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Starting Out

If you are aged 18 to 30...

In the early part of your financial journey, you are just starting to find your feet in the workforce. The financial matters you may face include managing your fortnightly or monthly income, reducing potential credit card debt and trying to save for a holiday or a first home. The decisions you make now could pave the way for a safe and prosperous financial future.

As part of your overall financial plan, now is the perfect time to begin managing your Super, taking control, and getting it into shape. The key facts you need to know about your Super are:

  • Where is it? (All in one place or everywhere? Do you need to consolidate your Super? Are you paying multiple account fees?)

  • What is your investment strategy? (How do you know what is the right investment strategy for you?)

  • What is the dollar value of your 9% employer contribution?

  • Can you make a difference with regular savings, salary sacrifice or personal contributions? (Are you eligible for government co-contributions?)

It is also important at this stage to protect your biggest asset - your income. What would happen to your lifestyle and future goals if you were unable to earn an income due to injury or illness?

Having the right protection in place will ensure that you are able to pay for your day-to-day living expenses without having to rely on the low levels of government assistance or being a financial burden on your family.

Many people wait until they are older or have more debt and obligations before seeking Life Insurance cover such as Term Life, Total & Permanent Disability, Trauma and Income Protection, but applying for cover whilst you are young and healthy can be the best decision you can make. Often, waiting until you are older to apply may mean that you will be unable to obtain adequate cover if in the future you have suffered from a significant illness or injury.

The key facts you need to know about Life Insurance are:

  • What type of cover do you need?

  • How much cover is the right amount?

  • What product features should you be selecting? (e.g. Stepped or Level premiums?)

  • How do you ensure that you will always have the right amount of cover?

If freeing up cash to pay for insurance premiums seems like a struggle for you at this stage, you may be able to take out Term Life, Total & Permanent Disability and Income Protection cover through your Super account, allowing you to maintain your current cashflow whilst having the right protection in place.

With thousands of products on the market, all with different features, its difficult to know where to start. Your PlanSmart Adviser will look after all the hard work and help you understand and manage your Super, Insurance and Investment needs every step of the way.

Contact us and get your financial journey off to a great start!


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PlanSmart Pty Ltd (ABN 15 142 298 208) Authorised Representative (No. 345551) of
Synchronised Business Services Pty Ltd T/as Synchron ABN 33 007 207 650
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Disclaimer: The information contained within the website is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material, PlanSmart Pty Ltd will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should seek advice or satisfy themselves independently of the appropriateness of such action.