Kate and Daniel | Clayton VIC

The starting point
  • Kate and Daniel came on board with Future Assist in 2014. The couple, in their mid-thirties both had great jobs and earned reasonable wages. However, saving was not a strong point for the pair.
  • Kate and Daniel knew that it was time to get their affairs in order. They were seeking more control and security for their future, as well as an improved lifestyle and the ability to travel more, while preparing themselves to start a family.
  • Kate and Daniel had no investment assets apart from a handful of shares and had some ideas of where they would like to invest. They also had the goal of retiring and being mortgage free by the age of 55, however thought this goal seemed unattainable with their current lifestyle and situation.

What needed to be done

Kate and Daniel wanted to retire early and grow their investments.  Firstly, it was important to help Kate and Daniel to become more aware of their cash-flow and financial capacities while considering their attitude towards risk. Our team then helped them to restructure their mortgage and other loans with a clear strategy on how to take advantage of this facility and pay down their mortgage and use a surplus to invest.

The Future Assist team worked closely with Kate and Daniel to establish a detailed long term financial strategy tailored to their goals. This strategy included investing, tax planning, risk, and consolidating their multiple super funds into a joint Self-Managed Super Fund (SMSF). This achieved their goal of taking more control of their super, and initiate a long term investment strategy in their preferred asset classes.

Future Assist also conducted a comprehensive analysis of their life insurances, finding the right balance between what they needed and what they could afford.

The outcome

Within one year, Kate and Daniel had made progress paying down their mortgage and had contributed significantly to their savings . In 2016 they purchased an investment property. They were well on track to meeting their goal of retiring by the age of 55.

Over the next 3 years they have managed to purchase a third property and build a diverse share portfolio which is providing an alternative form of income and growth. They also have a healthy balance in their offset account (to be used as buffer if necessary) and receive a healthy tax refund each year from the depreciation of their investment properties.

The couple now feel financially empowered, in control of their lives and are exciting to be working towards an early retirement with a passive income close to $100,000 per year.

 

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