Frequently Asked Questions

What is Personal Financial Planning?

Personal Financial Planning is a process of maximizing the use of money and financial resources to achieve both short and long-term unique goals of an individual. Personal Financial Planning also involves awareness of the various stages of life.

Why Personal Financial Planning? 

Because we lead very busy lives, we need a guide that will enable us to have our goals defined and know exactly what is necessary to get from here to there.  A financial plan helps you take the steps necessary to turn your dreams and desires into a reality. Some goals may be:

Purchasing a first home or a vacation home.

College Education

Starting your own business.

Elderly parent care.

Life expectancy is longer - additional years after retirement can

become more costly than originally anticipated.

Social security and superannuation gaurantee amount may not be enough to

maintain your standard of living after retirement.

Do I need Personal Financial Planning?

Yes, everyone needs a Financial Plan to plan for tomorrow.  Today's complex financial marketplace and changing tax laws make it almost impossible for you keep up with all the changes and to understand how these changes may affect you.  At every income level, there are steps you can take to make more efficient use of your assets and to make sure that your financial future is secure.

I don't have a lot of money,  do I need a full-scale Personal Financial Plan?

You may not need a full scale financial plan TEO PARTNERS provide different levels of financial planning from counseling to comprehensive planning.  Talk with our financial planner and he should be able to find a level that will meet your needs.

How can I plan for tomorrow when I can hardly make it today?

Set goals and create a budget.  Determine what you actually spend a month on everything.  Keep a log of all expenses for at least two months and then review the list, make changes as necessary. It is easy to track the major expenses such as rent, mortgage, car payment, but the variables, the expense for food, clothing, entertainment, car and home maintenance and repairs, are the ones that get away.  When trying to forecast your expenses keep in mind inflation factors. Where can you, cut back in order to save a few dollars - even if only for emergency purposes.  Budgeting for the future is Key. If you find it difficult to prepare your own budget, do not despair. Our financial planner welcome the opprtunity to help you.

What Should My Personal Financial Plan Include?

A financial plan should include a review of your net worth, goals, objectives, property and other assets, liabilities, cash flow, investments, retirement planning, estate planning, tax planning and insurance needs as well as a plan for implementing your goals.

How Do I Know How Much I Am Worth?

To determine net worth, first, estimate the value of your assets.  If you have owned your home for a number of years you may be sitting on a nice nest egg.  Several different real estate appraisals will help you determine its worth.  Then, organize your bank and brokerage statements and record their value.  Do not forget to include assets in your superfunds. List your liabilities, such as mortgage, rent, car loans, credit card debt and subtract your liabilities from your assets.  The result will give you a good estimate of your net worth

How Does Goal-Setting Fit Into Personal Financial Planning?

List your long-term and short-term goals on paper then rank the importance of each.  Goals could include children's education, cash for emergencies, a  vacation, purchase of a house or car, family member care,  a career change, starting your own business, or  financial independence.  Financial planning can help you reach these goals.

How Often Should I Update My Personal Financial Plan?

A good rule of thumb is to review your plan whenever there is a lifestyle change such as birth, marriage, divorce, a death in the family or any change in your financial position. Changing lifestyle circumstances or goals should also be included in the plan review

What About Risk Insurance?

Evaluating risk insurance needs is part of personal financial planning.  The insurance industry and changed a great deal over the years, and there is a wide array of new products, some of them in fact, may be better than your current coverage.  Your financial planner can work with your insurance agent to ensure your adequate coverage.

Who Should Prepare My Personal Financial Plan?

As professional accountant and authorised financial planner, we believe we are in an excellent position to assist in determining appropriate financial strategies to meet your objectives and to provide ongoing advice and assistance. 

Our Director, Clement Teo CPA is an authorised representative of HNW Planning Pty Ltd  . HNW Planning focus on providing accounting firms, like ours, with the research and technical support required to provide the very best in financial planning advice.

Clement can help you identify, develop and implement appropriate financial strategies to meet your particular needs and circumstances. 

What type of advice should I expect from Teo Partners?

Expect objective financial advice that is tailored to meet your financial goals and objectives.  Our financial adviser may want to confer with your attorney and other professionals to achieve the best possible plan for you.

Remember, we are objective, fee-based financial planner. We do not receive commission. Our loyalty is to our clients and not to products we recommend.

We welcome the opportunity to help you reach your goals.

Contact us now on +613 9763 8989 or info@teopartners.com.au to schedule a consultation.