The value of good financial advice delivered at the right time

written by MGD Wealth | March 28, 2022

MGD’s Richard Marsden articulates at what times he believes value can be best obtained by those serious about planning to become or to remain financially independent.

We all live a life full of choices; some are purely financial decisions, while others are personal choices that have a financial consequence. The choices we make change in accordance with our life stage: from the decision to rent or own as a young professional, to the question of sending your children to public or private school, or analysing your financial capacity when you’re planning to retire. While financial independence remains the common goal, the financial advice we will likely need will consequently differ over the course of our lifetime.  Good, timely advice relevant to your needs can be vital in setting up your long-term success.

Common reasons for people falling short of their long-term goals relate to our society being increasingly one of options and distractions and a desire to have things instantly, rather than being graced with the patience to see a plan through. However, setting smaller, more focussed and achievable goals and making appropriate choices for your demographic makes you more likely to achieve your long-term goals. And, when those unforeseeable life events arise, your good choices from the past allow you to stay on track. Financial independence and security can be gained and maintained one step at a time, built on a series of good financial choices.

Some examples of when your choices matter are:

  • When starting a new role: understanding the employment package and planning superannuation and surplus cashflow strategies;
  • When buying a house: putting in place a loan and offset structure to provide flexibility to shift equity or increase/ decrease debt in contemplation of future plans;
  • When starting work, going into debt, or having a family: having the right amount of life insurance to ensure living well for yourself and family;
  • and When building wealth towards retirement: having investments in the right name or entity to optimise tax effectiveness, asset protection, and liquidity.

As explored in MGD Wealth’s most recent Whitepaper, event-based advice is about seeking relevant guidance at the right time. Richard walks you through financial freedom in the context of an accumulation of good choices made in different stages of life (young professionals, middle year accumulators, pre-retirees, and retirees) and explores the specific events and choices that each demographic is faced with. You’ll further learn the meaning of living in a positive or negative financial state and look closely at the elements of financial advice and how it can really help you achieve financial independence.

Click here to access the full paper.

If you’d like to explore more of our content or past webinars that address some of these important considerations, please visit our website. Of course, if you would like to discuss anything in person or would like assistance with your repatriation planning, please let us know by emailing us at [email protected] or calling our office on (07) 3391 5055 (Brisbane) or (02) 8039 0544 (Sydney) and we can arrange a suitable time.

Disclaimer: Any advice included in this article is general and has been prepared without taking into account your objectives, financial situation or needs. As such, you should consider its appropriateness having regard to these factors before acting on it. Before you make any decision about whether to acquire a certain financial product, you should obtain and read the relevant product disclosure statement. Any tax information in this article refers to current laws, is not based on your unique circumstances and should not be relied on as tax advice.


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