“A fool and his money are soon parted”

– Brad LonerganPersonal-Insurance-Planning-Newcastle

No truer a word has been spoken when it comes to personal insurance. In my opinion as soon as you start to earn an income, or as soon as you start to build an asset you should be protecting both these areas. I believe it should be mandatory if you take out any sort of loan, unfortunately the government fail to adequately inform people of the devastating consequences are of not being insured or being under-insured. As a planner I see the consequences daily of people failing to heed this warning.

In my own life I have the positive effects of insurance. It has saved my parents family home throughout my life. The first instance was through fire, and the second was through the premature death of a family member. I have also seen the negative effects of those that have said ‘it’s too expensive’, ‘I’ll be right’, ‘I don’t need that rubbish’. I don’t want to see those around me suffering as some of these people inevitably did.

I can go through many stories of people in my local community that have lost almost everything (including: work, business, and homes) because they failed to think ahead. Don’t let this be you, at least consider it.

As you get older you soon start to realize that the only thing harder than earning money is saving it. It seems to be gone before it hits the bank account for most. Therefore saving enough for that ‘rainy day’ seems to be no more than a dream for many Australians.

In our fast paced lives with everything changing in the blink of an eye, or the click of a button it’s easy to forget to think ahead and plan for the unknown. It amazes me that we all seem to be obsessed with protecting our homes and cars, but many don’t protect the very source of these luxuries, that is ‘ourselves’. Without income and maintenance of assets there is no growth.

As an investment adviser I always start the planning process with a full review of your overall situation including a ‘risk review’. I see building further wealth as a pointless exercise if you fail to protect what you already have.

Would you ‘pour water into a bucket with a great big hole in the bottom?’ Of course you wouldn’t. This is what you are doing if you invest further before you protect yourself or your business.

Contact Brad – 0423 621 120 or email at brad@bmkfs.com.au

‘BMK Financial Services Pty Ltd’ is a Corporate Representative of ‘Charter Financial Planning Limited’ – AFSL # 234665. A member of the AMP Advice Network