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Guidance

Financial strategies to grow your wealth

Financial strategies to grow your wealth

Your investment and insurance needs can change with every stage of life, so it might be helpful to consider what you might need to reassess to help achieve the lifestyle you want in retirement.

With a good financial strategy in place for every life stage, you can aim to build wealth and protect your assets - while taking care of your lifestyle needs as they change.

Growing your wealth - 40s and 50s

Life goals

  • raising a family
  • repaying your home loan
  • paying for your children's education
  • saving for the future

Investment strategy

Once you reach the middle phase of life, you might become more conservative in your investment approach. On one hand, you want to protect the wealth you’ve already accumulated, while on the other, you may have years ahead to capitalise on future returns.

Commonwealth Financial Planner can help you achieve the right balance of growth and defensive assets for your portfolio.

Insurance needs

At this stage of life, you might have people relying on you — like your children, partner, parents and perhaps even grandchildren. Therefore, you might want to make sure your personal insurance is tailored to cover your dependants as well.

It’s also worth reflecting on how your loved ones would manage without your income if you lost your job, suffered a serious illness or injury, or passed away. Even if your role in the family is more of a caregiver than a breadwinner, would your family need to hire someone to keep things running smoothly if you weren’t around?

That’s why having adequate income protection, Total and Permanent Disability Cover (TPD) and life insurance is especially important during your 40s and 50s. It’s also worth considering trauma insurance — so if you face a critical illness like a stroke, heart attack or cancer, you could receive a lump sum payment to help cover expenses while you recover.

You might want to consider discussing your insurance options and needs with a Commonwealth Financial Planner.

The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. Commonwealth Financial Planners are representatives of Commonwealth Financial Planning Pty Ltd ABN 65 003 900 169 AFSL 231139 a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 (the Bank). Information in this document is based on current regulatory requirements and laws, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Commonwealth Financial Planning, its related entities, agents and employees for any loss arising from reliance on this document.