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Case Study: The Karratha Exit Plan.

Case study: The Karratha exit plan.

How BWG helped us escape the trap.

*To respect the privacy of our client we have not used their real names.

Four years ago, Anna and Ben wanted to know how they could develop a plan to exit Karratha successfully. It was a thriving town offering a great lifestyle and lots of opportunities for young professionals like themselves, but they didn’t want to get caught by the high income like so many others.

They wanted employment choices, the flexibility of where they wanted to live and to be able to start a family and feel comfortable financially.

The experienced financial planners at Bennett Wealth Group helped Anna and Ben create a plan to manage their financial affairs. The results are a reflection of good planning and good execution.

With clear direction and strategic options the couple were able to buy and pay off their future home within 6 years, double their tax refunds, get married and start a family.

Caught in a spending cycle.

Like many Karratha based workers, Anna and Ben both earned a fantastic income and had their residential rent subsidised by their employer.

But they wanted to avoid making the same mistakes that others had made.

The couple had seen others waste cash, invest poorly, and give no thought or concern for spending on expensive items – cars, boats, holidays, trips to footy games, lots of tools, expensive caravans/campers etc. With some of the big toys even being funded with loans.

Anna and Ben didn’t want to get trapped into relying on their high income. They longed for the financial success that had prompted their decision to go remote.

How can you improve the future when you have no clear budget and aren’t conscious of your spending habits?

BWG were knowledgeable of our situation.

Anna and Ben asked one of their colleagues who they used for Strategic Advice. Having been through the BWG process over many years, they knew it would be right for Anna and Ben. So the contact was made.

BWG have the skills and expertise to assist with clients in oil and gas and the mining sector that aspire to long-term goals and are willing to sacrifice life in their home town for a few years in order to set themselves up for the future.

Having worked with many clients like Anna and Ben, BWG was able to provide them with the strategic solution they needed;

BWG was our first experience using a financial planner and we haven’t looked back. They have consistently provided professional, timely and sound financial advice tailored to our personal circumstance.

A clear direction.

BWG delivered strategies that helped Anna and Ben achieve some great outcomes:

  • No longer tied to Karratha – choice to leave now or in 2 yrs after clearing their home loan.
  • Could leave employer and work for less income if needed or wanted to.
  • A specific plan with clear direction and no surprises.
    Flexible strategies that can easily be adjusted.
  • A diversified investment plan including direct property, shares, managed funds and a family trust.
  • Tax refunds doubled in first 2 years and remain very well managed.
  • Now on stage 2 of home loan repayment plan, the target being 2 years.
  • Realised investment profits – $265K before tax – which paid down debt.
  • Are married and started a family. Anna has 12mths maternity leave without financial strain.
  • Nice boat, camper trailer and car – all debt free.
  • Continue to save monthly for investment, debt repayment and annual holidays.
  • Superannuation balances have tripled in 3.5yrs.
  • A tax effective wealth protection plan in place with minimal cash flow impact.

Continued support.

Anna and Ben’s situation will change again and is ever evolving. BWG continue to revisit their cash flow management plans on a regular basis to make sure they are staying on track and remain focused on their end game.

By working with Martin and BWG we’ve been able to plan and start to bring to fruition our financial goals. They help us keep ourselves accountable and we work together to ensure we remain on track to achieve what we set out to.

BWG help achieve your family’s dreams with advice, guidance and support. They provide real assistance that can be easily adapted when changes and unforeseen circumstances arise.

Read more about our services or contact us to discuss how we can help you improve your future.

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