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Growing indebtedness and demands
This stage sees greater career demands, a first home mortgage, partnerships and marriage, as well as dependents and young children. You may be reduced to one income and thinking about education savings. You’ll also seek protection from perils through insurance and via Wills and powers of attorney.
Strategy
Budgeting and debt management are crucial. Reducing non-deductible debt like a home mortgage is important. A mortgage offset account can be helpful. Consider salary sacrifice to superannuation, longer term education savings via regular managed funds and income splitting of investment income. Legal advice regarding a Will should be sought. Protect your biggest asset - the ability to earn income - by a suitable insurance policy. Quite often adequate life insurance cover can be achieved through superannuation, but once again seek advice.
Do you need further advice?
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Your checklist
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