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Financial Planning

Downsizing your business

Pamela and Ray are in their late forties, own a Pharmacy and have successfully managed their business through economic highs and lows. In turbulent times they have managed to keep their head above water thanks to their children, a few close friends and their tenacity.

Initial meeting with one of our financial planners 

Their initial discussions were about assessing their current situation.

The session revealed:
  • Ray owns a Pharmacy, and pays himself a salary of $100,000 per year.
  • All profits from his business are invested back into the business.
  • Pam works in a small hospital and earns $70,000 per year.
  • They have a net worth of $2 million.
  • Two children have left home and one child will finish university this year and plans to live and work overseas next year.
  • Living expenses are about $60,000 a year. 
  • Ray runs a Self Managed Superannuation Fund.
  • They want to downsize the family home for something smaller in the city.
  • They want a comprehensive tax and investments strategy.
  • They have spoken to their accountant about their super fund but a friend suggested that a financial planner would be able to give them the full picture.
  • They want to know how soon they can retire.

 If this sounds a little bit like you, see what our financial planner initially recommends. 

Recommendation - let's start a plan to secure this family's future and have Pamela and Ray retire soon

Our financial planner initially recommends:

  • Salary sacrifice more of Ray's salary into his Self Managed Super Fund. This will reduce his taxable income and accumulate concessionally-taxed savings.
  • Sell the large family home and buy a city apartment. 
  • Borrow against the equity in the apartment to buy a diversified portfolio of shares and managed funds, where the interest expense can be claimed as a tax deduction.
     

Pamela and Ray's decision

Ray and Pamela are happy that the recommendations allow them to retire sooner than they had expected. They have open access to their financial planner, and look forward to their meetings to stay on track with their goals. 

Contact us if you think you could benefit from a personal wealth program. 

This service is provided by Guild Financial Services Limited ABN 35 004 399 464, AFS Licence No. 225590. This information is of a general nature only it is not intended to constitute the provision of advice. Before acting on any information on this page you should consider its appropriateness having regards to your objectives, financial situation and needs. Prior to making a decision in relation to any financial product, you should consider the relevant Product Disclosure Statement.