With the rapidly increasing tuition costs each year, early planning for Private schools, and University/apprenticeships are essential. Working with a Financial Planner to evaluate all the options, develop a strategy, and maximise tax benefits should help you accomplish your goals and objectives.

 

CLIENT SITUATION

David and Kathy want to comfortably afford their children’s education and activities and at the same time build their retirement savings. As work is stressful, they also want to continue taking regular holidays with the family.

 

HOW WE HAVE HELPED

Shaun worked with David and Kathy and completed a budget to see how they were spending their money. He then prepared some cash flow advice, firstly showing how they can build wealth without changing jobs, and secondly agreed a cash-flow plan going forward so they can be better prepared for any unexpected expenses, without substantially cutting back on their lifestyle.

Make Work Optional can help clients financially prepare to send their children to a good private school or university. Starting the private school planning process as early as possible usually provides the best results. Planners can assist parents to establish a systematic savings plan and properly invest the funds according to the child’s age.

He reviewed their current superannuation funds and insurance to cut out any unnecessary costs. We made sure their superannuation was aligned with the retirement lifestyle they wanted for themselves and their family and updated their insurance cover so that it continued to provide suitable risk management strategies for their family.

We also reviewed their current investment strategy outside of superannuation and provided advice around a more efficient tax structure going forward.

 

THE RESULTS

David and Kathy realised the following benefits from Shaun’s solution:

Shaun was able to give us a high level of confidence that our conservative strategies would help us to preserve our income in line with our spending and our education goals for our children. When comparing investment plans, he helped us select the best program based on our financial circumstances going forward. He provided advice around a more efficient tax structure going forward. Shaun showed them how they are now on track to achieving their retirement lifestyle goals.