Thursday, November 19, 2015

Are you a SINK (Single Income, No Kids?)





I'm sure that I'm not the only one who has noticed that this demographic seems to have expanded over the past 10 years.  SINKs, male and female alike, seem to be getting older and less inclined to become DINKs (Double Income, No Kids), and yet, they are still the least likely to seek financial advice.   In fact, according to ASIC's Access to Financial Planning Report (Report 224, Dec 2010), only 29% of those who had seen a Financial Planner were aged 18 -24.  And if you fall into the category that hasn't sought advice, you should be worried.  Let me tell you why.


The SINK in their 20s:

As a SINK, you are finalising your further education, be that a trade or a University Degree.  Generally, you have started down the road to independence, and are enjoying the ability to do what you want, when you want it, and how you want to.  It's a heady combination, I'm still young enough to remember it (it's a bit fuzzy, but it's there), and the last thing you are thinking about is your future.  You're busy trying to make your 20s work for you.  Establish your career, find a partner, travel, in whichever order you like, and just generally enjoy life.  The future is limited to the next six months rather than ten years.  And yet the next ten years are the most important to setting yourself up financially.
If you are a SINK, you have a golden opportunity.  You have, for the most part, no financial commitments, no preconceptions of the standard of living and no health problems.  This is the best time to see someone like me, to help you work out what you want your life to look like at the ten year mark, while you're still living the dream.


The SINK in their 30s:

What if, after all that study and hard slog, you find yourself in your 30s and hate your job?  No problem, because you were smart enough to see me in your 20s and have an asset base to draw on to switch careers.
Ladies, what if that white knight hasn't turned up?  All of your friends are now entering the DINKs (Double Income, No Kids) phase or, even worse, are expecting their first bundle of joy.  Where does this leave you?  Are you going to be alone forever?  Financially, I've got you covered.  I already thought of this scenario while you were Contiki touring Europe five years ago, and you are well on way to being a financially independent woman who needs no man.
Gents, you're an all round awesome guy, have a stable career and then there's that asset base we've worked hard to build and protect for you.  You, Sir, are a great long term catch.  So, you give me a call and let me know that there is a special someone you want to bring to your next appointment, you're thinking of asking her to move in.  Woah...serious stuff, and she thought meeting your Mother was going to be tough.  Don't worry Buddy, I've got your back, let me do the hard talking (#co-habitationagreement #comeoutsmellinglikeroses).
So, my message is this; don't be that 35 year old complaining about how "they didn't think their life would end up like this".  No one wants to be that person.  And, although life does throw curveballs, being proactive about your finances will put you ahead of the pack and, at the very least, speed up your recovery time.


By Erin Wright B.Int Bus Dip. FS(FP), Accredited Aged Care Specialist
Find Erin at Achieveit Financial Planning or call for an appointment on 07 4638 5011

13 comments:

  1. Every single student is searching for a proper essay generator who can understand the need of the work and do the essay completely flawless. However, it often happens that students fail to figure out who can be one of the best instant essay typer for their work.

    ReplyDelete
  2. Are you looking for website that solve your math problem? Math homework help from Myassignmenthelp provides best solution to your maths problem.

    ReplyDelete
  3. You may have come to our website looking for homework help on psychology topics. While the prices of our homework writing services are already quite reasonable, you can actually avail our psychology homework help online at a much lower price. Also, MyAssignmenthelp.com provides quick assignment help for students.

    ReplyDelete
  4. Are you trying to become a marketer in the future? Do you wish to solve the problems that can change the business? If yes, then as a student, you will have to write many marketing assignments. You will face a lot of difficulties in writing your assignments. A team of most experienced assignment help experts provides you the best marketing assignment help. These experts understand marketing concepts and provide premium quality service at very low prices.

    ReplyDelete
  5. Awesome post! Accessibility testing services means is a procedure of analyzing and approaching to casing the learning mediums for clarity. The main practice involves understanding, analyzing, planning, setting accessibility levels accordingly to the layout.
    Audio Dubbing services
    content quality check
    professional subtitling company

    ReplyDelete
  6. Having kids is the blessing of God but if you have no kid and you are sinking then you should use your wealth in cheerful activities, because, through your positive activities, you can agree to God and can gain success in life. Dissertation Writing Service

    ReplyDelete
  7. You don’t have to hire an
    essay assignment help if you make a study routine and follow it. It will no doubt seem difficult at first, but with time, it will undoubtedly get more manageable. Don't squeeze in too much in your daily routine.

    Higher studies will undoubtedly put a lot of pressure on you. So adopt good strategies to reduce stress and excel in your studies.
    https://uconnect.ae/read-blog/15803

    ReplyDelete
  8. how to hire an essay writer for your paper
    We have a big family of essay writers who have a vast understanding of the English language and rules related to it. All of them are holding higher degrees with distinctions in their respective fields. Our highly professional writers are experts in writing styles such as MLA, Harward, APA, etc. They know how to structure an essay or write my research paper by following the rules of the English Language.

    ReplyDelete
  9. https://www.igracebeauty.com/salon-in-vizag.html
    salon in Visakhapatnam
    salon in vizag
    best beauty salon in vizag

    ReplyDelete
  10. Hello I’m grateful to have read your content thank you. What a nice blog! I have enjoyed reading through the article although I landed on this site. If you are having issues in getting your college essay editor completed accurately then do not hesitate essay generator and get your papers checked by the homework helper in AU experts at Assignment Help

    ReplyDelete
  11. Excellent Post!I have go through all the content of this post.This is really helpful and informative for me.We offer an online send gift to eid service at an affordable and reasonable price.

    ReplyDelete
  12. Assignments help in france
    assignment help, homework help, online tutoring, assignment writing, available for physics, chemistry, Math, statistics, finance, economics, Biology, computer science, accounting, English for all grade, college, graduation and university leve https://thetutorshelp.com/assignment-help-france.php
    Assignments help in france

    ReplyDelete