New to the Workforce
Are you just getting started in a new career? Now is the perfect time to lay the groundwork for a healthy financial future.
Establish a budget
Now that you have your own income, you'll need to decide how to budget it. Ask yourself:
What can I afford to pay each month for living expenses, including rent, food and entertainment?
What types of payments do I need to make on debts such as student loans?
What other types of new expenses do or will I have? Do I need to buy clothes for my new career? A car to commute? Furniture for a new apartment?
Insure yourself
Be sure to include appropriate car, health and general insurance in your new budget. Even if you are careful and your home and body are in good shape, the unexpected sometimes happen which can destroy your financial plan and even worse leave you with a considerable debt.
If others depend on your income, consider personal insurance. It will help to replace your income and/or pay expenses should you die unexpectedly. This can be tailored through many of the employer superannuation funds.
Create a cushion
Now is a good time to build an emergency fund-with enough money to meet your basic needs in the event of job loss, medical crisis, major car or home repair or other unexpected expense.
If your situation is typical, you may want to set aside enough money to cover at least three months of living expenses-including housing, food, insurance, car payments and other essentials-should you temporarily be without income.
Your emergency fund doesn't have to be in cash-you may have it in low-risk, liquid investments, such as an online savings account or a cash management trust.
Invest for retirement
Retirement may seem far away, but it's one of the most important goals for which to plan. After all, one of the prime reasons you work is so that eventually you move from "Man At Work -> Money at Work" so that you eventually have the choice regarding work?
You can start with a small savings towards retirement and with extra incentives through government contributions it will grow steadily. In fact, with the magical power of compounding the earlier you start, the less required from you in the long run-which leaves you with extra funds to invest or use in other ways.
Build your portfolio
Once you have your basic needs covered-including insurance and emergency funds-you can start building an investment portfolio. Investing can help you meet a variety of goals, both short-term and long-term. Be sure to:
Start early. Too many people think you have to be wealthy before you can invest. This view ignores the importance of compounding. You can start investing with just a small amount-and with a sound strategy, that small amount will grow over time.
Write down your goals. How do you see yourself living over the next several years? Do you want to take a big vacation? Buy a house? Go back to school? Have children? Then think about the distant future. Do you want to own your own business? When do you hope to retire? Write down your both your personal and financial goals as this provides a focus on the things you want to achieve and increases your chances of success significantly.
Learn the basics. If you're like most people, you may be confused about when, why and how to start investing. Learn the basics about investments and investing strategies by seeking advice.
Ask for help. Don't be afraid to sit down with a financial planner to get help with goal setting and investment planning. Financial planners are trained to help you establish financial goals and find the right balance of investments to achieve them.
To plan a course of action which will ultimately lead to a better life style in my retirement
To work on my business strategy, manage my business for greater profitability and help with my ongoing taxation compliance obligations
When I need help to negotiate the maze of options available to me and to make sure I am fully informed before making any decisions.
 | Financial Planner Dip FP, CFP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious National "Securitor Adviser of the Year" Award for 2008. |
 | Financial Planner Dip FP, CFP, Grad Dip Mgt Licensed Dealer in Securities & Registered Life Insurance Broker. |
 | Accountant BA(ACC) CA FTIA AICD Member of the Institute of Chartered Accountants and Justice of the Peace for SA |
 | Financial Planner Dip FP Licensed Dealer in Securities & Registered Life Insurance Broker. Winner of the prestigious 2009 Securitor "Rising Star of the Year Award" |
 | Mortgage Specialist Cert IV Mortgage & Finance Services, AMC. Winner of the prestigious SA/NT Rookie of the Year Award 2008/09 |