Financial planning

The professional advice supplied by MJ Broking helps our clients to gain and retain control of their finances. We lead you through the process of setting your financial objectives, assessing your assets and resources, estimating your future financial needs and developing a plan to achieve your goals.

The sooner you start planning the more likely you will be able to achieve financial independence and long term peace of mind.

 Superannuation

Many baby boomers will outlive their superannuation savings. While younger generations will have more time to maximise super balances at retirement they may also have significant HECS debts. This was generally not an issue for previous generations.

As you approach retirement years’ salary sacrifice, a transition to retirement strategy or property investment   through a self-managed super fund (SMSF) could help you build your superannuation balance.

There is no ‘one size fits all’ plan for wealth creation which is why we recommend you give the MJ Broking team a call to organise a time to sit down and chat about what is best for your individual circumstance

Insurance

It is important to understand the various forms of property and personal insurances to protect both you and your home against unforeseen distressing circumstances.

The unexpected expense of repairing the structure of your property or replacing your valuable contents can be a costly exercise.

Make sure that everything important is covered and that you read and understand all policies

Mortgage protection and lender’s mortgage insurance (LMI) are for two different situations. Lender’s mortgage insurance is usually required where your deposit is less than 20% of the purchase price of your property and protects the lender in the event that you default on your repayments.

Mortgage protection however is insurance that supports you in case you become involuntarily unemployed or are unable to work due to illness or disability. Your mortgage is likely to be the biggest financial decision you will make in your life.

It makes sense to ensure that you can continue to meet your commitment in the case of unforeseen events.

Life insurance provides a lump sum payment to your beneficiaries in the event of your death. If you are the main income earner in the family, this insurance will help your family manage their future (eg paying out mortgages, schooling and other family expenses) without your ongoing earning capacity.

TPD – total and permanent disability

You can choose to cover yourself for either total or permanent disability or death options, providing you can no longer work or in the event that you die due to illness or accident. When combined with life insurance, this can provide security for you and your family for the rest of your life.

Income protection

Income protection insurance pays you a predetermined percentage of your monthly income should you be unable to work due to illness or injury.

Building Insurance covers the structure of the building to cover risks such as fire etc Building insurance should provide you with adequate cover in the event you need to repair or replace your investment property (ie home, garage, shed).  The responsibility to insure the property passes to the buyer on exchange of contracts.

This insurance covers the contents of your home in the event they are destroyed, damaged or stolen

Landlord Insurance

Landlord insurance is a policy to cover an investment property owner from financial losses. Common features of a landlord insurance policy include malicious or intentional damage to the property by the tenant or their guests, theft by the tenant or their guests, loss of rent if the tenant defaults on their payments, liability including a claim against you by the tenant, and legal expenses incurred in taking action against a tenant

FAQ

Frequently Asked Questions

Q : How to Switch Banks?

A: If you’re going to write checks or use online bill pay, start writing checks from the new account and fund those payments by transferring money from your old account.

Q : Why should I spend money on a financial advisor?

A: Most commonly, individuals seek the help of a financial advisor for retirement planning. But they can do much more than that. You can get help with college savings, work on household finances and even get out of debt with the help of a financial advisor.

Q : Can I get help with
 my credit card debts from a financial advisor?

A: Absolutely. Clients can work with a licensed financial advisor to pay off their debts and get back on track financially. Financial advisors have access to programs most individuals can’t get into on their own, and they have connections in the financial industry most of us simply don’t have.

Q : I am already in
 debt. How can I afford a financial advisor?

A: The help of a financial advisor may be less expensive than you might think. Depending on the help you are looking for, you could be looking at a fee only situation or commission based pricing.

Possible Risks

Market risk, or “principal risk” is the chance that a downturn (or a bad investment) chews up your money. It’s there for both stocks and bonds — when interest rates rise, bondholders will see the market value of their paper shrink — and for most people it’s the big bugaboo.

Inflation or purchasing-power risk for most people is the “risk of avoiding risk” — the opposite end of the spectrum from market risk — the possibility that you are too conservative and your money can’t grow fast enough to keep pace with inflation

We Will help you to understand:

  • Retirement Financial Planning with Wealth Creation
  • Wealth Creation
  • Asset Protection
  • Investing for Retirement with Self Managed
  • Superannuation Fund (SMSFs)
  • And more other instruments

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