Perth Financial Planner – Paul Blake
Contact Details
Paul Blake BCom (Economics & Financial Planning)
Financial Adviser
Glow Wealth
Illuminate your future
08 6184 6700
0409 985 719
Need quality advice and guidance on financial matters around
- Superannuation
- Insurance
- Investments
Contact Perth Financial Planner Paul Blake
Superannuation and Pensions are largely misunderstood and therefore largely underutilised by people.
Superannuation is intended to produce a retirement income for us when we reach preservation age. For most people this seems an eternity away and as such, we seem to neglect our Superannuation with the attitude ?I will worry about that later, and closer to the time I can access the funds with it?.
This can prove a fatal error, a lack of planning for retirement could mean you potentially miss years of increased returns and the compounding nature of these returns that come with it! Putting the right foundations in place early will ensure you live the life you want in retirement.
Superannuation can also be a tax effective way of building wealth over a long period of time. There are many different contribution types and using the right one can help you build your balance even quicker.
As you near retirement, GLOW can put strategies in place to reduce your tax whilst increasing your superannuation balance. We can even do this without reducing your disposable income!
Investments
It is through diversification we hold the ability to capture more than a single asset investment, such as property investment. Ordinary money portfolios may complement an existing property portfolio or serve as an alternative.
Depending on your age, appetite to risk, investment timeframe and investment objectives, GLOW will help tailor a portfolio to suit your needs.ย Your objectives may be:
- Grow enough wealth to repay a mortgage faster and in full.
- Save for kids future education costs, and/or provide them with a head start in life once they have a milestone birthday.
- Invest tax-effectively so that you not only build wealth, but creating tax deductions either along the way, or upon making withdrawals.
- Invest in something other than super after maximising contribution caps.
- Invest funds that you don?t necessarily want to ?lock-up? long-term.
Life Insurance
Life insurance is fairly self explanatory. It will pay a lump sum upon the death of the life insured. We like to think of life insurance as ?fulfilling a promise? to our loved ones. Obviously we fully intend to live long, healthy lives, and provide wealth and security for our families.
If someone passes away prematurely, their life insurance policy fulfills this wealth and security for those that are left behind. Also remember, that when a person passes away, so too does their income. This makes having additional cover on the main (or sole) income earner even more imperative.
Total & Permanent Disability (TPD) cover
If someone suffers an injury or illness that renders them unable to work ever again, there is a large financial consequence. Also, depending on the injury or illness, there may be significant additional costs for medication, rehabilitation and ongoing treatment. Fortunately a TPD claim is the least likely area of claim, however it is still very important.
For example, if the main (or sole) income earner in a family suffered a TPD event, who would pay off the mortgage and other loans? How would you provision for all the additional medical costs? Could you still afford to send the kids to the private school that you have always wanted to send them to? TPD is also paid out as a lump sum.
Income Protection
Income protection, as its name suggests, protects a person?s income and pays out when the insured cannot work due to illness or injury.
Depending on individual circumstances, there are options around waiting periods (ie how long to wait before funds are paid) and benefit periods (ie the total period of time in which a claim will be paid. Income protection can pay short, medium, long-term and indefinite periods where people are unable to work. That is, it can be a temporary type of claim, or if someone finds themself TPD, they would receive funds equal to their benefit period.
There is also another form of income protection that can be used by certain businesses. This protects and pays a businesses ongoing costs (to keep it running) whilst the insured can?t work in it themselves due to illness or injury.
55 Lindsay Street
Perth WA 6000
