Natallia Smith
(TruWealth Advice)
Most single women find that security and financial independence are essential to their overall happiness and health. Major life changes such as separation and divorce can threaten everything we have tried to build and cause us to fear the loss of life as we know it. We become vulnerable and our financial, emotional and physical wellbeing is affected.
Stepping forward is about making the right choices – for YOU.
Everyone is patterned by their individual upbringing, personal situation, financial state, beliefs, relationships, friendships and societal influences. A significant life upheaval can be overwhelming and often, we don’t know where to turn to find support.
Who’s on your team?
When life becomes daunting, it’s important to build a team of people to help guide you. Remember that it’s OK to reach out to:
o trusted friends and family members
o a psychologist, doctor, medical or alternative therapy healers
o professionals such as a mediator, lawyer – and financial advisor
They will help you figure out what’s important, clarify your goals and work through the steps you need to create the life you want.
It’s crucial to get the right Financial Advice
A change in financial circumstances is always unsettling. Separation can be difficult to navigate both emotionally and financially, and post-divorce financial settlement may make us feel insecure, regardless of the amount of money involved.
Many women worry about whether they have the right knowledge, understanding and experience to make strong, effective financial decisions that will safeguard their future.
Working with a Financial Advisor gives you strength
A good, caring and experienced financial professional will give you a safe space to openly and honestly discuss:
o your dreams and goals
o fears
o past experiences
o financial habits and beliefs
o your future
7 Steps to Financial Clarity
Our finances can be overwhelming. But the advice process is quite simple. Your advisor will get to know you, understand your financial position, and help create the best plan for your future.
Step 1: Client Data
To help you move forward, we need to know who you are, what makes you tick, your passions, beliefs and dreams. We will discuss your financial position and risk profile…but there’s more to you than finances.
Step 2: Income Tax Planning
Here, we look at your current tax liabilities, income needs and savings potential. Then, we explore potential ways to effectively reduce your tax now and after your financial plan is in place.
Step 3: Superannuation and Retirement Planning
Again, this is not just about money. It’s important to know what you want your retirement years to look like. At this point, we create a long-term plan to ensure that your retirement funds are in the best position to support your future needs.
Step 4: Investment Planning
We conduct a complete review of any existing investments and make any necessary portfolio recommendations. If you’re new to investing, we construct a portfolio that will best benefit your future goals, retirement plans and risk profile. This stage involves lots of research at our end, and we will discuss all your options, fees and associated costs to ensure your decisions will be informed and educated. You are in control.
Step 5: Risk Management and Insurance
Unexpected events happen in life – and it’s smart to be prepared for them. We analyse your personal, family and work situation, then recommend the most suitable insurances to protect you and your loved ones from the risk of unforeseen occurrences.
Step 6: Other Strategic Considerations
In creating a financial plan to build and support a healthy, happy future, we need to consider all the financial factors in your life, such as:
o Centrelink
o Debt
o Cash flow
o Budgeting
o Estate planning
Step 7: Modelling Capital and Cash Flow Projections
This is the moment where we check (and double check) our assumptions and recommendations. We explore different scenarios, analyse the results, then create and discuss strategic options which consider your current financial situation and the lifestyle you wish to create.
Seeking financial advice is a positive, and necessary, step for any woman going through separation and divorce. It’s a traumatic time but safety and security, financial independence and feeling in control of your financial future can all be achieved when you have the right people providing the support you deserve.
If you would like to seek financial advice, don’t hesitate! It’s an empowering and amazing step to take.
Contact TruWealth on 03 8648 6534 or email contact@truwealthadvice.com.au