Jeff is 27 and decided to seek out financial advice as he and his fiancé just welcomed a new baby into the world. As the sole income earner for his young family he felt pressure to ensure they would be taken care of if something happened to him, so that they would not have to suffer financially.
He had recently seen one of his friends in severe financial difficulty and not able to generate an income due to incurring an injury outside of work, playing football, thus there was no work cover available. This meant his friend was unable to work for 6 months, had used up all his savings and was now relying on his credit cards to get by.
How was Jeff going to pay the bills, enjoy life with his family and make sure he had money left over for their future if this happened to him?
This motivated Jeff to contact me and despite many young people, and people in general not seeking financial advice, Jeff did his research and made some calls, and realised it actually wasn’t that expensive to seek financial advice from the qualified financial advisors.
Plus he also wanted to find out about insurance that covered him if he was unable to work, and heard that the younger you are the cheaper it is to get income insurance.
When we met for our first consultation he even commented that he thought he was going to meet someone in a suit that would try to sell him into investments that did not fit his individual needs.
Can you imagine his surprise when he found out that I had purchased my first investment property at only 23? After I shared my personal story, any reservations he had quickly dissipated and I focused on listening to him and what he wanted to achieve financially for himself and his family.
In order to explain how I advised and helped Jeff to establish a solid financial foundation, let me share my story with you of how I became a financial advisor.
- I had always dreamed of becoming a lawyer during high school, whilst also being the kind of teenager that was eager to earn my own money and be independent. In order to do this I secured my first job at age 15 as a retail assistant and on completion of Year 12 rather than go to straight to University to study Law, I took a gap year.
- That year turned out to be life changing as I applied for a new job at a financial services firm as an administration assistant. Little did I know at this stage that I was not destined to become a lawyer, as I absolutely fell in love with being able to help people just in a different way, financially.
- At this age, I was enjoying life and working full time plus saving a portion of my income as I was soaking up all the information that my company provided their clients. My 21st birthday was a huge turning point as I decided that I wanted to earn more money rather than spend money on big purchases like a fancy car, or lots of activities that were fun, but left you with no money at the end of the week.
- Quite the opposite to what most other 21 year old’s were doing, I took a second job which enabled me to save more money and establish good financial habits.
- Thanks to my hard work and savings I acquired my own house at a very young age, 23. Did I sit back and start to spend on those luxury items? No. Instead I saw this as a challenge and pushed myself to achieve more financially than what most people do as I wanted to realize the dream of financial stability.
My name is Rachael Glover and I have been in the Financial Services industry for 11 years. I help my clients by empowering them to use their money better, to explore their goals and values, and understand what to stop doing, what to keep doing, and what to start doing, to achieve their goals now and in the future, and create their ideal lifestyle.
Specializing in insurance and superannuation I am the sole Director and Financial Planner of True Diamonds Financial (www.truediamondsfinancial.com.au) and commenced this role in early 2017. I have a Diploma and an Advanced Diploma in Financial Services (Financial Planning) and am soon to commence a Graduate Diploma of Financial Planning.
Based on the Gold Coast I look after clients all over Australia.
So How Exactly Did I Help Jeff You Are Wondering?
Jeff was earning a very good income but was not sure what to do with his money to ensure financial stability and security for his young family.
Despite, coming to me with income insurance as his main concern and being out of work with no income, he opened up more about not only his fears, but his goals, his aspirations and whether he thought they were achievable or not.
There were a number of cost effective strategies that I put in place for him.
- Firstly, I assessed his current work superfund and in doing so found that the ATO (Australian Tax Office) was holding $6,000 of super for him.
- Then I changed his superfund to one with lower fees and better investment options for his future plans and what he wanted to invest in after explaining what risk versus returns means.
- Addressing his main concern of income protection insurance, I made sure he was covered, and he now also has life insurance and Total & Permanent Disability (TPD) cover so if he dies or can never go back to work again he has enough money to purchase a family home, so his future wife and child are taken care of. His wife would also not have to go back to work immediately and there is money for medical expenses.
- Plus I put together a savings plan for him to save for a deposit on a house and with the peace of mind knowing that he has full insurance coverage so that if anything happens his family will be looked after.
His fiancé is also very happy knowing that he has the right savings plan in place for their wedding and future.
To find out more about how I can help you LIKE my FB Page (www.facebook.com/truediamondsfinancial) for updates on how you can secure your family’s financial future too
*I am an AFP® member of the Financial Planning Association of Australia (FPA) with a commitment to the FPA’s Code of Ethics and Rules of Professional Conduct. The FPA is the professional body for financial planning in Australia, representing 11,000 members and more than 8,000 are practicing financial planners – accomplished professionals who sign up to high standards and put your interests first. The FPA is your trust mark when seeking a financial planner. To be a member of the FPA, financial planners must have more experience, commit to ongoing education, as well as high professional and ethical obligations.