Case Study: Now is always a good time to get started on the journey of achieving financial success and living your ideal life

Background:

This couple are in their late 30’s with a household income of $300K/annum. They consider themselves as late starters. They had Net assets of $219,482 when we met with some savings and their super balances making up their total net position.

Goals:

  • Get married and go on their honeymoon
  • Purchase their first property
  • Save for annual travel goals – $10K/annum
  • Build an investment portfolio that will allow them to retire early
  • Start a family
  • Put a plan in place to purchase a forever home

Strategy:

  • Implement a structured cash flow plan with surplus allocated towards goals list
  • Use bulk of savings to pay for wedding and maintain a cash buffer of $20K
  • Use family guarantee to purchase first property
    • With a plan in place to have this guarantee removed within 3 years
  • Commence a personal share portfolio to help with investment portfolio goal
    • Contributing $500 per month into the account which will be topped up each quarter once quarterly commissions are paid
  • Create a holiday savings account and start allocating funds monthly for annual travel goals
  • Start a baby savings account and start allocating funds monthly for baby savings targets we set

Advice Outcomes:

Our Clients net assets have increased by $252,536 in the 16 months we have been working together.

Property growth has made up most of this gain and this is not something that we are responsible for. But, over this period of time the client’s savings have increased by 80%, they have built up an investment account worth over $20,000 and have saved over 50% of the baby savings target we set when we met up.

The client’s strategy and the short-term focus of the plan have changed a few times over the past 16 months as goals have been achieved and things have popped up (which they always do).

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.

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email