Case Study: Existing Client Review Meeting

When you team up with us, we don’t just create you a plan. We provide ongoing coaching to keep you accountable and on track to achieve financial success. To help you understand what to expect, we share below the details of a client review meeting Ryan recently completed with a client.

Had a 6 monthly review meeting with a client where we were looking to review her finances, strategy and goals post her wedding as this goal had a significant savings strategy attached to it, so we could build up funds to cover the amount she needed to pay for her share of the wedding. The client is 50 this year, is a school Principal and has an income of $167,000/annum.

During the meeting, we discovered that she had not needed to use as much of her savings as expected to pay for her share of the wedding costs. As well as that she had approx. $1,000/month surplus within her budget following a pay increase & a reduction in the interest rate she was paying on her mortgage.

On top of this, the money she had previously been saving for her wedding could now be allocated towards another goal – which we discussed would be her annual travel goal of saving approx. $5,000/annum for travel.

With the findings during our review meeting we were able to make the following changes to her strategy

  • Increase her extra mortgage repayments by $500/month
  • Increase her fortnightly salary sacrifice into super from $300/fortnight to $500/fortnight
  • Allocate $417/month towards her annual travel goal (which came from the money she had previously been saving for her wedding)

Outcomes of proposed strategy

  • With proposed mortgage strategy in place client will pay off her mortgage of $924K in 19 years (total repayment amount of $1,197,957) not 21 years & 9 months (total repayment amount of $1,240,888) – this strategy will save client $42,931 in interest
  • Super strategy improvement
    • Super balance at age 65 with $300/fortnight salary sacrifice contributions – $1,668,734
    • Super balance at age 65 with $500/fortnight salary sacrifice contributions – $1,796,886
    • Net super balance increase at age 65 of $128,152
  • Combined financial benefit to client’s situation following strategy updates $171,083
    • This significant financial improvement comes after a review and determining the best use of $1,000/month towards her goals and financial strategy. This was an awesome result for our client and highlights how small changes can deliver big improvements to your financial situation over time.

Ryan Porter is a Wealth Coach at Catalyst Wealth Group. His mission is to help his clients achieve financial success and live their ideal life.

Any advice or information in this publication is of a general nature only and has not taken into account your personal circumstances, needs or objectives. Because of that, before acting on the advice, you should consider its appropriateness to you, having regard to your objectives, financial situation or needs.