Financial Planning For High Income Earners
As someone who earns a healthy income, you’ve learned to combine your natural abilities with the opportunities in front of you to make the most of your potential. But having expertise in one field doesn’t always translate to other disciplines.
When it comes to making your income work for you, many high income earners don’t have any more insight than the next guy or girl.
High income earners have unique financial planning needs. At MyFuture, our Qualified Financial Advisers understand these needs and have the knowledge and experience to provide you with a personalised service that protects you now, secures your future, and keeps you prepared for whatever life throws at you.
Whether you’re just beginning your career or you’re a seasoned veteran, there are ample opportunities for you to make the most of your income while preparing for your dream retirement. Knowing where and how to invest your money means finding the sweet spot between risk and reward so you can reap the benefits of your hard work.
What Is A High Income Earner?
A high-income earner is someone who earns what is considered to be a large income, usually between $190,000 to $500,000.
This can be earned from the job they have, from a business they started, from combinations of passive income, or even as disbursements from an inheritance or winning the lottery.
There are many possible jobs that can earn a high income, but these jobs usually have stringent education or experience requirements, or are in a highly specialised field.
In reality, there is no minimum salary to be a high-income earner and it is a reflection of the resources you have at hand and the lifestyle these resources enable you to lead.
Financial Planning For High Income Earners
Whatever career path you follow, whether you’re a scientist or a software engineer, or really any one of several possible lucrative specialisations, earning a high income means you can meet your day to day needs and hopefully put away some savings for the future if you’re not burning through your paycheck.
But did you know that you can make both your spending and your savings work for you as well? All you need is the right financial plan that prioritises your personal goals.
Financial planning for high income earners requires striking a balance between making the most of their income, while at the same time ensuring they have the resources to pursue their lifestyle goals. In order to do that, a healthy mix of tax saving techniques, retirement savings, and investment strategies is required to optimise your current and future plans so the income you earn also earns for you.
While earning a high income puts you in a position of relative financial well-being, if you’re not making the most of your financial resources, you could end up missing out on a world of opportunities.
Get Ahead With Quality Financial Advice
Our Qualified Financial Advisers can help you achieve your goals with a tailored financial plan and proven financial expertise.
How Does Financial Planning For High Income Earners Work?
We know that your time is precious and you want to enjoy the free time you have while at the same time preparing for a comfortable retirement. That’s why the team at MyFuture provides a personalised service that puts your needs first. The financial planning process follows a proven 6-step process to make sure all your bases are covered and your financial needs are met.
What is our 6-Step Financial Advice Process?
The 6-step financial advice process is the international benchmark for financial planning. This holistic approach is proven to increase the likelihood of you achieving your financial goals.
Discovery Session
This is our opportunity to get to know you better, understand your financial goals (short, medium and long-term), and what resources you have to achieve those goals.
Research & Recommendations
During these steps, we do the research, run the numbers, document and present our recommendations to you. This can be a comprehensive financial plan focused on long-term wealth creation and/or a statement of advice focused on your more immediate financial needs. We will need to verify the information you provided during the Discovery Session by requesting supporting documents such as loan and savings account balances, payslips, etc. This ensures we are using highly accurate information when developing our recommendations.
Implementation
This step is all about implementing the recommendations. We don’t just provide the recommendation; we take responsibility for helping you implement it. This could involve helping you to complete application forms, working with a broker to restructure your lending, or finding you suitable investments. We understand you’re busy, so our goal is to make your financial world as easy as possible by doing as much as we can in-house for you. However, ultimately, we never have access to your money and cannot sign anything on your behalf, so you need to be an active, willing, and ideally enthusiastic participant in this process.
Ongoing Service & Reviews
This is where the real fun begins—managing and tracking your long-term financial success. We have periodic reviews to ensure your strategy is still appropriate if your goals or circumstances have changed. We adjust when necessary and provide annual snapshots so you can see your progress over time. Most importantly, you have your very own trusted Personal Financial Adviser available anytime to help with the little or big stuff. Worried about making next month’s mortgage repayments? Call us. Your parents gave you an early inheritance? Call us. Broke up with your partner and split all your assets? Call us! We’re here for you every step of the way to ensure that whatever life throws at you, you stay on track with your long-term financial goals.
Frequently Asked Questions
Why Is Financial Planning Important For High Income Earners?
The most important thing a financial plan can provide for high earners is peace of mind. Knowing that your hard-earned assets are going to provide for you and your family and last you as long as they need to can truly put your mind at ease as you go about your day to day work.
It’s also about ‘making hay while the sun shines’. Life is unpredictable. Just because you’re on a high income currently doesn’t necessarily mean that will always be the case and so it’s important to be smart with your money and set yourself up for true financial freedom while you have the opportunity to.
But beyond providing financial independence and personal freedom, financial planning also lets high income earners dream big. Whatever your personal goals, whether you want to retire early, start a new business, purchase or build a new home, take a dream holiday, or splash out on a new car or boat, your financial goals are within reach when you work with the right financial planner.
So what are you waiting for? The key to your financial freedom is at your fingertips, so get in touch with the Qualified Financial Advisers at MyFuture today and we can get started on making your dreams into your reality. Book a FREE no obligation Discovery Session now.