Financial planning – just for the oldies right? Not so much! If you’re generation Y, just finishing university, finished your apprenticeship or starting out in the working world, there are a few financial planning issues you need sorting.
Firstly it’s wise to be in KiwiSaver, as soon as you join the workforce. This is one of the four pillars of financial success. You need to understand the first home subsidy rules and how KiwiSaver works. You’ll be targeted by the bank teller who is trying to meet his/her daily KPIs of selling a certain number of KiwiSaver plans, but it pays to get valuable, qualified advice. You really need to understand what you should invest, and why you should invest in the right fund – and your local bank teller is not qualified to give such advice.
You need to make your first Will and get an understanding around the relationship property rules. A good lawyer will help educate you on the basics. (As part of our role, we team you up with the right people, to support you on your financial journey.)
Lastly you need to get your insurance in order. If you’re off travelling or working outside of New Zealand, getting insurance set up is vital. The sad fact is, if you work globally and something goes wrong, financially you can be clobbered. The good news is this isn’t a costly exercise.
Quality, objective financial planning advice pays dividends. It’s also empowering you to take control of your own life – getting the basics tidied up to bring you peace of mind – freeing you up to go and live your life, however that looks for you. An initial chat is always free of charge, so it’s well worth a call to us at WealthDesign, to tee something up.