Financial crisis wake-up call for Australia’s rich

By Jessica Stanic on Thursday, 1 October 2009

Financial crisis wake up call for Australia’s rich

The recent financial crisis should serve as a wake-up call for Australia’s high-income earners according to NAB Private Wealth Queensland State Manager David Pourre. Mr Pourre said only those with a solid financial plan for 2010 and beyond will emerge on the Australia’s next rich list, and that High-income earners should be taking steps to ensure their wealth is protected. ”It is surprising how many of the Australia’s top professionals and business people haven’t set out a clear plan for the future,” Pourre said. ”Australia has shown such significant growth over the past decade, that it will now take a change in attitude to remain in that position.” Pourre said it is essential to have a balanced, informed financial plan, as well as income and life insurance, a tax minimisation strategy, a superannuation plan and of course a well thought out strategy for wealth transfer. He recommeds Australia’s high earners ask themselves a few simple questions to ascertain whether they are financial fit for the years ahead: Financial Fitness Test 1. Do you have a current financial plan? 2. Are you minimising your tax? 3. Do you know what age you can comfortably retire? 4. Do you have a wealth creation plan? 5. Do you have protection for income, critical illness and death? 6. Have you a strategy to transfer your wealth? For more information visit www.nab.com.au/privatewealth/

The recent financial crisis should serve as a wake-up call for Australia’s high-income earners, according to NAB Private Wealth Queensland state manager David Pourre.

Pourre believes that only those with a solid financial plan for 2010 and beyond will emerge on the Australia’s next rich list, and that high-income earners should be taking steps to ensure their wealth is protected.

“It is surprising how many of Australia’s top professionals and business people haven’t set out a clear plan for the future,” Pourre said. ”Australia has shown such significant growth over the past decade, that it will now take a change in attitude to remain in that position.”

Pourre said it is essential to have a balanced, informed financial plan, as well as income and life insurance, a tax minimisation strategy, a superannuation plan and of course a well thought out strategy for wealth transfer.

He recommends Australia’s high earners ask themselves a few simple questions to ascertain whether they are financially fit for the years ahead:

Do you have a current financial plan?

Are you minimising your tax?

Do you know what age you can comfortably retire?

Do you have a wealth creation plan?

Do you have protection for income, critical illness and death?

Have you got a strategy to transfer your wealth?