Ever heard the phrase “If only I won Tattslotto!”?
What would you really do if a large sum came your way? You may be thinking, “That’ll never happen”, but how about the more likely scenarios, like inheritance or redundancy?
These situations can happen to any one of us at any time, so it’s important to be prepared, and have the right expertise on hand.
When a sum like this comes your way, you’re likely to be filled with emotion. Which often results in – you guessed it – emotional decisions. But with the help of MyState, you can turn the impulse to spend into a welcome opportunity to improve your financial future. We’re here to help.
Where do I start?
It can be hard to know what to do with new-found financial responsibility, and you’re likely to feel overwhelmed.
Before rushing into what may seem like a smart investment, it’s a good idea to look into the implications this may have on your income and assets.
Investing isn’t a one size fits all solution, so considering the effects an investment may have on your tax and Centrelink benefits is a number one priority. This is where we can help.
A helping hand
Our MyState Financial Planners will consider a range of options to suit your lump sum and lifestyle – including contributing to superannuation, investments outside of superannuation, funding a cash flow in the event of redundancy, and repaying debt. Each of these options brings advantages and disadvantages – which we’ll help you way up.
The plan we form together will help you prepare for life after payment, and help you feel more prepared come tax time too – an often stressful time when finances change.
No matter your lump sum circumstances or amount, a friendly MyState Financial Planner is on call to recommend smart solutions, so you can make the most of the situation you’re faced with.