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Steve (36) and Amy (38) have been married for 7 years and have a son named William (2). They are a busy couple, both work long hours and are focused on their careers and moving to the top of their professions. They would like to have another child before Amy turns 40.

They enjoy their inner-city lifestyle as they are close to work and friends, but the mortgage on their Balmain terrace is a substantial pressure on their income. Their busy lifestyle is starting to take a toll on them both. They have little spare time but when they can they like to socialise with family and friends, and spend quality time with William.

Steve and Amy have been referred to Sydney Financial Planning by their friends, who have been clients for quite some time. After a few phone calls and emails we have decided to look at the following areas in our meeting:

  • They would like to reduce their stress levels and spend more time with William
  • They would like to get fitter and find more time for exercising
  • As they plan to have another child, they want to prepare financially for this
  • They want to give William a private education, and want to start saving for this now
  • They want someone they trust who can manage their finances
  • They both earn substantial incomes and want to know how to make the best of this
  • They want to pay off their mortgage sooner rather than later
  • They have other debts as well that they would like advice on
  • They want to ensure their assets, lifestyles and incomes are protected
  • They have friends who own an investment property and want to know if this a good idea for them
  • They want to reduce their tax bill as much as possible
  • Friends of theirs have a self managed superannuation fund (SMSF) and they are curious about the opportunities this would give them

If you can identify with Steve and Amy please read on...

Steve and Amy were relieved that there was someone out there they could talk to about their finances, and who understood their unique situation and goals as a young, successful family. They were excited by the many options available to them, but at the same time found it all a little daunting and really valued the guidance their Planner was able to give them.

We were able to provide them with advice on how to better manage their time, in order to see more of their son and also go back to the gym.

We have looked at their situation and recommended a debt management strategy that will allow them to pay off their mortgage much faster and set aside money for William’s education. They now have a tax affective, diverse and accessible investment strategy that allows them to invest for William’s education. Also, they now have a comprehensive insurance plan that protects their lifestyle and assets. We have even been able to recommend tax effective and affordable additional contributions to superannuation.

We’ve looked at their finances and told them how much they are able to spend on an investment property. They’ve linked their home mortgage to their investment property loan and their other debts under one account. This reduces the cost and makes it easier for them to manage their loans. At the same time they have increased their investments and are creating wealth for their family’s future.

They consulted their accountant after implementing our advice and were able to substantially reduce their tax bill because of the tax concessions they receive because of their investment property and tax affective superannuation contributions.

Now they have time to concentrate on their careers and their son, whilst knowing that their futures are on track.

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