How financial planning can help you

24 January 2021

Mulcahy & Co Financial Planning Director Thayne Turley says one of the keys of financial planning is preparing for the worst, such as a year like 2020.

Thayne Turley | M Group Financial Planning

The year provided plenty of challenges, but despite this, Thayne says the US Share Market is up by 20%, the Chinese Share Market is up by 15% and the Australian Share Market is neutral.

He believes 2021 could also be a prosperous year for investing, with low interest rates and a lot of government stimulus.

Thayne says that a recent survey indicated that approximately 85% of Australians would like to seek financial advice but some believe it’s only for the wealthy or those that are retired. Financial planning incorporates so much more though.

"Reviewing budgets to ensure you have the money to invest in the first place. To potentially send your kids to a private school or to understand what you need to save or contribute to superannuation so that you can eventually retire comfortably," he said.

The Financial Planning team at Mulcahy & Co can also help reduce your tax, analyse interest rates and borrowing capacity, with your superannuation, making sure you have a will, estate plans, aged care, age pension and personal insurance cover.

As mentioned off the top, it’s important to prepare for the worst. Thayne says personal insurance cover can help ensure that if the worst was to happen, you have a strong foundation and can remain financially secure.

If you’re looking to review your finances or just want to catch up for a refresher, contact Thayne and the Financial Planning team at Mulcahy & Co to set up an appointment.