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The Optimisation Plan

The Optimisation Plan

Unstructured and No Clear Direction

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

Kevin and Lisa were asset rich however up to their ears in debts. Despite earning a great income, they felt as though their money wasn’t being used effectively.

Kevin felt restricted in his employment because of their financial obligations. It was important to them both, that Kevin would be able to spend more time at home and with family

The couple felt overwhelmed by their loan arrangements; they weren’t sure which loans belonged to which assets. They wanted the peace of mind in knowing what they should be paying off first.

Kevin and Lisa’s current strategy is a stark comparison to what it once was. With prudent strategies devised and implemented by Bennett Wealth Group, their goal of “rationalising and optimising” their financial affairs is now being realised.

High income but not getting ahead

Kevin and Lisa had fantastic surplus income but they just didn’t realise it. Their money was not targeted to the correct areas and they had a mortgage hanging over their head.

After the GFC, they were fed up with using their cash to meet margin loan calls. They had another property which was now worth much less than the loan they used to pay for it.

Their debt obligations made Kevin feel unable to change career because they relied on his high income level. Along with spending more time at home with the family, Kevin also wanted the flexibility to travel and do some volunteer work. Lisa was concerned that Kevin was working too hard and not getting anywhere. As they were not financially optimised, Kevin was yet to master the right balance of work and play.

Kevin was also sick and tired of the relentless tax bills.

Bennett Wealth Group’s Rationalisation Plan

Having extensive experience with clients who have financial complexity like Kevin and Lisa;  tackling their cashflow management plan, reviewing their loans, assets and tax issues were the first items on the agenda.

BWG made a detailed analysis of Kevin and Lisa’s current position then provided them with tailored advice, specifically targeting a simplified and smarter strategy. Efficient use of their income and reconciling their loans gave them clarity for the path forward and lifestyle options

Kevin and Lisa started saving for holidays and investing appropriately. They began the journey to restructure their affairs and it started to work for them.

The Road to Recovery, Here’s How

Working with Kevin and Lisa, we were able to achieve:

• Reconciliation of loans –identified debt relating to home, block and share purchases which allowed their accountant to start claiming the right deductions.
• Strategy implemented resulting in significant tax deductions and wiping out Kevin’s tax bill.
• Saved $14K just in the first year in interest on the home loan and consistently saving in interest on other loans.
• Maximised the opportunities of an off shore posting by structuring investments and debts carefully.
• More diversified and appropriate investment strategy that saw Kevin’s investment base grow nicely in 3 yrs despite the WA downturn.
• The home loan was paid off in 18 months.
• Creation of a cash flow management plan to clearly identify how money was being used and track expenses.
• Comprehensive wealth protection strategy was implemented including insurance and wills.
• Kevin has employment options now and can clearly see when retirement will be possible.

Hand in hand, the Journey ahead

Kevin and Lisa still have important decisions ahead of them in their path towards retirement. BWG provide the guidance and support so they continue to be optimised. Being time poor, it allows Kevin and Lisa to focus on their busy life, travel plans and family which are most important to them. BWG continue to guide and support them to make smart decision with their money.

In their words …“A perfect partnership where I get great professional advice but retain all the decision making on matters (financial & lifestyle) that are important to me”.

Bennett Wealth Group break down the complexities, provide appropriate advice and walk with you on the journey so you can make smart decisions with your money and concentrate on the important things in your life.

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

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