Planning
Before 40

Planning and managing your financial situation from starting work until around age 40

Starting work (even if you are a student) can begin your financial journey.  You are automatically enrolled in KiwiSaver if you are over 18 and start your first job.  3% of your income is taken out and added to your KiwiSaver account and your employer will provide a contribution, as will the Government as long as you continue to contribute.

As you begin a full time role, your money situation changes.  You have regular income.  After a time of celebrating and spoiling yourself - it is a good idea to start looking towards the future.  Can you capture some more of your income to save for a deposit on a house, or other goals?  Should you put in place some Health/Medical insurance in case something major happens to you, so that you don't have to wait for treatment?

You may decide to purchase a home, this commonly involves taking out a mortgage.  How you structure your mortgage can have a big impact on how quickly you get it paid off.  If you have a mortgage you should make sure that you can continue paying the mortgage if you are unable to work because of illness or injury.  You should start off with some income protection or mortgage repayment insurance and or trauma insurance, to protect you if something unexpected happens.

You may need life insurance if you have dependents, or if the bank asks you to put it in place (by the way there are likely to be better options for life insurance than the product the bank wants you to buy).

Having children might be part of your plan. This involves budgeting, monitoring your cashflow to fit all the costs into the income received.

The years from starting work to around age 40 are about making sure that you can fund all your costs, including repaying your mortgage. Making sure that you have the best quality and appropriate insurances in place for your situation, and if possible also slowly building up your KiwiSaver account, so that you are doing something about contributing to your retirement funding.

Find out more about all the things that you need to consider by scrolling down the page and clicking on the different boxes.

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Richard and Emma O’Reilly – Kapiti Coast

We have been working with Carey and Moneyworks for a long time now.  We were concerned at the start that she would push particular investment products that were good for her and the business in terms of commission, rather than good for us and we are glad to say that that has proven to be false.

There are lots of things that we like about Carey and Moneyworks service. But one that particularly appeals to us – is the transparency and visibility in particular the investment platform.  That it is always accessible and shows the current and past transactions, the current values, performance and all that sort of stuff. Having that available all the time and always up to date is great, I don’t think I would be comfortable waiting for a quarterly or annual report to say how investments were going or to see whether what we had agreed to invest in had actually happened.

The biggest benefit that Carey and Moneyworks service provides, is that it is a a good package approach covers super and KiwiSaver, general investments, insurance, asset protection and so on.  

Also it is all based on sound approaches and tools eg: risk profiling, market assessments, ratings etc. This provides a high level of comfort that we have taken sensible steps to look after ourselves and our family.

Tamsin and Rex Webb – Cambridge

We started working with Moneyworks many years ago and about five years ago we decided that we would like to be more involved in their annual service.  When we started working with Paul, we thought that the process would be heavily focused on hard saving for retirement as compared to enjoying life now.

We now have clear and defined goals. We really like the annual review process and the easy to understand documents which make it easy to understand where we are at.

Lena Tan - Auckland

I have been working with Peter and Moneyworks for over seven years now and really like the personalised service and yearly follow up. I have worked with other financial advisers before, and they haven’t really cared once they get their commissions.

I value the annual review, where I set goals and Peter attempts to chase me up and ensure I achieve these goals.  Peter has great knowledge and provides me with sound advice.  It gives me confidence that Peter and Moneyworks put extensive research into every investment that I have in place and that the investments are constantly monitored.

 

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