My wife lost her job and is trying to get another. She won’t get jobseeker as I earn too much. Would it be right to take advantage of the new super policy and access 10k of her super early? We will struggle with mortgage repayments without her working.

Simon from Richmond in Victoria

Hi Simon,

I’m assuming your wife has lost her job because of the coronavirus crisis. Early access to super was one of the first financial reliefs announced by the government to help people in situations like yours.

Of course, there would be some advantages of doing that. However, as with any major investment decision, it's very important to seek professional financial advice rather than acting on your emotions.

Firstly, if you’re in a situation where you’re unable to afford basic living expenses, accessing super is probably the way to go. There’s a little point of discussing the pros and cons of it if you can’t afford to pay bills or groceries. This measure allows to you access two lots of tax-free lumps sums of up to $10,000 each and I know this will be a lifeline in a lot of cases.

If you don’t fall into the above category, there are important aspects of your super strategy that need to be considered. These include your age, your overall retirement plans, insurance benefits, crystallising capital losses, opportunity costs of withdrawing your capital, just to mention some.

People close to retirement may benefit as it allows them to access their super tax-free before reaching what’s called their ‘preservation age’. Under the announced measure, if they qualify, they could tap into some of their accumulation account before formally stopping work and switching into pension mode.

For the rest of us, accessing our super early isn’t such a good idea. As mentioned earlier, you’re likely to crystallise your losses. But that’s only part of the story. The other part is the opportunity cost – how much you’ll rob yourself in the long run. If you have a long way to go before retirement, accessing super now will almost certainly be a very costly exercise. Your super is your future employer. You want to make sure you maximise the opportunities during your working life to build your nest egg. Selling down quality assets in a well-diversified super portfolio (assumption) could hardly be called utilising an opportunity. Both time and compound interest will magnify the gap you cause by the withdrawal (potentially up to hundreds of thousands of dollars).

Being able to access your super simply doesn’t mean you should. There are now other financial relief options on the way that were not available at the time this superannuation measure was unveiled.

There’s the ‘JobKeeper’ payment – if your wife’s previous employer is eligible, they could register to receive $1,500 per fortnight for a period of six months for each employee (full-time, part-time and casuals employed over 12 months). This will potentially allow them to re-hire the employees they were forced to let go earlier. Simon, if your employer/or your business qualifies, you could also potentially receive this payment. The amount of $1,500 per fortnight is fixed and not income tested, meaning some people may end up earning more than they earned before. Most of the work needs to be done by the employer so clear communication between employer and employees will be crucial.

A lot of lenders have announced various mortgage repayment initiatives that allow people pause their repayments for a period of time. As you mentioned you will struggle to pay off the mortgage without your wife working, so it might be a good idea to call your mortgage provider and have a discussion. You might be able to negotiate a deferral of repayments of up to six months.

Lastly, I want to mention that there’s always some good in every bad. This crisis provides us with an opportunity to re-visit our expenses and re-set our priorities. It would be a good idea for you and your wife to sit down over the weekend, have a look at your bank/credit card statement and set up a spending plan moving forward. If you’re anything like me, you will be able to eliminate a lot of unnecessary expenses (some of them will come down automatically due to the lockdown).

One day, when this whole thing is over and your incomes will go back to normal, you may find that you suddenly have a cashflow surplus which you can allocate towards your future well-being.

I wish you all the best. Stay positive. This too shall pass.

Michal Bodi

Life hacks for coping with change in a new year

The entire science behind change fascinates me.  It’s also one of the critical variables in financial planning – without implementing a sustainable change the entire planning process fails to deliver the outcomes we’re after.

That’s easier to say than do. We get busy, distracted and we procrastinate. Procrastination is a real problem for a lot of people, and it’s a sneaky one. Quite often we don’t even realise it’s sitting on our shoulders making itself very comfy. Its level of comfort will depend on how we respond to change and how ‘change hungry’ we actually are.

Different people have different levels of readiness to change and it needs to be measured and respected. It allows a good coach to use the right approach and develop a framework that maximises the client’s potential.  After all, it’s all about the actual process of planning – taking clients from self-discovery to actioning digestible steps of a workable plan, fundamentally connected to personal values and goals.

It doesn’t just happen automatically though. The whole process is underpinned by changes in thought, attitudes and behaviour. And that’s where the rubber hits the road.

Studies after studies show us that if we address our behaviour, the results we're after are inevitable.

