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Alex, a 44-year-old interventional cardiologist, was referred to our financial planning firm seeking ways to improve his financial position. Despite his high-income job, he found himself struggling to achieve his financial goals, including buying a home and reducing his huge tax bill. He had recently separated from his wife, and as a result of the settlement, he gave a substantial amount of his assets to his ex-wife. Alex had a savings balance of $150,000 in the bank, but he owed this money to Australian Taxation Office (ATO). Our firm conducted a holistic analysis of his finances to develop a clear picture of his current financial position and identified ways to help him achieve his goals.
The major challenges that Alex faced were his lack of savings, high tax bill, lack of a long-term plan, and absence of a clear roadmap to achieve his financial goals.
After reviewing Alex’s financial situation, we recommended that he take a long-term view of his finances, focusing on all opportunities available to maximise his financial position. We conducted a comprehensive analysis of Alex’s finances, including home needs analysis, cash flow analysis, and a holistic overview of his finances. We worked with him to understand his financial goals, priorities, and risk tolerance. We then showed him the benefits of taking a long-term view of his finances and prioritising tax savings and long-term investment planning while at the same time looking for a home.
As a result of following our recommendations, Alex bought home for $1,680,000 which is worth $2.5 million. He also reduced his tax bill by $120,000, which was reinvested into two investment properties worth $2.1 million. Additionally, Alex’s family is now protected in the event of insured health events such as trauma or sickness, and his super is invested in line with his preferences. The plan we put in place is sustainable, and Alex has already achieved all his goals in just 3 years.
Alex’s case highlights the importance of taking a long-term view of finances and working with a financial adviser to maximise opportunities to improve financial position. By developing a holistic plan that considered all aspects of Alex’s finances, we were able to help him achieve his goals and secure his financial future.
Take control of your finances and secure your financial future. Contact MNM Group today to learn more about our comprehensive financial solutions.
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