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are you financially well organised?

Building a House of Bricks and not a House of Cards: The 5 Foundation Stones

What it means to be Financially Well Organised Being Financially Well Organised means you have assessed your personal and business goals and objectives and have developed a plan to achieve them.

We have identified 10 key areas to address in becoming Financially Well Organised.

Goals and Objectives Investment Plan

Estate Plan

Superannuation Plan

Risk Plan

Business Plan

Michael Ward

Asset Protection Plan

Partner FWO Chartered Accountants Retirement Plan

Taxation Plan Debt Plan

Step 1 is to be very clear on your goals and objectives - where you want to get to.

Goals and To reach where you want to get to, you need to make sure that you haveObjectives Investment Estate Pl a solid ‘foundation’ in relation to estate planning, risk management, Plan asset protection, and debt, from which you have the capacity Goalstaxation and Objectives to grow and achieve your goals and objectives. Vident od que id quae

Investment Plan are These

Superannuation Plan

Estate Plan the Foundation Steps to get your house in order and on a solid foundation before advancing to the next phase – The Growth Business Plan Steps – which is all about making it happen.

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Estate Planning needs to address what happens not only to theRetirement assets Picture yourself in ten Plan own years in your own name including businesses, Debt Plan Riskassets, Plan time... Where do but also what want tothrough be? How other entity structures, that will not be you mightyou control are you going to get covered by your personal there? Being Clear onWill. You need to have a clear plan for what goals ensures you happensyour to assets you either own or control. This plan must correctly can wishes develop ain strategy reflect your the event of your Asset death to make sure those assets to achieve them. Protection remain protected for those you wish to benefit.

Taxatio Plan

Superannuation you Plan

Business Plan


Goals and Objectives Investment Plan

Retirement Plan

Taxation Plan Debt Plan

Superannuation Plan

Estate Pl

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You need to make sure that you build a solid foundation to achieve your goals.

Risk Planning is about ensuring your family’s security should you become ill for a prolonged time, suffer a trauma or die. If your savings are not sufficient to ensure your family’s future, you need to obtain appropriate insurance to avoid the repercussions of these possibilities. Asset Protection Planning makes sure the assets and investments you have accumulated through your hard work are owned in the right names or entities so you limit the risk of them being exposed to creditors. A Tax Plan ensures your business and income affairs are structured in a way to attract the least amount of tax leaving you with more after-tax dollars to invest and grow to achieve your goals at a faster rate. Having a Debt Plan that focuses on the right type of debt for each purpose with a clear repayment plan and prioritises what debt should be paid off first will help you achieve your goals much sooner. Establishing a strong foundation in these key areas will go a long way to minimising the risk of loss and enable you to have a strong base to grow from to achieve your goals. If these foundation areas are not properly addressed, you may have a house of cards that could crumble, instead of a house of bricks that provides you with a strong foundation to launch your growth strategies to achieve your goals. You need to make sure that you build a solid foundation that aligns with your plan to become Financially Well Organised.

For more information on becoming Financially Well Organised contact: Michael Ward Partner FWO Chartered Accountants (07) 3833 3999

Ground Floor, Green Square North Tower 515 St Paul’s Terrace, Fortitude Valley QLD 4006 GPO Box 81, Brisbane QLD 4001 Ph: 07 3833 3999 Fax: 07 3833 3900

Building a House of Bricks not a House of Cards  

The 5 Foundation Stones

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