Coached investor behaviour can literally stop you from booting away your fortune. Up to two thirds of investor returns are lost annually, due to expensive mistakes because ‘human nature is simply a failed investor’ (annual Dalbar/Lipper analysis).

People’s improved behaviour can increase their savings by $90,000 after working with a financial planner (Saving Study by KPMG Econtech for the FSC).

Our behaviour and our decision mechanism is the dominant determinant of our financial outcomes. And managing the process of change forms a big part of what a behavioural coach does.

New Year’s Day is the single most popular trigger in our calendars, when we tend to think of change and how we can improve our lives. Without successful implementation, however, change won’t be sustainable.

So what can you do differently this time? The secret to getting ahead is getting started. These three, simple and practical life hacks might be the way to go:

- Don’t think (too much)– we tend to overthink things. Our minds love making excuses about the ‘right time’ and ‘perfect conditions’. These never happen. The best time to start was probably years ago. The second-best time is now. Often, it’s just a matter of starting and working out details later.

- Create external tension – if we tell other people and make our plans ‘official’, we subconsciously create a guilt trip if we stop. Sharing our goals and plans with friends fools our mind and holds it accountable.

- Start for 10 – break down the change into small bites you can introduce daily. Then, every day, practice the new habit for just ten minutes. Once the time is over we tend to continue as we already created a momentum.

Financial coaching can also reduce the anxiety about the irreducible uncertainty we all face. It provides a holding hand and objective point of view, that helps build our confidence when dealing with change.

Michal Bodi

Senior Financial Planner & Financial Coach

mbodi@sydneyfinancialplanning.com.au

Spoilt for choice, or choices spoilt?

I was buying an audio book the other day.  

And I was in the mood for a good book – there wasn't something in particular I was looking for.  I just wanted something on leadership.  

After 40 minutes (!!!), I ended up with five books in the shopping trolley and no idea what to do next.  I was completely stuck – it was like my mind was paralysed by the options I had available to me.

There was a book written by an author I've read (and enjoyed) before.

Two books had names that I found really intriguing.

Then there was a book recommended to me by a friend.

And with the last one, it was the summary blurb I what I found interesting and it made me press the ‘buy now’ button.

They were all fascinating in their own right and they all were what I was looking for.  

But there I was, sitting at my desk, completely frozen with no idea which one to choose.  

It was all going so well – I narrowed down the 25 search results to a shortlist of five, but I couldn’t get any further.

Did the muse leave me there at the crucial moment?

I wanted to pick the best one – the best of the best!!!  With work and kids, I don’t get a lot of time to relax and enjoy a really good, stimulating book, and so that time one-on-one with a good book is too precious for me to waste on the wrong book.

Unable to move any further, I ended up getting distracted by my kids, I turned off the laptop and didn't make a purchase...

It took me a good few weeks before I was able to go back and buy something. 

And guess what, I ended up buying one of the ones looked at previously.  I didn't bother with shortlists this time around – I just went in and bought the one that was recommended by someone I trust.

Because of that, I've got a good read waiting for me at the end of the day.  I’m really enjoying the book, and I'm so glad I went back and bought it.

It seems like everywhere you look these days, there’s yet another choice that has to be made.  Big choices, small choices, important choices, insignificant choices - they all seem to weigh us down and put pressure on us to get it right - to make the best choice.

The concept of the best is clouding our vision. 

It doesn't have to be that way. Once we allow ourselves to have the freedom to trust and be guided by an objective point of view, the weight is lifted. 

A choice made will always be better than the one you plan to make (one day).

by Michal Bodi

Have you had a similar experience? I'd love you to share with me.

You don't pay me for my time...

I recently had to go to an eye specialist. 

The guy I went to was recommended to me as the best in his field.

I showed up at the clinic on time, feeling a little nervous and unsure of what was happening next.  

One of his assistants explained the process to me step by step.  I was really grateful for that – I was getting a little freaked out, thinking about someone sticking sharp tools into my eye while I was watching!

I had to wait a little longer and then I was taken through to the surgery. The doctor’s assistants and a nurse started preparing my eye – cleaning the skin around it, putting on the protective material, adjusting the lights and laying out all the tools.  

I was laying there for about 20 minutes before the actual specialist came in.  He sat down next to me, looked into my eye and did a few tiny but precise moves with his tools.  Within a minute he was done and said, ‘There you go, all fixed.’  I thought, ‘wow, that was quick!’

