Practical Wealth Solutions Pty Ltd

Many working Australians – or Australians who used to work – have insurance of which they are unaware. This can be a huge relief if ever something goes wrong and you cannot work. If you or someone you know has become unable to work, then this article is a must-read. And if you think you might need help with a claim, please make sure you contact us.

Read our full article here:

Insurance that you never knew you had - Practical Wealth A few years ago, a fellow adviser with good links to health providers was referred a client in his mid-thirties who had experienced a brain tumour and corrective surgery. The client had gone to see a psychologist, and in the course of his counselling, it was revealed that the client was in dire fina...

Did you know that the share market has produced a 20% return in the last 12 months? It has – seeming without too many people noticing. You can read all about it in our April newsletter, which also contains an update on the residential property market and three separate articles on different aspects of debt and its effective management.

Read our full article here:

April 2017 - Practical Wealth Did you know that the share market has produced a 20% return in the last 12 months? It has – seeming without too many people noticing. You can read all about it in our April newsletter, which also contains an update on the residential property market and three separate articles on different aspects…

Do you have car insurance but not income protection insurance?

But what would you rather protect a car or your income?

What would result in greater financial stress?
Not having your usual car (you can always buy a cheap one) or not having 75% of your income after your sick and annual leave is gone?

Maybe the car insurance is worth 30k or even 50k? Maybe it costs $1k per year. Then how much do you earn working? 50k or 100k or more. To protect 75% of your income for the rest of your working days may cost the same after tax as car insurance. What if you couldn't work for 10 years, times say 80k in income, probably over $1m after inflation or more. Compare that to just replacing your car.

Now in my work, nearly every week, I see people with car insurance but no income protection, what would you rather have?

And insurance companies do pay if you can't work due to sickness or accident, just make sure you insure with a good company. And another common reason not to have it is I have workers comp, well, 75% of accidents happen outside of work and your work won't pay if you have a health condition unrelated to work.

And maybe you think its too hard to get, but advisers are there to help you get the right policy for you and your circumstances.

So if you have car insurance but not income protection, maybe its time you rethink your priorities.

Have a good day.

Many times I get asked what is financial planning?
It's really about helping people make better financial decisions, like a financial coach.
Just like in sports you have a coach to get better results, or a fitness trainer to get better fitness results.
And then I help people make better decisions with their superannuation, retirement planning, life insurance or income protection, wealth creation or cash flow.
So that is what i say when asked what is financial planning.