Financial Planning

4 Must-Haves for a Successful Financial Plan

6 May 2021

As for many important things in life, having a plan is key to success and reaching your goals.

When it comes to our finances, it’s no different.

Wouldn’t it be nice to wake up every morning with a smile on your face knowing that your finances are safe and secure – or better still, safe, secure, and growing?

That peace of mind comes from a comprehensive, well-thought-out financial plan.

But what exactly is a good financial plan? It’s completely different for everyone, and you can go as in-depth or as general as you would like when building your plan.

The first step is to understand and set your goals.


Setting your goals is the first step to any good financial plan.

Financial goals and life goals tend to go hand-in-hand. So, when you start to think about setting your financial goals, it may help to also think about what you want to be doing in the long-term – what would bring you happiness in the future?

  • Do you want to buy a home in the next 3 years?
  • Maybe you want to be able to cut back on work hours and spend more time with your children or grandchildren?
  • Would you like to have $1 million by the time you retire?
  • Do you want to take a long and well-deserved trip every year?

No matter what your short-term and long-term goals are, most of them require a detailed money plan – otherwise known as a financial plan.

When it comes to financial planning, it’s important to make sure you cover all the essential bases. Financial planning should take into account your full financial situation – the positives and the negatives.

Once you’re truly ready to lay all your cards on the table and be honest about your financial situation, you’re ready to build a great plan.

The 4 Key Components of a Successful Financial Plan:

1. Planning (and Actually Saving) for Retirement

Retirement planning is often one of those things that many of us ignore until we’re ready to retire, but this can be detrimental to your dream retirement.

For many Australians, retirement planning is really what their financial plan is all about.

Once you have an understanding of your current financial situation and your goals for retirement, you can determine how much income you will need. Even better, you can find out if you are on track to meet your target or if you will need to make adjustments to your plan.

This doesn’t mean you will have to sacrifice anything – making strategic, informed adjustments to your financial plan can mean you can enjoy your life the way you want, as well as have enough income for retirement.

Want to see how you’re tracking towards retirement right now? Take a look at MoneySmart’s simple and easy-to-use Retirement Planner Calculator.


2. Having a Diversified Investment Portfolio

‘Investing’ may sound like something only the ultra-wealthy do, but that’s definitely not the case.

Investing can be as simple as putting money in a fixed interest government bond where you know exactly how much you’ll get back over a fixed timeframe.

No matter if you are planning your first or 50th investment, always match your investment plan and investment choices to your risk tolerance.

Diversification is an investment strategy that significantly lowers your risk and helps you to get steady returns. Think of this strategy as a way to avoid putting all your eggs in one basket.

Plan, research and diversify – these are the keys to successful investing.


– MoneySmart


Want to know more? Check out our 5 golden rules of investing.


3. Supersizing your Super

Your superannuation strategy is an important part of your financial plan, especially when planning for retirement.

How does your super look? Does it need an extra boost?

According to the ATO, there are a number of different ways you can actively grow your super to increase your super balance for retirement:

  • Enter a salary sacrifice arrangement with your employer
  • Make your own personal contributions
  • Access additional government contributions (subject to eligibility)


4. Protecting Your Money with Life Insurance

While you can have sound financial strategies across your investments and superannuation, for a complete and holistic financial plan, you should be considering personal life insurance.

Life insurance helps to protect what you have worked hard for so that you can continue enjoying your life the way you deserve, even if the unexpected occurs.

The “unexpected” such as injury or illness is not something that’s very enjoyable to talk about. However, taking the time to plan your insurances now may save you a great deal of money and stress in the future.

When it comes to choosing the right level of life insurance cover, a financial advisor can help provide a tailored insurance solution for you.


How Cambio Group’s Financial Advice can Guide you to Success.

At Cambio Group, our financial advisors are experienced, qualified, and passionate about building well-researched, effective financial plans for our clients.

As Gold Coast financial planners, we create successful financial plans every day. Our financial advisors can help you:

  • Make smart, informed financial decisions to help you reach your goals sooner.
  • Understand the implications of your financial decisions so you can make tax-effective, beneficial choices.
  • Monitor and update your financial plan as necessary to suit your needs and make sure you are on track for success.

Everyone deserves to have a clear financial plan but getting your finances in order doesn’t always come easy.

Luckily with the support of Cambio Group, you’ll know your financial future is in very capable hands.

Ready to start your financial plan? Book a complimentary consultation with Cambio Group to get started on your journey to financial freedom.



Disclaimer: The information (including taxation) in this website does not consider your personal circumstances and is of a general nature only – unless otherwise stated. You should not act on the information provided without first obtaining professional advice specific to your circumstances.

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For over 20 years we’ve been helping people like you make smart, informed business and financial decisions. We’re in this to make a difference, to help you avoid the common mistakes that prevent people from building a business and creating a life they truly love.

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