The key to retiring with a better quality of life

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Do you know people in your circle of friends who need to support their parents in their old age? If you do, then you’ll know that it’s no picnic for those who need to watch every dollar they spend because the age pension just isn’t enough.

Knowing what life could be like if you yourself only had the age pension to support you in your golden years, I bet that you would want to avoid that and you may ask yourself how you could set yourself up to retire with a better quality of life than the majority of Australians.

No matter how much you currently earn, wealth planning IS the answer. I know from my conversations with clients and friends that most people really don’t know what a Wealth Plan is, let alone how to develop one.
So let’s look at the FAQ’s.

  1. What is a Wealth Plan?

    A Wealth Plan is a planning outcome resulting from very accurate number crunching in a powerful software program, unique to the financial planning industry.

  2. What sort of number crunching does it involve?

    The Wealth Plan begins with a household budget to identify savings. These savings are then inputted into the software as surplus cash flow. Next the full assets, liabilities, income and expenses of the household are entered to determine future cash flow and net asset positions. Equity can then be used for investments with either property, shares or managed funds or any combination the person wants. Any existing investment figures are also entered including rent on properties, shares etc. All these numbers are balanced and then are extrapolated into yearly cash flow and net asset positions, every year for 15 years into the future. This is the real power of the Wealth Planning process.

  3. Are the figures accurate?

    Absolutely and CPI indexed. Any rent or share value changes can be updated every year (or more frequently) so that every year the plan maintains its accuracy.

  4. How does the Wealth Plan help me?

    The Wealth Plan is built on your starting equity position. The beauty of the plan is that you can accurately determine the effect of any investment, before you actually make the decision to spend the money. Let’s say you are considering buying an investment property, the software can enter in expected rent yields, rent increases, capital growth, interest rates, taxable incomes etc. and then create accurate projections of that investment every year for 15 years. Not only that, it can compound multiple properties, full share portfolios or managed funds so see the combined accumulative effective on net cash flow and net assets every year. This is where the true power of the Wealth Plan comes into its own.

Copyright © 2022 Robert Bauman. Feel free to use this article in your hard copy or eNewsletter, provided you display the Copyright notice and source reference in its current form.

Disclaimer: The information on this website is general information only and is not intended to be a recommendation. We strongly recommend you seek advice from your financial adviser as to whether this information is appropriate to your needs, financial situation and investment objectives.

Whilst every care has been taken in the preparation of this website, InterPrac Financial Planning Pty Ltd (‘InterPrac’), its directors, authors, consultants, editors and any persons involved in the construction of this website, expressly disclaim all and any form of liability to any person in respect of this website and any consequences arising from its use by any person in reliance upon the whole or any part of this website.

Published by Robert Bauman, Authorised Representative No. 231830. Straight Money Talk P/L is Corporate Authorised Representative No. 406444 of InterPrac Financial Planning Pty Ltd (AFSL 246638)

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