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Gayle's Life Plan
As a hairdresser, Gayle is both a regular employee for a salon as well as an independent stylist (with her own ABN) for special events. In her early 40s, she recently settled her divorce and is due to receive a sizable lump sum payment for divided assets. While buying a home is a priority, Gayle wants to pay off her credit cards and buy a new car. She knows a financial ‘health-check’ will help her see what her best options will be. Apart from her income, she receives regular support for her two young children from a savings account set up by their grandparents. Gayle knows that it’s time for help from a Financial Adviser to see her through times ahead.
With the entirety of her assets coming to her in one fell swoop, Gayle’s timing is critical. A financial adviser will examine her current budget of income vs expenditure. The first order of business will be to check any unnecessary spending and eliminate those unsecured debts (credit cards) to start with a clean slate. As an Investment, Gayle may be right to buy a home, but the crucial issues are to find the right loan and the right amount; eg. ongoing repayments compared to deposit. Her Super will need scrutiny to select the best fund for regular employer contributions as well as from her own business (taking into account any super she receives from her former spouse via the settlement). By combining her Insurance cover through her Super arrangements, Gayle could help keep her expenses down. Her adviser will be well placed to assist her with this. Now more than ever, Gayle will have to protect her income and family with adequate Insurance. A financial adviser will also help her with Estate Planning in light of her single parenting and how this could be affected by re-marriage and ensure she is on track to meet her retirement goals.
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