+64 4 471 0662 
Financial Time Line
Age 20 to 30
Typically you may be:
- single with no dependents
- have a low net worth and maybe a student loan
- you are starting to earn a good income and have surplus income and know you should be doing something with the surplus rather than spending it on lifestyle.
- you may be considering going overseas for a couple of years or saving for a house deposit
Your Advice Needs
- Pay Yourself First: A simple concept put aside 10% of your gross income for long term savings. We recommend 2-4% into Kiwi Saver (your employer has to contribute 2%) and save an additional 6-8% of your gross salary into more flexible medium to long term investments.
Why not all into Kiwi Saver, the money is locked into age 65 and does not provide for flexibility if unexpected events come along and you need to access your savings.
Suggested areas of our web site to investigate:
Goal savings calculator
Financial Planning
Miracle of Compound Return Calculator
Retirement Calculator
Dollar cost averaging
Golden Rules of Investing
- Investment Risk/Return Profile: For long term savings when your time horizon is greater than 15 years be aggressive, refer to investment risk/return calculator.
- Short Term Savings Goals: Such as for a house deposit, trip overseas then we recommend a simple bank account deposit or serious saver account.
- Insurance (Risk Management) Protection: Insurance premiums are relatively cheap when you are young. Your most valuable asset is not your car or house its your earnings ability (refer to income protection). Request a meeting with Alison Renfrew, she has 26 plus years in insuring clients. She can show how if you take level term insurance you could save $50,000 or more on the total premiums you would pay up to age 65.
Click here to email or phone Alison now on 04 471 0662.
With no dependents there is an argument that you do not need life insurance. Life insurance is cheap at your age and we recommend level term insurance. When you do have a family, top up the level of cover with temporary insurance cover.
Insurances to take out are:
Trauma Insurance
Income protection insurance
Medical insurance
Summary of Health and Life Insurance Needs
If you think you are young, invulnerable and don't need insurance just look at any of the above links and read the statistics. One in three people will get cancer before the age of 75.
Suggested areas of our web site to investigate
Insurance needs calculator
Disclaimer:
Advice given on this page is of a general nature. You should discuss your personal and specific situation with an experienced Lyfords adviser. We accept no liability for the advice presented here, please refer to our disclaimer for the use of this web site.