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Having a family is one of the milestones in life that gets you thinking seriously about your financial situation. After all, we want to be able to afford a good life for our children.<\/p>\nWe all want our children to have the best possible future. Here are three things you can do today to help give your kids a good start in life.<\/p>\n
Having a family is one of the milestones in life that gets you thinking seriously about your financial situation. After all, we want to be able to afford a good life for our children.<\/p>\n
Luckily, you don\u2019t need to be a millionaire to provide financial security for your family. Here are three easy things you can do today.<\/p>\n
Your ability to earn a living is one of your most important gifts to your children. After all, your income provides them with food, shelter, clothing, and a good education \u2013 as well as the fun stuff like family outings and holidays. So it makes sense to ensure you have adequate income protection.<\/p>\n
You should also ensure that you have life insurance to protect your children if you should pass away or become terminally ill before your kids are financially independent themselves. When you\u2019re deciding on how much insurance to take out, make sure you factor in all your family\u2019s living expenses, including education fees, holidays and repayments on the family home.<\/p>\n
Even if your job is taking care of the family and you\u2019re not earning money, you may need to pay someone to cover for you if you became seriously ill. Trauma insurance can help cover these situations, with a lump sum payment if you\u2019re diagnosed with a serious illness.<\/p>\n
Insurance premiums can add up, but you may be able to reduce the cost by taking out cover through your super. Before you do, check with your financial adviser to make sure it offers the right level of protection for you and your family.<\/p>\n
As well as covering the day to day costs of bringing up your family now, you\u2019ll probably also want to put some money aside for their future. Perhaps you would like to pay for their tertiary education, a car or a trip overseas. Or maybe you\u2019d like to give your children a helping hand to buy their first home.<\/p>\n
To help meet these goals, a savings plan is a great place to start. By investing this money in something with a better return that a bank account, you can put your hard-earned cash to work to build up a bigger fund for your children\u2019s future.<\/p>\n
The investment you choose will depend on whether you\u2019re investing for a short-term goal, like a family holiday next year, or something long term, like university fees. A financial adviser can help you work out your goals, and then choose investments that match your timeframe and the amount of risk you\u2019re willing to take.<\/p>\n
Finally, don\u2019t forget to sort out your estate. If you haven\u2019t already written your Will, do it now. And if you already have one, make sure it\u2019s up to date. This is especially important if you\u2019ve been in a previous marriage or de-facto relationship and you want to make sure your money goes to your children, not to your ex-partner.<\/p>\n
You should complete a binding death nomination to ensure your super goes to the people you want it to when you pass away. It\u2019s also important to keep your Will and other relevant documents, such as life insurance policies, together and tell your family where to find them in case you suddenly pass away.<\/p>\n
Find out more<\/strong><\/p>\n Your family depends on you; so don\u2019t leave your finances to chance. For advice specific to your family\u2019s situation, contact us today on |PHONE|.<\/p>\n","protected":false},"excerpt":{"rendered":" We all want our children to have the best possible future. Here are three things you can do today to help give your kids a good start in life. Having a family is one of the milestones in life that gets you thinking seriously about your financial situation. After all, we want to be able […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[19],"tags":[],"class_list":{"0":"post-1240","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general-articles","7":"entry"},"_links":{"self":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts\/1240","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/comments?post=1240"}],"version-history":[{"count":0,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts\/1240\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/media?parent=1240"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/categories?post=1240"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/tags?post=1240"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}