Growing your wealth

The situation

Mark, 37 and Stacey, 36 had been busy growing their family and juggling work when they realised that they hadn’t allocated any time to growing their wealth yet. They knew there was more they should be doing but didn’t know where to start.

How we helped

• We conducted a budgeting/cashflow analysis to determine their monthly surplus.

• Mark and Stacey had enough money saved in the bank for a deposit on an investment property as well as establishing an investment account.

• We helped them set up an investment account with regular monthly contributions.

• We got them pre-approval to bid at auction up to $1.1 million.

• Understanding that they are time-poor, we referred them to a property buyers advocate to find a suitable investment property for them.

• We set up investment savings accounts for their kids.

• We assessed their insurance needs to determine how much cover they needed. They already had some cover which we increased to accommodate the extra debt they anticipated taking on.

• We were able to refinance their current home loan, directing the savings back into the loan (and shortening their loan term by 7 years).

The results

Mark and Stacey were the winning bidders at auction for a duplex in a good location with strong cashflows. They are happy that everything is tracking towards a comfortable retirement.