How to Prioritise Your Financial Plan

By Simon Cooper
August 12, 2020

We all dream of a prosperous retirement that allows us to do all the things we’ve always wanted to. But each marathon is run one step at a time, and each step of your financial plan will dictate what kind of outcome you get.

So, how do you prioritise your financial plan?

Your money has a lot of demands put on it: bills, investing, lifestyle and philanthropy — it can be overwhelming and confusing. This may be why less than half of Australians have even a three to five-year financial plan.

We’re here to simplify. There are a few rules to consider when prioritising your plan.

Do you have an emergency fund? We believe you should have a MINIMUM of six months of expenses in reserve. As such, you don’t have to dip into retirement in case of an emergency and pay the incredible fees that come with an activity like that.

Debt! Pay off high-interest debt before you invest heavily. Get the advice of a trusted advisor to discuss your debt and form a plan to tackle it. There are multiple strategies for becoming debt-free while still being able to grow your wealth.Now It’s Time to Invest!The tricky part is understanding the best strategy for your portfolio. Every advisor will agree — one of the most important parts of a financial plan is diversity in your portfolio. Why? Diversity limits your exposure to any one type of asset. This reduces the volatility of your investments over time.

The perfect type of diversity for each investor is different depending on risk type, age, years to retirement and other factors. The only way to ensure you have the right plan is to have the right team of advisors on your side.

Not sure that an advisor is the right next step in your plan? Get your complimentary consultation from one of Australia’s leading financial planners. This is not a blanket or vague consultation — at Forward360, we tailor this complimentary session to you and offer real, personalised advice.

You can also check out our financial health check assessment to get a baseline understanding of where your finances stand today and where you may need some guidance.You can enjoy the wealth you’ve always imagined — you just need a solid plan!” font_container=”tag:h4|text_align:center

Simon Cooper

Co-Founder, Managing Director, Financial Adviser

Simon is a financial advisor who takes his work seriously. He ensures that all of his clients receive the best possible advice, so that they can reach and exceed their financial goals, both personally and professionally. Simon has been in the business for many years, and has a wealth of experience to share with his clients. He is known for being friendly and approachable, and always puts the needs of his clients first. Simon Cooper is an Authorised Representative of Reedy Capital Pty Ltd (AFSL No. 495539), Authorised Representative Number 1248807 and a financial adviser at Forward360.

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