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Understand your situation
Understanding which life stage you are in, and comparing your position with others, can assist you to plan a successful passage through each of life’s challenges and milestones.
The following information has been designed to help you understand where you are in life. The checklists help to determine which stage best identifies with your current situation.
Each stage has a more detailed commentary, which looks at different ways to protect you and your family’s finances - both current and future.
Starting out
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First full-time job
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First regular income
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Your disposable income is increasing
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First credit card (and credit card debt)
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First superannuation account
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Commence saving
Building security
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Mortgage
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May have fully dependent children
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Concerned with cost of children’s eduction
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May be living on a single income
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Assessing your financial future
- Growing your wealth
Accumulating wealth
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May have a mortgage
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Children are growing up and costing you a fortune
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More likely to have both partners working
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Travel plans
- Time for serious retirement planning
Enjoying retirement
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More time for hobbies
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Family are no longer dependant on you financially
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Travel opportunities and new interests
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Monitor your retirement investments
- Planning for old age