Young Families
The young families segment are aged 25-45 but still consider themselves very young. Young families are busy with young children and trying to secure the dream of owning their own home outright. Who has the time and energy to make critical decisions about their financial life when the pressures of children, work and finances are adding up?
Right now, you are at one of the most difficult stages of your life. Your peak earning years are usually a decade or more away, and children arn’t cheap – neither is that house and car payment. Having a baby can cost $9,000 per year. Navigating your family life requires careful budgeting and risk management. You have to save, pay the mortgage, buy insurance, invest for retirement, and hopefully have enough left over to take your family on vacation.
At this stage of life, it can be easy to justify avoiding insurance and investing for the future. After all, you are young; retirement is for old people. However, insurance is cheaper the younger you are, and the earlier you start investing, the more compounding returns can work in your favor.
Time is still on your side, start saving now for your retirement.
Right now, you are at one of the most difficult stages of your life. Your peak earning years are usually a decade or more away, and children arn’t cheap – neither is that house and car payment. Having a baby can cost $9,000 per year. Navigating your family life requires careful budgeting and risk management. You have to save, pay the mortgage, buy insurance, invest for retirement, and hopefully have enough left over to take your family on vacation.
At this stage of life, it can be easy to justify avoiding insurance and investing for the future. After all, you are young; retirement is for old people. However, insurance is cheaper the younger you are, and the earlier you start investing, the more compounding returns can work in your favor.
Time is still on your side, start saving now for your retirement.
Things to Consider
Budgeting, cashflow and debt reduction.
Protecting income in the event of accident or illness to be able to fund their:
Mortgage repayments
Bills and cost of living
Children’s education
Family vacations
Investments
Lifestyle and entertainment
Protecting family against financial hardship in the event of death, disability or major illness by taking out:
- Life insurance
- Total and permanent disablement insurance
- Trauma insurance
- Travelling overseas
- Children’s education costs
- Building wealth over time
- Retirement planning