As I was waiting to pay, l there was a guy in front of me who’d had the same procedure.  ‘That’s $745, sir,’ said the secretary.

He shook his head and said, ‘Wow, that a hell of an hourly rate!’  

The specialist overheard him.  He came out of his office and walked over to the guy.  He smiled and calmly said, ‘You don’t pay me for my time.’  Then he turned around and went back to his office.  He didn't need to say anything else.

I was gobsmacked!  This guy was spot on!  I immediately thought of the work I do with my clients.

Even though it takes me a little more than a few minutes to do my job, it’s not about billable hours, or the amount of time I spend in front of my client.  The value is somewhere else - It’s about the outcomes we can achieve together. The outcomes they care about.

I help them build the fundamentals which lead to the life my clients want to live.  

The value of that can rarely be expressed in numbers. 

by Michal Bodi

I thrive on a feedback, please let me know what you think, drop me a line to mbodi@sydneyfinancialplanning.com.au or simply comment on this article. I'd really love to hear from you.

Acting vs Reacting

Regular readers of this blog would know that our success is dependable on the right choices. These go hand in hand with recognising what we can control and focusing on just that. 

Since we have zero control over proposed regulatory changes announced in 2014 Federal Budget, let's instead talk about how to be in the best position to cease the opportunities they bring.

In another words, we are far better off actively review our position on a regular basis, acting and planning our lives, compared to taking the re-active approach and get nasty surprises in the future.

Let's have a look at some things that will help you plan and be ready:

1. The government has done its yearly budget, have you?

When was the last time you had a look at how you spend your money and how much tax you pay? Your expenses dictate how much money stays in your pocket at the end of the day. 

Budgetting is where it all starts when it comes to be in control of your money. If you haven't done your personal (or family) budget yet, allow me to inspire you and do one. Of course, as always a good financial planner will be able to assist you to complete it. 

Here's an article I recently posted on @HumbleInvestors website and which has a link to a detailed budget - http://humbleinvestors.com.au/baby-steps-financial-freedom-ultimate-checklist/

A good budget will help you cope with the proposed fuel excise increase, the GP and medication co-payments and family tax benefit changes.

2. Tax management and planning

Increase in the tax levy is never popular, but good tax minimisation strategy and planning can help you manage that. If you earn over $180,000 per year, it's time to seek quality advice. You may be able to take advantage of many tax strategies available to you and decrease your taxable income back to pre-budget levels or even lower.

3. Planning your retirement means less dependence on government

The number of Australians retiring every year continues to increase to record levels and this government (as well as any future governments) has to address that. For them it practically means a growing number of people asking for government benefis. Naturally, the age pension eligibility will continue to be lower and more difficult to obtain. 

A solid, time and dollar specific retirement plan will address your future lifestyle and income requirements. It will make sure you will be able to retire on your terms, independently and stay retired. It will ensure you are on track to save enough money and make your savings last longer than you.

That way, neither the increase in age pension age nor the lower age pension eligibility will drastically impact your future.

4. Start early to invest in your kids' future

Having children gives you a lot to think about and one common goal that a lot of parents have is to give their kids the education they deserve.

Planning the education expenses in advance means starting having this conversation and implementing the investment plans nice and early. It will also put you in the best position to cope with future government deregulation of uni and Tafe fees.

5. Teach your kids about debt

We don't learn anything practical about debt in schools. Yet debt is part of the everyday reality for the most of us. 

Engaging a good financial planner can make a huge difference in your debt funding habits, correct structuring of loans and eventually in the amount of money you spend to fund your debt.

Your children learn from you and copy you (even they would probably never admit it). Learning how to tackle debt will equip you with great lessons to teach your kids. It will also help them focus on important issues when it comes to debt and help them repay any future education (HELP) loans in no time.

'Planning your life financially is not something you have to do on your own.'

There are lots of wise and helpful financial planners out there who will make sure that you'll have a plan and won't have to reactively adjust your lifestyle with every government budget.

After all, it's your family budget that you want to focus on anyway.

Let me know what you think and what steps you are going to do today. I'd be pleased to know I have inspired you to take action.

by Michal Bodi

Well done is always better than well said...Stop procrastinating!

Well done is always better than well said.

Procrastination is no doubt the number one reason why people don’t become successful at achieving what they dream of. 

It is caused by the change that needs to happen. And we, humans, don’t like change that much!

Why?

