Current Situation

Basic Information

Age$23$

Gender$$male

Current relationship status: single

A list of anyone who is currently financially dependent on me: non.

Country of residency: China and I do not plan to live in Australia in the future.

Current residential living circumstances: I am co$-$renting a property with my friend.

Current mode of student: I am a full$-$time student. At the same time, I am international student who studying Master of finance and my academic plan is Funds Management. I will complete my current degree in September $2024.$

Current employment status: Now, I am a full$-$time student and do not have a job.

Income Statement

Balance ShInsurance

Insurance Type Status

Death Cover or Team Insurance Yes

Total & Permanent Disability $($TPD$)$ Yes

Income Protection or Salary Continuance None

Any other form of life insurance such as trauma or whole of life policies None

Home and concents insurance Not Applicable

Motor vehicle insurance None

Private health insurance or overseas student health cover $($OSHC$)$ Yes

Travel insurance None

Estate Planning

An estate plan is a plan for how our assets will be distributed after we die. An effective estate plan ensures that our assets are distributed to the people we want them to be and can avoid family disputes and legal problems. At the end of my life, my personal assets may be invested in stocks, real estate, checking accounts, company shares, bonds, insurance payouts. I will give the stock, real estate, checking account and insurance claims to my wife $($beneficiary $1).$ At the same time, shares of the company are given to my children $($beneficiary $2)$ and bonds donate to charity $($beneficiary $3).$

Anticipated Irregular Cash Outflows

I plan to take a graduation trip to Europe with my girlfriend after I finish my postgraduate study in Australia. The budget is around AUD $5,000.$

Life Stages

Life Stage Age

$1.$Student and Love $20-24$

$2.$Work $($Office worker$)$ and Love $24-30$

$3.$Married and Work $30-40$

$4.$Children's education and Work $40-50$

$5.$Financially independent $50-60$

$6.$Retire and Globetrotter $60-$death

Life Goals

I$\text{'}$m going to spend $$200,000$ to get married when I$\text{'}$m $30.$ In Chinese tradition, parents will give half of the expenses to support their children. So$,$ I want to save $10$w Australian dollars to get married before the age of $30$ through my own efforts. Then save $$40,000$ to buy a car by the age of $31.($Need to continue to add life goals, until retirement$)$

Financial Plan Assignment

$1.$ Current Situation

$2.$ Life Planning

$3.$ Financial Strategy

$4.$ Financial Independence

$5.$ Career Strategy

$6.$ Property and Loans

$7.$ Risk Management

$8.$ Taxation Planning

$9.$ Investment Strategy

$10.$ Action Plan