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Giving. We can all do our bit

More give, less take

Most of us view the idea of ‘more give, less take’ as something to be considered in our twilight years when we expect to have the financial ability to do so.

Of course, doing more to make a difference is more about intent. If you have a desire to give more, you need to plan your finances so that you can create enough financial security to be able to do so.

It can be challenging to work out how to navigate the ‘after years’. Depending on who you listen to, it can be scary as well as confusing to say the least. Advantage First can help you plan for retirement so you are in a financial position to make a difference to other people’s lives.

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Mujib and Alan

Let’s look at a hypothetical scenario involving 2 different people (let’s call them Mujib and Alan) who are approaching retirement and are keen to give back.

Mujib has worked smart over the past 2 decades and with professional advice, has been able to set himself up nicely as he heads into retirement in 5 years. His home is just about paid off and his investment portfolio is generating a level of passive income that has the potential to replace his primary income when he decides to stop working.

He is in a position to be young enough and healthy enough to be able to support his passions and help friends and family achieve their personal goals – he may not need to give financially but is in a position to be present. Goodwill, good karma, great outcomes.

Alan is Mujib’s contemporary and didn’t start planning for his retirement until he was significantly older than Mujib. His superannuation has performed with the market expectations but he hasn’t really thought about his goals and financial structure until later. While he’d also like to be in a position to help others, Alan finds himself caught up in trying to sort out how he’s going to meet his financial goals – he may need to keep working or realise that his retirement may not be as financially comfortable as he would like.

Key insight

Being financially secure in retirement enables you to be in a position to help others without expecting anything in return. If you desire to be in a financial position where you can make a difference, Advantage First can explore some of the options that are available to you to realise those goals.

Remember that all investment carries with it some form of risk, some more than others. Planning your financial future is important and needs careful consideration. We strongly recommend that you seek professional financial advice as soon as you can to get you on the right path. Financial goals need to be realistic in order to be achievable – a financial adviser can help you identify your financial needs will be in retirement depending on your goals and other factors.


General Advice Warning:
This material has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this material is General Advice and does not take into account any individual investment objectives, financial situation or needs. Before making an investment decision based on this advice you should consider whether it is appropriate to your particular circumstances. Hypothetical scenarios are based on assumptions and are not guarantee of any outcome in the future. Where the General Advice relates to the acquisition or possible acquisition of a financial product, you should obtain a Product Disclosure Statement (“PDS”) relating to the product and consider the PDS before making any decision about whether to acquire the product.

Advantage First Financial Planning Pty Ltd is a Corporate Authorised Representative (No. 1000091) of IPraxis Pty Ltd (ABN 39 114 365 007), which is the owner of Australian Financial Service License No: 329337.

Other Advice Warning:
Before acting on any of the information presented here, please seek professional financial advice.

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