Well, it’s got a lot to do with our ego and the actual process of admitting that what we’ve been doing is wrong. 

It can be especially difficult when we’re surrounded by people with same views as us. Why should I stand out?

Generations Y and Z ...

When you’re young, it feels nice to have a first job, still live at home and spend the money on travelling and going out, but just think about where you are at the moment. Your whole life is only starting.

What you may not fully realise day by day (because you just don't) is that the time is on your side and you will never (ever) be in this position again. 

Use that competitive advantage! Trust me, you don’t want to end up like the vast majority of adults – looking back in ten or more years’ time, realising what a massive opportunity you had… And you blew it!

What I’m talking about is the power of ‘doing’.

You have two choices

Choice number one – do nothing and spend every cent. This is what most of you will do. Just like everyone else (I thought you wanted to be different?)

Choice number two – start implementing tiny changes into your spending habits. Time is your best mate here. It will do the rest, as long as you stay committed.

Remember, if you change nothing, nothing will change. The change doesn’t need to happen all at once, you can start with baby steps. 

One year later, you will be definitely in a better position compared to if you did nothing.

There are many ways to put money aside but here’s a fun example to start getting ahead – something that I call the reverse version of The 52 week savings challenge:

You start with $52 that you put away in the first week – that is the biggest commitment you need to make, it gets easier from here.

The next week it’s only $51. And as you continue, you decrease the money by a dollar every week, until you will end up with a dollar contribution in the last week, year later.

Over the course of the year, you will save exactly $1,378.

This can be used as a nice little deposit into an investment plan which can one day be converted into an investment property deposit. It will give you that competitive advantage.

It can be the difference between having to work every night to earn extra money for your ski trip compared to having a passive income to fund your travels so you can spend more time with your friends.

All you need to do is start. 

Anything. Just start…

by Michal Bodi

How to invest in property

Question:

I have just started investing in property. I want to grow my property portfolio as fast as possible. How do you recommend I achieve this while minimising risk? I currently own my primary place of residence with about $220,000 remaining on the mortgage (valued at $450,000) and have just used this equity to purchase an investment property valued at approximately $585,000 (will rent for approximately $540 per week). From here I would like to purchase additional 4 - 5 properties over the coming 5 - 10 years.

My answer:

Thank you for asking this question. Achieving solid investment outcomes only happens via disciplined strategies with a long term outlook. The trickiest part of investing is avoiding making bad behavioural decisions based on the emotional. 

Successful investing starts with realistic expectations, respecting the investment fundamentals and hiring a third party professional who will draw your investment plan and will ensure you stick to it.

You want to buy one property every year, or every two years – how? If you plan to put cash into each property (minimum deposit plus costs on each purchase) you’ll need to save hard. What is your cash flow position? If you want to keep using equity (by relying on future growth) your goal is not realistic.

From your question it kind of looks like you’ve made up your mind, so if you do go down that road, here’s a few things I would consider and encourage you to implement in your plan.

Avoid acting emotionally

Partner with a third party professional who can draw a time and dollar specific plan in order to help you making objective decisions about your future. This may sound basic but hiring an experienced professional with the objective point of view is money well spent.

Diversify 

If you’re going all property (which I would not endorse) then think of different types and locations. If you’re narrowing your investment strategy to only one idea, you’re putting all your eggs in one basket - all your planned assets would end up in same property. If  you don’t have exposure to different assets you have no backup plan. Also, consider investing in equities to increase an exposure to different assets in your portfolio.

Avoid euphoria

Don’t buy what’s popular, otherwise you possibly lose the sense of risk (when you’re worried that others are making more money than you, you’re in the euphoria zone). It’s the opposite of panic and capitulation and it’s equally dangerous. False expectations are set, your behaviour is completely emotional and the investment decisions are not being thought through. You also lose the sense of value and you end up buying overpriced assets.

Have plenty of equity

Protect yourself against unforeseen events (interest rates, loss of tenants, etc.) and make sure you put at least 20% of cash into each property. This will likely go against your goal of growing your portfolio ‘as fast as possible’, but it’s crucial you don’t expose yourself to high debt.

Don’t speculate

Take a long term view and look for an increase in value over time, rather than chasing short term price movements. You may still think you’re investing but you haven’t realised you crossed the line. If you’re looking at short term price fluctuations, you will end up burning your fingers. Don’t overthink the process; keep things fairly simple, an excitement belongs to Vegas.

