Get Financially Fit in 2025
Written and accurate as at: Feb 12, 2025 Current Stats & Facts
Many say that without physical fitness nothing else follows, there is a growing realisation that without FINANCIAL fitness nothing else follows. Without confidence in how you are managing your money or how your financial future looks, how can you plan out other aspects of your life? Financial fitness means different things to different people but there are some fundamental goals everyone should aspire to.
Wage earners with no kids should ensure they at least have a Will, Power of Attorney, Income Protection insurance and double check their existing super is good value and has the right investment and insurance options. If you have a home loan you should review it every few years to ensure your interest rate and fees are still competitive. Your bank won’t tell you if you’re paying too much interest. Also review the strategies you’re using for fast tracking repayment (like offset and redraw accounts) are the best methods available.
If you’re within 10 - 15 years of retirement, the kids are probably growing up and the home loan getting lower. Here’s when you should also be taking more interest in your super and retirement planning and getting help to form a clearer picture of what sort of retirement you’re on track for. There are some small things you’ll be able to do that will have a big impact on your retirement.
If you’re already retired, you need to keep abreast of Centrelink rules and ensure you’re getting everything you’re entitled to. You should be confident in how long your super pension will last and have a plan in place to protect you against the inevitable, next big crash in investment markets. You should understand what’s coming with Retirement Homes, Aged Care and Estate Planning.
Self-employed people need to consider the above plus ensure their business is financial fit. Will the sale of your business fund your retirement or do you need to be doing something else? Do you need some independent support and accountability to establish important things in your business? These may include a practical Business Plan, Marketing Plan and a strategy around selling when the time comes. We all get to busy working IN our business and overlook making time to working ON our business.
2025 promises to be another whirlwind, make the time to ensure that you’re on the right track financially.
If you think you could benefit from a discussion with a Financial Planner, give us a call on 1300857359 or visit www.eclipsefp.com.au There’s no obligation, the first meeting is free and all fees are spelled out clearly in advance.
