In the kitchen. Tired. With mess from dinner around us, and two sick young boys, she recalls how when our children were very young, we would (at 2am), search the internet in order to diagnose the rash, the fever or the runny nose our child had developed.
Like all new parents, we were time poor and naturally anxious to ensure our children’s wellbeing. That anxiety, however, could have easily led us to make poor decisions. Following advice obtained online for symptoms in isolation can be unproductive or even harmful.
As time goes on, you establish a reliable professional health network to support your family. You develop a relationship with your family doctor, you get to know all about the local hospital (peak times, etc.) and you post the maternal child health nurse hotline number up on the fridge.
The moral of her story is that parents seek out a professional network to help ensure they make the best decisions regarding their family’s health and well-being. The same logic should apply to a family’s financial health.
She is wonderful, my partner and her ability to be the magician in the family now extends to helping her partner with article topics.
To expand on her point, it is surprising how many people do not seek professional advice regarding their finances and rely upon family or friends. Again, as a new parent, you come to realise with time and experience that the opinions of friends and family, however well-intended, may not necessarily be right for you or your family.
Each family’s circumstances are unique, and financial decision-making should be approached in a holistic manner. For instance, it is common for one partner to be responsible for bookkeeping and paying staff, however not understanding the impact of single touch payroll can lead to serious cash flow issues if not addressed with insight and a timely manner.
Additionally, it is vital that families understand personal insurances in place, why they are useful and ensure that they cover the needs of the family. A professional can assist in ensuring that not only that all policies are relevant to you but that you get the most efficient access when required. This saves vital time, anguish and money.
I have outlined just a few instances why it is essential to establish a professional network that includes an accountant and financial adviser to enable your family to develop a framework which has been specifically designed for your needs, creates efficiencies in wealth creation and puts strategies in place to reduce the risk of loss.
Call us to set a time and discuss your path to financial chi.
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