At the start of a new year most people experience a renewed sense of motivation for setting goals and priorities to be achieved in the next 12 months. These goals and priorities should mainly be structured according to one’s new life stage about to be entered or planning on entering in the near future.
Financial products can be tailored to suit a specific phase in your life and as situations change, financial planning should be reviewed.
Even though every person’s circumstances are unique, key life changes generally include work and family-related developments. However, bear in mind that what is applicable to one person in one life stage does not necessarily apply to another person.
We have developed a high-level life stages plan to help guide you through major phases:
1. Single professional life stage
2. Getting married life stage
3. Family planning life stage
4. Post-dependants life stage
5. Ready-for-retirement life stage
It is important to remember to inform your financial advisor of significant changes in your life so that your financial strategy is continuously tailored to suit your needs. If you are entering a new life stage, get in touch with WMD to discuss how your financial plan could adapt accordingly.