Single Professional
Jane Smith is single, in her early 30’s, works full time and wants to take the next step.
Jane Smith is single, hard working, and an exceptionally time poor professional. She lives alone in a rental property, and is interested in buying an investment property. She has a couple of personal loans, a number of super funds and little savings. Jane has a healthy income and is unsure of what steps to take next without sacrificing her lifestyle.
Concerns:
- paying for her lifestyle (both now & in the future)
- what should she be doing with her money
- how can she build assets
- what does she need to be thinking about
Jane’s Story:
Following Jane’s university education, she worked a couple of years before taking some time off to travel overseas. Jane ended up extending her time travelling and was overseas for approximately 3 years working and travelling before returning to Australia.
When Jane returned to Australia she had a small amount of credit card debt, and owed money to family. Jane started working earning a reasonable income, which she used to furnish a place to live, buy a car and a new work wardrobe. She also took out a personal loan to repay her family and extinguish her credit card debt. Jane planned to have the personal loan for only a short time... however Jane never got around to extinguishing it.
Outcome of Our Advice:
After seeking our advice, Jane cleared her debts, had a plan to save money and to get it working for her. Jane continued to live in her rental property and decided to purchase an investment property – which she planned to live in when the loan reduced to a particular level.
Jane consolidated her super into a fund that suited her needs at this stage of life and had a strategy for contributing money to super when she got a little older.
Jane also established an investment portfolio, which she added to monthly. This was designed to allow her to accumulate a sizable portfolio over time, without affecting her current lifestyle or holding too much idle cash.