There is no bad time to seek financial advice but here are five situations where it’s more important than ever.
If you think financial advice is just about helping you save more for your retirement, think again. No matter where you are in life, getting good financial advice can help you in the best possible place to achieve your life dreams and protect you if things don’t go to plan.
Here is how your adviser can help you through some of life’s big events.
Moving in with your partner
Starting a new relationship can be an exciting time and it can be easy to get carried away. As you start your life together a financial adviser can help you plan a new budget, so you can start saving for mutual goals.
Your adviser can also make sure you’re both protected with adequate insurance; something that is particularly important if children are involved.
Setting up house
These days, buying your first home is harder than ever, with property prices at record highs in most Australian cities an adviser can help you create a realistic plan to save for a deposit, helping you get your start in property market.
It is unlikely that you’ll stay with the same job for your entire lifetime so if you are thinking of changing your workplace or embarking on a new career, it’s time to sit down with your adviser. They can help you understand the financial implications of working less, or help you make the most of a higher income or overseas promotion.
Ending a relationship
Not every relationship lasts, and break ups can be painful and often financially detrimental.
Your adviser can help you work out how you and your ex-partner can split your shared assets (once you have reached an agreement with your ex-partner), including super and the family home. They can also help you get your finances back on track with a budget to suit your new situation and lifestyle.
Taking time out
There may be times in your life when commitments like parenting, taking care of elderly parents, studying or travelling will take priority over full time work.
If you’re planning on taking a break from work, your adviser can help you understand your financial options for funding this time off. Remember that while you’re not working you won’t receive any employer contributions to your super so it’s important to talk to your adviser to help make sure your retirement savings don’t fall behind.