As couples and new parents, it can be challenging to navigate through the complexities of finance and investments. From managing school fees to estate planning, each aspect requires thorough understanding and proper execution. In this blog, we aim to provide you some insights and financial advice for families and parents to secure their future. Read on to learn more about insurance, super investment, estate planning, and budgeting for school fees.
Insurance – The Ultimate Security Blanket
Insurance is an investment that is often overlooked, but its importance cannot be exaggerated. It provides a safety net for your family’s future and gives you the assurance that your loved ones will be taken care of, even in unforeseeable circumstances. Life insurance, health insurance, and home insurance are some of the most popular ones that you should consider.
Invest in Your Super – Plan for a Better Retirement
Superannuation is an essential investment for most people, and it is crucial to have a long-term investment plan for the future. By contributing to a superannuation fund, you can enjoy significant tax benefits.
One of the key tax advantages is the concessional tax treatment on contributions. When you make contributions to your super fund from your pre-tax income, these contributions are generally taxed at a lower rate within the super fund, which means you pay less tax compared to your regular income. This can help you grow your retirement savings more efficiently over time.
Additionally, earnings within your superannuation fund are also subject to favourable tax treatment. Investment returns generated within your super account, such as capital gains and dividends, are typically taxed at a lower rate than if you were to invest outside of super. Over the long term, this can result in more significant returns on your investments.
Investing in your superannuation early can be beneficial when setting the stage for tax-free earnings when your account transitions to the account-based pension phase. This means that once you’ve reached this phase, you can enjoy the benefit of enjoying tax-free earnings on the funds within your account.
Estate Planning – Protect Your Assets and Your Family
Estate planning is a crucial aspect of financial planning, especially if you’re a parent. It involves making sure that you have a will, enduring power of attorney, and guardianship in place, ensuring that your assets are protected and distributed according to your wishes. Estate planning also helps reduce the stress your loved ones may face during difficult times.
Budgeting for School Fees – Plan Ahead and Start Early
The cost of education is rising and can leave parents with an unexpected financial burden. That’s why it is essential to plan ahead and budget accordingly. Starting early can help you save for your children’s education and ensure they receive quality education without compromising your financial stability. Always consider your other essential expenses while planning your budget.
Seek Professional Advice – Get the Right Support
Getting professional advice is valuable, especially when it’s about your finances. A skilled financial advisor can provide you with a range of financial solutions, personalised to your financial situation, and help guide you throughout the process. They can offer sound advice on investment strategies, budget planning, insurance needs, debt management, estate planning, and more.
Financial planning for families and parents is crucial for securing a better future. Insurance, super investment, estate planning, and school fees budgeting are the vital aspects that require thorough consideration. By implementing the right strategies and obtaining the support of a skilled financial advisor, you can ensure that your family is protected in the present and the future. So, start early, plan smart, and secure your family’s future.
At EPG Wealth, we value transparency and charge flat fees for our clients. If you would like to improve your current investment strategies or are looking to start your investment journey, click here to organise a complimentary 20-minute phone call with an EPG Wealth adviser.