Tim is 45 and is a partner in an accounting firm. His spouse, Melinda, is 42 and works as a speech therapist. They have three children aged between 11 and 16. Melinda works on average three days per week. Their children attend private schools. While their combined household income is well above average, they have considerable outgoings for mortgage expenses and education costs. They have a reasonable amount of credit card debt built up. Tim has some life insurance cover through his self-managed superannuation fund. Melinda has some insurance cover through her industry superannuation fund. Tim’s accounting firm runs a group income protection policy for partners and this is paid for by the business. Tim and Melinda wanted a 10-year plan that would show them where they would be placed financially after their kids had finished school and wanted recommendations to improve their position.
The solutions for Tim and Melinda included:
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