Cover yourself and your plan

Have relevant protection strategies to protect your ability to earn income (may need it if property income doesn’t meet your expenses) and to have available cash to deal with the unexpected without pulling money out of your plan.

Lastly, you’re not mentioning this in your question, but what’s your end strategy? 

Assuming you reach your goal of owning ten properties, what do you plan to do with them? Keep them to fund your retirement? Sell them one by one to free up cash? You need to think about this before you start so you won’t get stuck at the end (you may have unnecessary problems with tax, liquidity – access to your money, reliability of income etc.)

Hope these tips help you clarify your points of focus. I believe you’ll consider them carefully before making any investment decisions. Shop around and invest in quality financial advice. It will be worth your while to look for someone who will focus on the dominant determinant of your financial outcomes – your investment behaviour.

Best wishes,

Michal Bodi

Struggling to get ahead? Start transforming your dreams into goals

Struggling to get ahead? Start transforming your dreams into goals

We all have dreams. And we love to talk about them. We know exactly what they mean to us and how they make us feel. 

Reaching these dreams and making them true means that our lives matter. But most people don’t succeed and don’t realise their dream potential. 

Why?

What successful people do differently is that they also have goals. 

And it’s having goals and a plan to reach them what separates them from the pack and helps them achieve their dreams.

How do we set goals? Here are some practical tips:

1.       Think hard about your dreams and what exactly they make you feel. Think about why you feel that and what it would mean to you to realise these dreams. Write notes.

2.       Write them down (include the notes from the point 1). Unless we write our dreams down, they will forever remain in our head. Prioritise them, start with the ones important enough for you to take action and do something about. It’s the very process of writing your dreams down when you start transforming them into your goals.

3.       Match them with pictures – do this for every dream you have and display them in your home. Somewhere you look every day. This might sound silly but visualising is a very powerful trick especially at times when we feel like giving up. It’s when these pictures will remind you why you are doing what you are doing.

4.       Share them -You need a commitment to make to yourself. I find social media to be a great way to do this. Once you make your dreams public, it cements them in. They are official now.

5.       You have done as much as you can on your own. The next thing to finalise your dreams into goals is to make them specific - time specific and dollar specific. 

    

    This can only be done by a third party – a quality financial planner. They specialise in goal formulation and creating the journey – financial plan - to reach your goals and dreams. They will also remind you of your goals and ensure you stick to your plan.

Visit a few firms, take your time and find the right one - someone who will ask the right questions and you will feel comfortable that they understand what is important to you and why.

You will eventually find that it’s not necessarily reaching your goal itself but the actual process of getting there, the excitement of the progress what made you feel happy. You will now also have a blueprint and know what to do in order to successfully reach your next destination. 

So, go ahead; what’s your next dream?

by Michal Bodi

There's a story behind each of us...

There's a story behind each of us...

I started with nothing, I mean nothing material, but I had my desire to succeed, almost forcing me to make many decisions (including the bad ones)…

I have pursued my freedom and travelled the continents to the other side of the world. It was a crazy idea and yes it was difficult to leave my mum and dad, my brother, my grandparents and the rest of my family behind…but although I didn't know it then, I was pursuing my dreams and finding my purpose.

Over the years, I’ve learned a lot of lessons. I’ve learned about the importance of focus and the absolute necessity of having a plan. I’ve also learned that if you want something, you go and get it. It probably won’t be easy and it may hurt…but that’s when you know it’s worth it. You add some tough love coaching and you have a structure to hold on to. 

It was almost inevitable that I have become a successful financial coach myself. My beliefs are reflected in my work and they help others move forward. I always share my story because I use my own example to demonstrate that we are all creators of our own future.

If we surround ourselves with the right people, have a plan to stick to and focus on what really matters we can achieve the unthinkable.

Using ‘the best’ products, having complicated investment structures or managing an investment portfolio is something that every professional adviser should be able to help you with.

But if you want to make sure you are on the right path to accomplish something you always wanted, please make that step and connect with me. I might be able to help. There is no such thing as failure, only lack of trying.

I look forward to speaking with you and hearing your story.


by Michal Bodi

For practical financial tips and ongoing updates and my professional opinion please connect with me on LinkedIn or follow my tweets.

How much do I need to retire comfortably?

How much do I need to retire comfortably?

