Let your finances give you the work/life balance you crave

November 6th 2017 | Categories: Financial Planning |

man back dive off rocks

Heading towards your 50s, you may find yourself losing grip on those precious hours of downtime you’ve come to love. Between managing your business, finances and other commitments, it’s easy to feel as though you simply don’t have time to spend unwinding, or with your kids.

The pressure to maintain long working hours to build stable finances and care for your loved ones can be overwhelming. But if you’re sacrificing quality time with the people you’re doing it all for, is it really working out?

Fortunately, achieving a good work/life balance in Australia can be done with a little financial advice. Let’s have a look at how your portfolio can work for you.

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1. Take a little risk

Though you might not feel like it all the time, you are still young! Which means you likely have a little room to take on more risk than you already have. Because you’ve got years of investing ahead of you, you have the freedom to truly think long-term. This means that you have enough time to allow your investments to fluctuate in value before they eventually reach a higher gross return.

With this in mind, consider diversifying your portfolio to include a greater proportion of higher-risk investments.

2. Look after your family

A facet of superannuation schemes that is often overlooked is the inclusion of life insurance. Selecting a superannuation fund with a quality life insurance policy offers you a fantastic way to provide for your family in a worst-case scenario while growing your wealth at the same time.

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With the weight of managing your own finances off your shoulders, you’ll have more time to see the world with your family.

All funds must provide a minimum level of life insurance, which includes death, total and permanent disability, and income protection. This means that should anything happen to you, your fund will be able to provide for your family, making for greater overall financial security.

As risk is spread across all members of the fund, super life cover is often provided at a lower rate than independent insurance.

3. Give your finances the time they need

Managing a portfolio by yourself can be incredibly time-consuming.

While your investments are working to increase your wealth and develop a sufficient safety net for your family, you shouldn’t be looking away. Setting and forgetting your investments is a common mistake – but managing a portfolio by yourself can be incredibly time-consuming.

At the moment, visiting a bank’s website is the most popular choice for researching financial products, according to ASIC – however, it’s also one of the least efficient ways to get your information. Working with a professional financial adviser gives you quick access to knowledge you may otherwise have to research using the time you could be spending with your family.

Ultimately, a financial adviser will take some of the burden off your shoulders so can spend less time managing your finances.

At Invest Blue, we’ll listen to your financial goals and fears to pave the way to success for you. If you’re ready to reshape your financial plan and free up time for your loved ones, contact us today.

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What you need to know

This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.