Close to retirement from his sole trader business, Phil experienced a business downturn from Covid. Phil was not sure how to turn this change of circumstance into something positive. In an effort to remain in the property market, should he rent his home out? Where would he live that would be economically viable? Should he consider retiring earlier than planned and start accessing his superannuation? YRHM listened and understood. Together, we worked on a solution by reviewing his current financial situation and developing a plan for his immediate situation, and also for his long term future. YRHM introduced Phil to the professionals required to prepare and very successfully sell his home. With the equity he had in his home, along with his current financial portfolio, Phil has decided to diversify his portfolio to ensure his investments provide positive growth, along with appropriate tax savings, thereby allowing him choices as he moves towards semi and then full retirement. Phil is choosing investments such as property, with at least one from within his superannuation fund, along with investment shares. YRHM has introduced Phil to Jonathan Fordham from Capital Edge and together, as a team with Phil, we have offered research driven residential property choices (not from held stock) to secure a good investment. YRHM has also introduced Phil to a Financial Advisor to implement an investment share portfolio, review/restructure his superannuation portfolio along with his current insurances, to ensure these are not only a reasonable cost but also relevant to Phil now, as well as being easily accessible when required. YRHM will support him as his advocate, to ensure Phil fully understands the process and options. Phil now has space and time to begin a new sole trader business venture during semi-retirement. He has more freedom financially to make changes, when and as he wants.