Question:

What would be the super amount/balance needed for a ‘comfortable’ retirement for couples when we reach our retirement age, which I understand is $56,406 in today’s dollars? My husband and I are 56 and 50 respectively, and have an SMSF with $600,000.

My answer:

Retirement planning is an ongoing, evolving process that requires plenty of foresight and I applaud you for thinking about it now. 

This is a common question that unfortunately cannot be answered based solely on the information you have provided. The answer will depend on many variables and your own expectations in regards to longevity of your money. 

Are you happy for your capital to run out at a particular age or you would prefer a perpetual income and the ability to pass your wealth on to the next generations? When do you wish to retire and what is your own idea of a comfortable retirement? 

The figures you have quoted as a comfortable retirement income are based on averages (ASFA Retirement Standard survey, June 2013) and they very rarely reflect reality. For example they only include $2,725 per year for an overseas holiday and they don’t allow for any extra cash for gifts to your grandkids...

Once you work out your own retirement budget you end up with a retirement income figure that reflects your own financial reality and you've completed the first step of many.

It’s important to realise that the retirement planning process is not a mathematical equation. It’s not just a matter of plugging the figures into a calculator. We live in a fast pace society that suggests it should be that simple. But even a simple calculation is only as good as the figures and assumptions used.

It is absolutely critical to realise that retirement income planning is way more complex and way more important to people than a single conversation. It requires expertise and the careful consideration of many factors. It requires wisdom – we know that a tomato is a fruit but we don’t put it in a fruit salad.

The next vital detail is to remember that every date and dollar specific retirement income plan (that also addresses ‘what if’ scenarios) requires a financial coach and their ongoing assistance to ensure you to stick to your plan. This is the only way of knowing whether you are on track with your retirement plans or not. And having this certainty is priceless.

I realise that the hardest thing for most people is the first step – to recognise and overcome the fear of experience and make an appointment to consult an expert. But it will take a lot of pressure off your shoulders. It can also mean the difference between getting it right and living the retirement you always wanted … and getting it all wrong.

by Michal Bodi

As published on FPA’s Ask an Expert website dedicated to promoting the value of financial advice - ttp://askanexpert.fpadifference.com.au/

Image courtesy of Michal Marcol / freedigitalphotos.net

Being smart about life insurance

Being smart about life insurance

Rather than looking at life insurance as something we need, it should be considered as something we want. It’s more about having peace of mind knowing that if things don’t exactly work out the way we want, it’s not the end. 

And who wouldn't want that? 

The problem is that life insurance is a very intangible thing and it’s only used at the time of grief – and no one wants to think about that.

The other problem is that our human nature loves shortcuts. We often seek the cheapest, the easiest, and the least painful way to obtain life insurance because, subconsciously, we don’t want to overcome the fear of new experience and seek a professional’s help.

 And that in itself is a tragedy waiting to happen.

We all make future plans for our family or a business. We assume these plans will be successful – pay off the mortgage, save for regular ski trips, having regular holidays, give our children education they deserve, retire worry-free, build our family’s wealth, grow our business, or how about simply maintaining and enjoying the good lifestyle, spending as much time as possible with the family and generally being happy… does it ring a bell?

I am no different and I sincerely hope you will be able to achieve all of them and more. But hoping is not planning and smart people have a plan in place. 

Proper planning requires relevant expertise.  There is no harm in 'googling' information and gaining some self-education prior to seeking help. We all do it every day. But when it comes to decision making there is simply too much to consider and you want to get every detail right. 

Only a qualified and experienced financial planner will be able to:

• help you dig deep and articulate everything you value and need to plan for

• translate it into financial terms and calculate the dollar figures reflecting the cost of not being able to achieve these

• evaluate all the risks and asses the probabilities of them happening

• work out a relevant protection strategy including appropriate types of cover, sums insured, structuring, ownership and potential tax consequences

• consider alternatives and recommend a suitable insurer that will pay the claim

Every single step can make a huge difference. At the end of the day, you want to have the confidence that if needed, the cover will be used for what it is intended– to pay your claim.

Hiring a financial planner means having a professional looking at your personal circumstances and recommending a tailored solution that fits your plans, reviewing its appropriateness over time, as well as helping you through the overwhelming process of making a claim. 

So if you’re considering insurance or you have some in place but you never consulted a financial planner, I hope I've inspired you to take action. Your family or your business partner might thank you one day.

by Michal Bodi

Image courtesy of Vichaya Kiatying-Angsulee  / FreeDigitalPhotos.net