
• retirement planning


Pre-Retirement Stage:
Characteristics:

more sustained wealth creation due to fewer family costs. Children have become financially independent. Generally salaries are also higher in this bracket. Most often than not debt is minimum

 

Financial Focus
• protection of assets
• debt elimination
• family healthcare
• retirement planning
• wills and trusts
• business exit strategy.

Retirement Stage:
Characteristics:

in a position with more time and money. Many still have part-time work. There is more time to travel. This is the time to indulge in hobbies or travel, enjoy your family and prepare for transferring your wealth.

 

You may be thinking of:
• protection of assets
• healthcare
• aged care planning
• estate planning
• gifting to family
• preserving your capital

The Foundation Group - Why are we different

 

 

The Foundation Group - Sheldon Loxton

 

 

 

 

 

 

 

 

 


ACCREDITED ADVISOR WITH DISCOVERY SANLAM OLD MUTUAL BRIGHTROCK CORONATION PPS LIBERTY ALLAN GREY


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