Discuss the key factors that Aaron should take into consideration when developing a financial plan for the next 10 years. Your response should make specific reference to the financial and personal circumstances of Aaron as set out herewith

Client Name Aaron Age Status 26 Single, renter of Studio apartment Nil Engineer AUD100,000 pa from salary Dependents Occupation Net Income (after super and after tax) Expenses (living and financial) Major assets AUD65,000 pa including paying rent for the Studio apartment Cash at bank AUD5,000 Superannuation AUD20,000 Nil Major liabilities Major financial goals Purchase an apartment within five years (price approx AUDO.6 million) with 10% cash and 90% bank loan Aaron: Is an experienced Engineer and is employed by one of the largest engineering consulting firms in Australia. His job security is high. However, his scope for further career advancement is not good - Aaron enjoys the technical aspects of engineering and has little interest in promotion to a management role. He works regular hours and the occasional weekend. This suits Aaron because he is a keen cyclist and likes to spend much of his free time riding with friends. Aaron rents a studio apartment but would like to purchase his own apartment within the next five years. He has a good understanding of financial markets and is familiar with risk and return. - Both personally and financially, Aaron considers himself to be a risk taker