If aspects of your financial situation are causing you ongoing worry, it’s time to address them. Identify the pain points that niggle away at you, then take these simple, proactive steps to address them in order to get more peace of mind.
‘Peace of mind’ is defined as “the absence of mental stress or anxiety”. I would consider that, while the absence of such stress is paramount to living a fulfilling business and personal life, in reality this can be quite difficult to obtain.
The way that we as humans react to situations differs for each person depending on our background and personality. Do you sort out personal or professional issues before or after they become a problem? Are you proactive or reactive? Organised or disorganised? Do you need to have full control or are you comfortable with someone else holding the reigns?
We see business clients all the time; invariably, they have all of their business paperwork and accounts highly organised and are proactive when it comes to running their business and making day-to-day decisions that keep them on top of their game, organised and in control. This includes having all of the insurance that goes with running a business, such as workers compensation, public liability, motor vehicles etc.
However, it’s surprising how frequently these same highly organised business people have not paid nearly the same attention to their personal insurance needs. My question then is, given that you are your biggest financial asset when it comes to your life and business, shouldn’t this be at the top of your list?
We all go through life at a rapid pace and sometimes it just all gets away from us. We understand—it can be hard to find the time to sit and complete a review of your personal insurance covers. But it is essential if you want to have that elusive peace of mind that you are properly covered in case of any emergencies or unforeseen events.
Improve your peace of mind with a few simple questions
When we conduct a review with our business customers about their personal finances, these are some of the questions we ask to make sure they have everything on track. Make a promise to yourself now that you’ll take just five minutes this week to ask yourself the following questions and take action as needed:
“Have you updated your Last Will and Testament recently?”
“Do you have adequate life and TPD insurance, so that your family will be protected should something happen to you?”
‘Have you increased your insurance in line with any new home loans or investment property debt?”
“Have you increased your contents insurance in line with any recent renovations or newly acquired assets (such as artwork or technology)?”
“When you last got an income raise, did you also increase your income protection insurance policy?”
“Have you consolidated all of your superannuation funds?”
“Do you currently have the best home loan rate for your home or investment properties?”
If you wish to conduct a more thorough review, call us anytime on (02) 8268 2900 for an obligation-free chat.