Just Starting Out?
At Kearney Financial Planning, we believe there is no time like the present. We also believe you don't have to have a whole lot of income, assets or investment experience to benefit from a little advice.
So, our team offers a range of guidance and services specifically geared to young people and 'first-timers' who are curious about financial planning.
While a long-term strategic plan will be necessary at some point, our scalable advice offering allows you to cherry pick the strategies and services that will provide you with the most immediate value and will introduce you to the world of finance.
Four Tips for 'First-Timers'
Get Your Debt Sorted
When taking on debt, remember...
Finding the loan that is right for you can be confusing but it is important to select a package that is appropriate for your needs and respects your overarching financial goals and objectives.
Whether you're making HECS/ HELP payments or lining up your first home loan, make sure you get your debt structured properly. Getting the good debt/ bad debt equation balance is critical and poor structure can cost you thousands of dollars each year.
It Shouldn’t Be That Hard:
Your loan shouldn't be unclear, hard to manage or riddled with fees and charges. If yours is, you should think about speaking to a professional.
When a bank offers you a loan, just remember you are being offered their 'product'. This isn't necessarily a bad thing but it isn't always in your best interests either. Ask yourself: Does this banker know me and my individual situation? Has he/she asked about my long-term financial goals? Do they have any interest in a long-term relationship with me? How does this loan stack up against other banks?
Kearney Financial Planning's Debt Finance team can scan 30+ institutions on your behalf, ensuring you get the loan that is right for you and that it is properly structured and respectful of your overarching financial goals.
For more information, explore our Debt Finance Service section.
Build a Budget and get a Cash Flow Management System in Place
Why Budgets and Cash Flow Management Systems are critical to good financial health...
Good Budgets Help You:
- See where your money is going
- Plan your spending in advance
- Identify overspending
- Reveal surplus cash
- Plan for big purchases, investments or special events
Your Cash Flow Management System:
- Is the tool that helps you put your budget into action
- Helps you balance your income and expenditure
- Manages the flow of money through your household and ensures it is allocated and used effectively
- Tracks and manages regular expenses
- Helps you get surplus cash ‘working’ for you
Don’t settle for one-size-fits-all budgets and cash flow management tools. Your lifestyle is unique; your desires, expenses and goals for the future are too. Forcing your individual financial situation into a template just won’t give the results you need.
Budgets and cash flow management systems should be freeing and allow you to have complete control over the money that comes and goes from your bank accounts. They should not constrict you. If yours do, they have not been designed properly or your needs have changed.
For more information, take a look at our Budgets & Cash Flow Management Strategies.
Get your Superannuation Working For You
Even if retirement seems a long way off, there is so much you can do with your super today...
It’s Your Money:
So many of the people we encounter have no idea what Super really is, where it really goes or what else they could be doing with all this money. If you make a cash salary of $48,000 per year, your employer will send off $4,320 of your money somewhere. Ask yourself: In what other situation would you feel comfortable not knowing where that much money was going?
At Kearney Financial Planning, we want to see you get your Super working. The first step is finding out where your Super is and taking an active interest in what it’s doing.
Leverage Your Super:
- Merge multiple super accounts and start making the most out of your money
- Challenge our advisers to find your lost super
- Take advantage of tax concessions, government co-contribution schemes and salary sacrifice opportunities
- Line yourself up with inexpensive insurance and protections
- Try your hand at investing
With the introduction of the Superannuation Guarantee, most Australians will now spend 50+ years of their lives investing, in one form or another.
Australia’s unique super environment allows you to learn a bit about the markets and try out investing, no matter how much (or how little) you have in your fund.
We understand the lure of the low-fee/ no-fee industry superfund… especially when you’re just starting out or when money is tight. But, did you know that we can now provide investment services (direct shares and cash management) with accounts that beat industry superfund rates?Now you can have your cake and eat it too; get customised strategy from our award-winning team, at the most competitive rates the industry has to offer.
Protect Yourself and Your Family
Getting insured might just be the most important gift you ever give to your family...
Get It Young:
Lining up your insurances when you’re young provides many benefits:
- You’ll likely receive better coverage
- If you’re healthy, you may be able to avoid nasty exclusions
- Underwriting is less arduous
- You’ll be able to take advantage of Level Premiums making for lower costs over the long run
Did you know that you can use your super to pay the premiums on a wide range of personal and income insurance? When properly structured, money you won’t need in retirement can be used to protect yourself now and while you work.
Know Your Most Important Asset:
What’s your most important asset? Is it your house? Or perhaps it’s your car?
Actually, it’s your ability to generate an income. And, while most people would never think of driving without insurance and have coverage for their home and contents, many people leave themselves one illness, accident or injury away from financial ruin.
Income Protection Insurance provides coverage for lost earnings and ensures your family’s standard of living will not be compromised by your inability to work.
If you insure nothing else, insure your income.
For more information, explore our Protection & Insurance Services.