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#3 - Wealth Generation

The Wealth Generation stage generally occurs when your income is rising.  However, nicer homes, nicer cars and children can easily consume your increasing income.

This is the time when the financial decisions you make will have the greatest impact on the financial lifestyle you will enjoy during retirement.  By now, you should have accrued savings, as well as the expertise to make sound choices such as:

  1. taking full advantage of employer offered salary sacrifices.
  2. adopting tax planning strategies.
  3. investing wisely.  Consider an asset allocation strategy that matches your time horizon and risk tolerance.  Don’t ignore the potential long-term returns of equities, but do your homework or rely on a qualified advisor.
  4. if you are contemplating borrowing to invest, do it wisely.  Consider debt recycling and potential gearing.
  5. ensure your insurance protection has kept pace with your needs.  Having adequate life insurance to protect your family, in case of your untimely death, is critical.
  6. preparing an estate plan to minimise tax and to ensure that your custodial, financial and medical wishes are carried out.

The opportunities to help increase your nest egg, come with a host of complexities.  This makes good financial planning essential.

Our wealth generation case study may help you to understand this life-phase better.

Chris Humphrey Private Wealth Management is conveniently located on the outskirts of Brisbane's CBD.

" I contacted Chris Humphrey Private Wealth Management through a website enquiry seeking professional advice including a life insurance review. Chris took the time to fully understand my financial position, goals and needs to provide me with timely, relevant and easy to understand personal advice. This allowed me to make an informed decision about the types of insurance I really needed, my appropriate levels of cover and how to structure my cover to get the best value for my money."

Carmel White