September 16, 2015 Paula Benson

Myth #1: Financial Planning is only for ‘Rich’ people

I was recently speaking with long-time friends of mine who are about to have their first child – their Mortgage Broker suggested they consider some Personal Insurances now that it’s not all about them, with the pending birth of their daughter and a Mortgage hanging over their heads – great advice I might add, and he handed them the business card of a Financial Planner he deals with – ‘hang on,’ they said, ‘our close friend is a Financial Planner!’ When we first spoke, they confessed, ‘we thought you only dealt with people with tonnes of money.’ ‘We didn’t know you helped with Income Protection and Life Insurances.’

There are two very valuable lessons here:

1)- Let me be clear that Financial Planning is for everyone; whether you’re single and mortgage free, becoming new parents or buying your first home, planning your wedding (a topical subject at the moment for same sex couples with the Government considering sending Same-Sex Marriage to a referendum after the next election, the CEO of an ASX200 company, or starting to ponder what retirement might look like for you. You might just find it’s not as expensive as you thought, and Income Solutions 4 Step Process (go to: www.incomesolutions.com.au & scroll to Our Process) allows you to check out how we can help you before making any commitment to pay anything whatsoever.

2)- If you’re in an occupation that involves services that are beneficial to your family and friends, don’t assume they know everything you do. The example above drove home this point to me starkly – what if my friends had continued on uninsured and the unthinkable had happened? How would I feel about the situation and the difference I could have made? This is often an uncomfortable conversation, as you don’t want to come across as ‘pushy’ or ‘salesy.’ Thankfully, in today’s environment, a subtle hyperlink like this on a Blog or Social Media post can be a good way to break the ice.

Steven Nickelson, Financial Planner

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