Understanding Your Finances

Understanding Your Finances

In our experience, people don’t plan to fail, they merely fail to plan!

But our experience also shows it’s never too late to conduct a thorough review of your finances and implement an affordable, realistic financial management plan.

Did you know by the age of 65:

  • 1% will be wealthy
  • 8% will be independent
  • 9% will be still working
  • 28% will be dead
  • 54% will be fully dependent on Social Security

If you’d like to be in that top 1% (or even the next 8%) you really should consider the following:

10 Essential Questions To Secure Your Financial Future

Number One

What income would you need to support your ideal retirement lifestyle?

With the ever-increasing cost of living, this may be much more than you anticipate.
Midas can help you assess your current cost of living and how much you’re likely to need for a well-earned retirement.

Number Two

Does the thought of living on mainly Centrelink income in retirement concern you?

Sadly, every increase to the Old Age Pension seems to be eaten up by increases to the cost of living making life pretty tough for those reliant on Centrelink benefits.

With sound financial strategies in place, we can help you minimise the chance of being dependent on Centrelink payments in your retirement.

Number Three

Have you recently reviewed your personal financial strategy and its appropriateness to your current and future needs?

One thing we know for sure – life is always changing; and as it changes, so do our financial needs.

In the words of Einstein “Women marry men hoping they will change. Men marry women hoping they won’t change.” Change is inevitable.

Even if you’ve already catered for a growing family, or illness/disability, we may be able to uncover much better investment options than your current strategy offers.

Number Four

Do you have a current Will?

If you’ve married, separated, had children, or not drawn up a will at all, upon your death your assets might not end up going where you hoped they would.

Talk to us about ensuring your assets are distributed according to your wishes.

Number Five

Do you have surplus family income at the end of the month that could be better placed?

If you’re managing to set a little extra aside each month, well done! We all know every little bit helps.

We’d love to help you find the best way to manage that little bit extra to make sure you’re getting the maximum financial gain from it.


Are you aware of the effect of inflation on your cash or bank savings?

Depending on where you are in life, cash in the bank can either work for you or against you. Inflation may help add to your savings, but it is more likely to erode your the buying power of your savings.We can assess your current situation and advise the best strategies for your cash savings.


Do you understand what capital growth means?

Capital growth assets (such as shares or property) will help minimise the negative impact of inflation on your investments. Based on your individual circumstances, the experienced team at Midas will develop the best strategy to protect your future earnings.


Do you want to establish a savings plan into a Managed Fund but don’t know how to start?

There are plenty of benefits to be had from investing in Managed Funds, but knowing where to start can be daunting.

We’ll talk you through the myriad of options and make suggestions based on your desired outcome.


Should you increase your investment portfolio?

If you’ve already established an investment portfolio and it’s been performing well, you may be considering expanding it for even more gains. Alternatively, you might be thinking about changing your investment strategy. Midas Financial Planning will help you develop the right size and mix for your portfolio to suit your current needs.


Do you have sufficient Life Insurance in place? Or Income Protection, Trauma, Total & Permanent Disability Insurance?

Tragically, accidents and death occur every day. That’s why it’s so important to make sure you and your family can meet your living expenses if your main income is lost for any reason. We’ll assess your current expenses and advise the best level of cover to protect your income… and your loved ones.