Sarah walked into the Profusion Planning office at the beginning of this year and we believe will never look back! Sarah, like many of her peers don’t believe they really need financial advice at their stage of life however, we our help Sarah now has a clear financial plan, goals and an excellent road ahead. We asked Sarah to share her life journey with you, we trust you enjoy her story.

  1. When someone says the word ‘money’ to you, how do you feel about it? What emotions, feelings do you have?

Money for me means lifestyle and opportunity. My parents came from low income households in the UK and both have worked tirelessly over the past 30 years and invested well to have a very comfortable retirement. My dad always said to me “ask yourself not what you want to do but how you want to live. This will dictate your choices”. So for me, although I enjoy my work, it has always been a means to earn income and to have a great lifestyle outside of work, without worrying about making ends meet. Money is freedom.

  1. What age bracket are you in? 20’s, 30’s, 40’s, 50’s or 60’s?

I am still sneaking into the 20’s by approximately two months.

  1. Before you met Brad from Profusion Planning, what did you think about Financial Advisers?

I was always reluctant to use a financial planner because I had heard horror stories from influential people in my life who had opted for higher risk investment profiles and made large losses but I also thought that they were for people who had money to invest and I didn’t have what I would consider to be an enormous income that would justify using a financial planner so I thought that the services weren’t relevant to me or to people in my demographic.

  1. What was the trigger that made you get in contact with Profusion Panning?

My focus since getting my first mortgage in 2009 had always been debt reduction and what extra money I had went into the offset account to offset the mortgage. At the end of 2014 I had saved up a significant amount of money in my offset account and I made the uneducated decision to pay it off the mortgage rather than keep it in the account where it had the same effect but could be used as liquid cash. The shock to me came when I realised paying a sum of more than $60,000 off my mortgage was only saving me around $150/month and I was barely noticing the benefit. I realised then that there were better ways to invest the additional money I had and that I needed to get some professional advice to access those other avenues with confidence.

  1. After that initial meeting with Brad, had your perception of Financial Advisers changed? If so, how and why?

Brad is a young and very successful individual, which inspired me to take more control of my financial future. He was very transparent in his approach and spent a lot of time explaining things to me so that I fully understood all of the advice that was given, which also helped to allay many of my fears about high risk strategies that I didn’t fully understand. We ran a risk profile program that determined how much risk I was prepared to take so my investment strategy is actually relatively low risk and more focused on splitting my income across several strategies both short, medium and long term. I realised that a financial advisor makes good sense for people who just need assistance to get some future savings strategies into place; it isn’t all flashy executives trading on the stock exchange with their enormous salaries.

  1. What advice would you give to people in their 20’s and 30’s about seeing a financial adviser?

I would suggest to anyone that wants to have a nest egg for a comfortable retirement that these strategies need to be put in place early as low risk strategies take a long time to make larger gains and ticking away at gradual savings means you barely notice the reduction in income. Many people in their 20’s have several super funds, no idea of what their charges actually are, loans that aren’t fit for purpose and no targeted savings strategy so there is a lot of wastefulness that general advise can minimise. I had 3 meetings with Brad and received a full strategy and proposal before I committed to spending any money at all. If you are nervous about the idea of it but feel like it may be a benefit, just make an appointment and talk through a few ideas. You might decide it isn’t for you but I am sure the process will be educational and eye opening nonetheless.

  1. How do you feel about your financial future now that you have a financial plan in place?

I definitely feel much more secure knowing that each month I tip a little bit of money into each of the strategies we have in place and knowing these are gradually accumulating means I don’t worry so much about taking time off to have a family or having to make large payments like school fees or helping my kids with their first car as we have strategies maturing across these key phases of our lives that are designed to lighten the load. Mostly, I feel like I now have control over my super fund, insurances and financial future, which is a reassuring thought.

  1. If/when you have adult children, what do you think your advice would/will be to them about getting a financial plan in place while they are still young?

I think I will encourage my children to start saving early and get good habits in place. Having open dialogue with your children about your financial future is key. All of my habits and attitude come from my parents, who have focused on hard work and solid investment to have security and a great lifestyle into their pre retirement years and I would like to act as a role model for my children in the same way.

We would like to thank Sarah for sharing her very personal story with us all and hope that her journey inspires others to seek advice and take some positive action. If know someone similar to Sarah who may also benefit from our advice, please feel free to share Sarah’s story and our contact details, thank you.