Financial advice more than doubled this couple’s money in 9 years
- Financial Planning
Pam and Ray’s story
Pam and Ray were in pretty good shape financially when they first went to see a Bridges financial planner, with $210,000 in super and only a small mortgage on their home. This happy couple are retired now, but when they first went to see their Bridges financial planner they were in their fifties. Whether you’re at a similar age or much younger, you’ll be impressed by the difference simple financial advice made to their lives.
- Risk vs return - what is the perfect investment?
- Handy tips on choosing a financial planner
- Your cheat sheet to financial lingo
The numbers after just one year
In the first year the financial advice they sought had already paid for itself more than six times over. It cost Pam and Ray less than $2,000 for individual advice from a Bridges financial planner and had already made a difference of $13,716. And that’s before taking into account the non-financial benefits - feeling more secure and in control of their lives.
More than doubled their money in 9 years
Things have been increasingly getting better financiallly for this happy couple. Nine years later they’re streets ahead but they both say it’s not just about the money.
“It was nine years ago when Ray and I first went to see David, our Bridges financial planner. Ray was 58, I was 55 and all of a sudden retirement didn’t seem that far off any more. We knew we had to do something about it. We were doing OK, but we wanted to make sure we did the best we could. As it turns out, we’ve done far better than I ever thought possible. I don’t know the exact numbers, but we’re streets ahead now,” she says.
Ray adds, “I can tell you the exact numbers. Nine years ago our net assets added up to $778,286. At our last checkup session with David our net assets came to $1,935,878. That’s a huge difference in anyone’s book. We can take some of the credit, but we wouldn’t be within coo-ee of that amount without David’s help.”
How else did this happy couple benefit?
“That’s true, but it’s not just about the money,” adds Pam. “That’s just the tip of the iceberg, really. They’re a huge help with the paperwork and forms. They do a lot of that sort of thing. You know, all the boring legwork. The biggest thing though is just knowing there’s a professional there looking after your interests. You know, someone you can talk to if there’s a problem. It takes away the worry, basically. My only regret is that we didn’t go and see David sooner. Why didn’t we Ray?”
“The usual reasons I suppose, we thought it might cost too much, we weren’t sure who to see. Mostly though it was just one of those things you keep putting off until tomorrow. I was the same about going to the doctor for a health check. I didn’t want to hear any bad news. There was definitely an element of that. When we finally did go, it was quite a relief to find out that our finances were actually in pretty good shape. There was still room for improvement though.” He pauses and adds cheekily. “Should I mention the credit cards?”
Pam retorts, “Fair enough! I did have quite a few credit cards. I wasn’t a shopaholic or anything. But when we went through the paperwork with David and saw how much we were wasting on card fees and interest, I was shocked. What a waste! Now we have one joint debit card instead - much better! It turns out there were quite a few things we could do to make our money work harder for us. Even after the first year, David’s advice had already made a big difference - paid for itself well and truly!”
As it turned out, this happy couples finances were actually in pretty good shape which reassured them. Speaking to an expert let them know they could also do even better with minimal effort. So they created a strategy with the help of their financial advisor which led to clear goals and how to reach them. Feeling confident, Pam and Ray now know they are in professional hand and being looked after. Bonus? They have saved a lot of time and trouble by having someone else do the leg work for them. Essentially that means more time for them to relax and kick back to enjoy the benefits.