Creating health, wealth and happiness for Independent Professionals

Nick Stanley is Entity Solutions’ trusted associate at FMD Financial, our financial services strategic partner.
As the end of the financial year fast approaches, there is a sense of urgency to get all of our financial loose ends tied up and put a proper plan in place for the future. Although many people in their 30’s and 40’s are already concerned with their ability to save, achieve financial goals and adequately grow their superannuation, actually taking steps towards these goals can seem very daunting.
While there may not be a formula for creating health, wealth and happiness, 15 years of providing personalised financial advice has taught us that taking the right steps in six key areas of personal financial management makes all the difference to the lifestyle you can afford at every stage of life.
1.    Your goal-setting:
Setting financial goals is tough because it means taking reflective time away from our busy lives and thinking specifically and realistically about what we want from our hard-earned money. The simple act of clarifying your goals can help you reach them sooner.
2.    Your Income
Income is your best financial advantage in your intensive working years, so make sure that income brings you the biggest returns. On each ‘pay-day’, pay yourself a pre-decided percentage of your income. The rest should go into your savings or investment account as part of a tax-effective strategy.
3.    Your Assets and Debt
With the cost of living rising, stagnant wages growth and a slower investment growth, it’s easy to feel like you’re working hard but not getting anywhere. Knowing your asset to debt ratio helps your determine your equity levels so you can develop a plan to pay off debt and own your assets sooner.
4.    Your Superannuation
It’s important to know all your options with regards to super so you can make the best possible plan for your retirement. From salary sacrificing to investing within your superannuation, there are many ways to get more money behind you earlier.
5.    Your Insurance
The earlier you start, the better the policy you can access. At age 40, many policy exclusions kick in, so it’s advisable to get your insurance before then. No longer just for the rich or the aged, insurance and income protection are essential to maintaining your earning power – and your lifestyle.
6.    Your financial legacy
While it can be emotionally challenging to plan your estate in the prime of your life, sorting out your will is more important now than ever. It is a vital step towards financial control.
So How Happy Are You?
Curious about where you score on the health, wealth and happiness scale?
Entity Solutions’ financial services strategic partner, FMD Financial has created a unique online profiler that will give you an immediate snapshot of your current position across those key six pillars. This works well for busy independent professionals wanting to take control of their financial situation and it will only take you 10 minutes to complete.  If you don’t have a referral to a respected financial planner or are not ready to commit to the planning process, this online profiler is an ideal place to start.
To find out more about our Financial Services, contact Nick Stanley or visit FMD Financial.