Case Study

Ben

Priceless benefits

Doing it differently to our parents, who had financial challenges in their retirement.

Ben’s business 3,672% ROI

Ben ran a successful plumbing company, and he had been thinking of setting up a SMSF so that he and his brother could buy a property together.

Wanted options

Ben’s goals were to:

be able to go overseas with the family every year
buy their daughter a car when she finishes school
do some home renovations
make sure the family would be okay if one of them couldn’t work.

Needed a plan for todays needs and future aspirations

The team at Hive realised that Ben wasn’t sure of how much the business was making. What he really wanted was to make sure that he and his family were making the most of the hard work he was putting in, and that they would be okay if something happened to him.

Our recommendations

$ Benefit
Save $86,513 in interest on home loan

Increased their home loan payments by $500 per month

Saved money
toward goals

Created a cashflow management plan, so that there was money put aside in offset accounts to further save interest

Increase super balance by $138,068 over 10 years

Make additional super contributions to the maximum concessional allowances

Reduce tax by $25,500
over 10 years

Reviewed estate planning and reviewed insurance (it turned out Ben had $1.5million MORE TPD than he needed, but not nearly enough income protection, which is the one you get the tax deductions on the premium for and is much easier to claim on).

Save $435pa
in Super fees

Reviewed investments

$249,000+

3672% ROI

$6,600 Fee

Total measurable benefit of initial advice
Now on track to be able to retire at 60 and maintain lifestyle until 96 (was 82). He has valid wills, POA, correct insurance and valid binding death nominations in place to protect his family. They know their ‘Plan B’ is set up. They don’t wonder if they’re doing the right thing.