Reflecting on your future income

The start of the new financial year provides the opportunity to reflect on your current salary and what this means for the future.

It is important to reflect on your future earnings potential as your income is the lifeblood to your dreams. Your income allows you (and your family) to enjoy the lifestyle you desire today and the lifestyle you want in the future, and this future income is likely to run into the millions. So it only makes sense to allocate appropriate time to reflect on what this means for you.

Many people we deal with at JBS have a demanding lifestyle, and through helping these people we have observed a lack of personal financial protection. A lack of insurance coverage to protect their most important financial asset, their ability to earn an income in the future. It takes a lot of effort to raise children, meet the family’s demands, work full time, play sport, live life and so on, so we can excuse these people of sometimes being a little ignorant to their personal protection needs.

However, that doesn’t excuse the need for appropriate financial protection.

The following table shows the potential earnings to age 65 for a person based on different levels of income per year.

*Salary increased by 3% per year

See where you fit on that table, and think about if injury or illness suddenly prevented you from following your passion and doing what you loved, what would the financial impact be?

You have a large earnings potential if everything goes to plan, and this earnings potential should be protected adequately at all times.

Think about the last time you reflected on your future income earnings, and what steps need to be addressed to ensure it continues in the future. Can you really afford the ramifications and the impact of your income not continuing?

– Glenn Malkiewicz –