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Build a Financially Secure Future

When you have time on your side, it’s not how much you earn, but how much can you really save.


Saving and accumulating financial resources for the future is one of many goals that people juggle during their working years. An essential first step that many may overlook, however, is protecting what you already have now, as fully as possible. Without adequate protection, your financial future is left exposed to the risk of unexpected events. Here are some key do’s and don’ts for both protecting and investing your money, to simplify your path to creating a financially sound foundation for the future.


1. Start with your employee benefits at work

If your job offers you benefits, your financial planning should begin at work. Not only has your company already done the legwork by researching and finding quality plans, but these plans are likely to cost you significantly less than what you might pay if you enrolled outside of work. These benefits can include health-related insurance as well as insurance to protect your finances, such as life insurance or disability income insurance.

2. Review your current life insurance coverage

The framework of a sound financial plan begins with protecting yourself and your loved ones, and making sure they’re sufficiently covered. Do you have any life insurance through your employer? Have you purchased any additional life insurance beyond what your job offers?

If you own term life insurance, it will protect your loved ones for a limited time period. Whole life insurance, a robust type of permanent life insurance, can provide guaranteed coverage for life with the potential to accumulate cash value, which is money you can use during your lifetime*. Besides helping you build a significant cash asset that’s not dependent on the rise or fall of the stock market, whole life insurance is also an efficient way to build a lasting asset and eventually leave a legacy to your loved ones.

3. Safeguard your income with disability income insurance

Your income is your most valuable asset. If you weren’t able to work because of an illness or accident, it could be difficult to support yourself and any loved ones who depend on your income. Before you examine how best to invest the money you earn, make sure you protect it. With disability income insurance, which may be available through your employer, an illness or injury doesn’t have to mean financial catastrophe.

4. Don’t leave coverage gaps

After you’ve calculated exactly how much life insurance and disability coverage you already have, determine if they are sufficient to provide for yourself and your loved ones. Everyone’s needs are different – for example, if you have financial dependents and you’re in your 40s, you may need 15 times your annual salary. If you’re in your 20s, you may need 30 times your annual salary. If you don’t have substantial savings, life insurance and disability income insurance become even more important. Standard disability income insurance offered through your work typically covers up to 60% of your salary before taxes. If you identify that this isn’t enough, you can apply for a separate individual disability income policy, either through a financial representative or possibly at work.


1. Save more to accumulate wealth

To help you find more disposable income for saving, consider creating a budget – if you don’t already have one – and see where you can reduce your monthly spending. For example, if housing costs are consuming too much of your income, could you manage to live in a less expensive home or apartment, or pay off your mortgage?

2. Open a brokerage account

It doesn’t take much money to start investing. A brokerage account is an easy way to keep track of your money and take control of your financial life. It can combine multiple investments into a single account that houses all of your investment assets in one place. You’ll have a comprehensive view of all your investments through a single monthly statement.

3. Don’t put all your eggs in one basket

Owning a wide variety of investments helps minimize the risk that any one individual investment can have on your overall portfolio. One of the most cost-effective ways to broadly invest in the market is through mutual funds. A mutual fund is a package of individual stocks, bonds, short-term investments, or other investment products that are managed by a professional fund manager.

5. Review your finances annually

Take a close look at your insurance coverage – through work and independently – and your portfolio at least once a year and as your life changes. That way, you can be sure that your asset allocation, or mix of investments, is still appropriate to meet your long-term needs for building wealth. Even if your goals have remained the same, you may need to rebalance your portfolio if changes in the market have shifted the percentages of your portfolio that are allocated to stocks, bonds, and other investments.


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* Terms and conditions apply

The information presented is general in nature and does not take into account your personal goals and objectives. This information does not represent financial product advice. You should always seek independent legal and financial advice before making a decision in relation to a financial product. Read the Product Disclosure Statement (PDS) before making a decision.

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