Income Plan - Making it:
Assessment: Conduct a comprehensive analysis of current income sources for strategic diversification.
Goal Setting: Define clear financial objectives tied to income, emphasising growth and stability.
Budgeting: Develop a meticulous budget to optimise spending and savings for long-term financial success.
Career Development: Explore lucrative career opportunities to boost income streams.
Tax Planning: Implement tax-saving strategies for enhanced financial resilience.
Debt Plan - Destroy & Leverage It
Debt Inventory: Compile a detailed list of debts, focusing on reduction and strategic utilisation.
Debt Reduction Strategy: Create a plan to systematically reduce high-interest debts for financial health.Leverage Opportunities: Identify strategic debt use for wealth-building, such as in property, stocks and bonds.
Credit Management: Implement practices to maintain a healthy credit score for optimal financial leverage.
Emergency Fund: Establish a fund for unexpected expenses without relying on additional debt.
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Investment Plan - Growing It
Risk Tolerance Assessment: Determine risk preferences for a personalised investment strategy.
Diversification Strategy: Develop a balanced portfolio for risk mitigation and sustained growth.
Regular Review: Implement scheduled reviews to adjust the investment portfolio for optimal performance.
Goal-Oriented Investing: Align investments with specific financial goals and timelines.
Education: Stay informed about market trends and investment strategies.
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Risk Plan - Protecting It
Insurance Analysis: Evaluate coverage and identify gaps for a comprehensive risk management plan.
Emergency Fund: Establish a fund to cover immediate financial needs during unforeseen events.
Health and Long-Term Care Planning: Address potential health-related financial risks
Comprehensive Insurance: Review and implement the right insurances to protect you and your family from the unforeseen events.
Regular Updates: Ensure the risk plan is regularly updated to reflect changes for ongoing protection.
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Retirement Plan - Enjoying It
Retirement Income Needs: Estimate future expenses for a comfortable and fulfilling retirement.
Savings Strategy: Implement a plan to accumulate sufficient retirement funds
Social Security Optimisation: Maximise Social Security benefits for enhanced retirement income.
Investment Adjustments: Shift investment strategies for income generation and preservation.
Legacy Planning: Address asset management and distribution during retirement and beyond.
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Estate Plan - Preserving It
Will and Trust Creation: Establish legally sound documents for efficient asset distribution.
Tax Planning: Minimise estate taxes through strategic planning.
Beneficiary Designations: Review and update designations for seamless asset transfer.
Power of Attorney and Healthcare Directives: Ensure comprehensive plans for financial and healthcare decisions.
Regular Review: Periodically update the estate plan to align with changing circumstances.
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Contact Us
admin@farsightadvisory.com.au
1300 019 534
0483 900 596
Regatta 1, 2 Innovation Parkway, Birtinya QLD 4575