As business owners, we're all about looking forward.

At the end of the day, that's how you get ahead – when everyone else is looking back you need to look forward. So what better time than NOW to make a wealth plan to complement your business plan. 

And why is this important? Well frankly because what are we doing this all for – taking the risks, working the long hours, missing time with our family... if it's not to build a successful personal financial future for ourselves and our family?

This fact sheet focuses on ideas for what you should be considering for your personal financial wealth plan.

Forget New Year Resolutions

Resolutions inherently feel like they're going to be broken – what we need is a plan. So why wait until January 1's hangover to get the ball rolling? No matter what your situation is we have some advice to get you started.


The Plan – If you're under 40

Time is on your side, but the BIGGEST problem with youth is the inability to identify with your 'future self'. This means you spend up BIG now and leave the bare minimum for later. Do not fall into this trap.

Compound interest is a young person's best friend. You can turn modest savings into mega wealth just by being consistent.

Maybe consider salary sacrificing some extra money into your super, even $20-$50 a week can make a HUGE difference down the track, and check your investments to ensure you're happy with the risk levels of your investments.

Make sure your insurance is all in order. Do you have the correct levels of cover? Are you insured twice for the same thing? Figuring this out can be done in conjunction with a superannuation audit. Tidy up your super – many young people have several super accounts and are paying fees and sometimes insurance out of all of them. Don't forget that this is your hard-earned money you're burning.


The Plan – 40-60 years

The BUILD years. Let's start to look at your debt levels. Set yourself a goal to be out of bad debt as soon as possible to secure your future.

It is critical to have your insurance in order and your super fund building nicely. Consider additional contributions, but make sure you don't exceed the maximum allowed annually.

Consider how to maximize your earning potential inside and outside of work, this may involve doing some additional training to up-skill or looking to maximise your investments.

Keep an eye on your super. Your risk/growth profile will need to be constantly monitored – is it time to look at an SMSF? How much money will you need to retire? Are you on track?


The Plan – Getting ready to retire and beyond

Let's take a good look at your situation, how long will your money last? How is your super performing? Remember, your super keeps working long after you stop. Make sure your happy with the returns you're getting and are likely to get in the years to come. Where is your estate planning up to? Are your assets protected?

Most importantly – make sure you have money to ENJOY your life, you've worked hard for it – you deserve it.


The Plan – Everybody

While everyone else is reflecting – take some time out to analyse your financial situation by following these steps:

1.       Figure out your net worth, Include all of your assets including cash and super then subtract your liabilities. Write
          down your NET worth.

2.       Write down your goal net worth – how much will you be worth this time next year? What percentage growth is that?

3.       Analyse your super, do you know where all your super is? Do you need to roll them into one account? Are you
          happy with the risk/growth profile?

4.       Figure out how much money you want to retire with – are you on track?

5.       Book a meeting with one of our expert advisers to see how you're tracking against our 8 steps to family
          financial freedom.

If you'd like to have an informal chat about how we might be able to help you make a wealth plan, please don't hesitate to call us on 9725 2533 or email


Caren Hendrie

Financial & Small Business Adviser

Authorised Representative 232694

Madison Financial Group Pty Ltd AFSL no. 246679

The Hendrie Group

1st Floor
23 Lacey Street
Croydon, VIC 3136

T: (03) 9725-2533 E:

Madison Financial Planning Practice of the Year; WINNER Grosvenor Securities Adviser of the Year;
WINNER Count Financial Planning Practice of the Year;
7th Place IFA National Best Practice (of more than 300 firms).