Dynamic Business

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/