Partnering with siblings to create financial stability and wealth

How partnering with siblings can assist in creating financial stability and future wealth

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Clients: Wilson family - Dave, Emma, Charlotte and Nancy**
Time with MyFuture: 2 years
Average Net Position* Gain (per year with MyFuture): $233,517‍

*this figure does NOT include their home as an asset, but includes their home mortgage as debt

**the names have been changed to protect privacy

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The Wilson family have only been with MyFuture for two years, but they have already achieved remarkable results as demonstrated by their story here.

Like many of our clients, they were seeking a better way to secure a comfortable retirement for themselves. Their long term goal was to achieve a passive income of $170,000 per year to be able to retire comfortably in 20 years’ time. Unlike most of our clients, this was a family unit of 4 (three siblings and a parent) who were wanting to join financial forces to invest together for their family’s future.

In addition to their retirement aspirations, the siblings wanted to upgrade their home to something bigger. They had already sold their previous home and were actively looking for a new one when they began working with MyFuture. Alongside their long-term retirement objectives, they also wanted to pay off their mortgage faster, as well as creating financial stability for their children’s future.

The siblings were raised in an environment where spending everything they earned, and even more, was considered normal. As a result, they were never introduced to the concept of wealth creation. This family had significant consumer debt when they first met with their personal financial adviser at MyFuture as well as serious account conduct issues such as missed payments and debt collections.

Even though their long-term wealth creation potential was significant, their immediate obstacle was their high level of consumer debt and account conduct issues. Unless they improved this, they would never be able to take advantage of their financial opportunities. MyFuture worked with this family for an entire year, helping them get their finances in good shape in preparation for a refinance and ultimately their first investment.

Over a 24 month period, the clients still upgraded their home but with MyFuture’s guidance, they managed to do so without incurring any additional lending and even managed to clear all of their consumer debt in the process. Without the consumer debt, this family was in a much stronger position to proceed with their first investment much sooner than originally planned, which they subsequently did. Their current focus is on continuing to pay down debt as we wait for their next investment opportunity.

Overall, one of the biggest uptakes with this family was learning what their long-term financial possibilities were and understanding what they needed to do today in order to realise their opportunities to set their entire family up for generational financial success.

Although this family’s journey toward wealth creation is still in early stages, they have already witnessed the power of taking proactive steps and seeking professional assistance when it comes to achieving their financial goals faster. Their achievements stand as evidence of the significant benefits of personalized financial guidance and its transformative impact, highlighting what can be accomplished in a brief timeframe with the appropriate assistance.