[Insights with Amanda] You have found yourself playing the role of the responsible adult after the birth of your first child, so here are my four tips on what you need to put in place to give you more certainty over your future.
TIP 1 – Savings for yourself and for your child. I think it is important to start saving early for your child even if it is just $10 a month from birth. It all just starts to add up and will take the pressure off you later if you have this money there for them to help with school fees, first car or university.
TIP 2 – Insurance – what if something happened to you and you couldn’t work. What life do I want my children to have? Would they need a full time carer? how much will it cost for their education? would I like to leave them some money? Insurance can be a great way to provide money when it needed most, particularly for life’s unexpected events! A good place to start is reviewing your families insurance needs for eg – Life insurance, total and permanent disability insurance, trauma insurance (for you and your child) and income protection.
TIP 3 – Superannuation is one that is often forgotten but I think it is always worthwhile ‘pulse checking’ what you have in super and who are the beneficiaries? Are there any insurances that are best setup inside super or existing in there?
TIP 4 – Wills and Estate planning, you would think is an obvious one but so many of my clients forget about this one. It is so important to have your wishes documented especially around the money provided for your child and even down to who you want (or don’t want) to take care of them!
There is quite a bit to do, so don’t feel overwhelmed give me a call so we can start the process of what you need to do, so your new family are all taken care of.
I am here to help, just give me a call on 02 9542 6577 or email firstname.lastname@example.org
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